SET-listed developer Noble Development Plc is to beef up its branding and refocus its strategy after its president abruptly resigned without explanation last month.
Mr Kitti (right) and his management team at Noble Development.
Chairman and chief executive Kitti Thanakitamnuay said the company would reclassify its condominium projects into only two segments: luxury high end and affordable high end.
Noble plans to launch three new projects worth a combined 7 billion baht in the first half of next year.
"In 2013, we will revitalise and beef up our branding campaign as well as reclassify our products and customers," said Mr Kitti, Noble's founder, who has returned to action quickly after fading from the spotlight in recent times.
President Thongchai Busrapan resigned without explanation, effective immediately, after working for Noble since 1991.
Mr Thongchai, 43, who is Mr Kitti's nephew, also resigned as vice-chairman and from his seat on the board. He did not give a reason for stepping down.
According to Mr Kitti, Noble's luxury high-end projects will be in prime locations close to mass transit routes. They will be large units with prices starting from 15 million baht or about 200,000 baht per square metre.
One such project will be on a two-rai site in Bangkok's upmarket Thong Lor area, where Playground, a design mall it launched in 2004 and closed in 2008, was located.
Affordable high-end projects under the Noble Revolve brand will be mainly located near mass transit lines, with unit sizes starting at 30 sq m and priced from 3 million baht.
Noble is eyeing a large plot on Ratchadaphisek Road opposite the Stock Exchange of Thailand's new headquarters as one location. Another project for this segment will be in the Sukhumvit area.
The company targets 2.8 billion baht in revenue in 2012-2013. Sales next year will be 7 billion baht, up from 3 billion baht this year, but down from 8 billion baht last year.
"Noble is unorthodox, unlike mainstream developers in the stock market that need to have growth each year. We don't want to put pressure on ourselves. We do everything with passion and inspiration and won't develop a project we don't want," Mr Kitti said.
As at the end of the third quarter, Noble had a sales backlog and inventory of 12 billion baht each. Of the inventory, 92% comprised condominiums.
It has two condominium projects in hand: Noble Ploenchit worth 15 billion baht, now 55% sold, and Noble Revolve Aree, now 60% sold.
Mr Kitti said Noble Unite, a condominium project worth 1 billion baht on Surasak Road, will be relaunched next year after the company froze sales and returned down payments to 58 customers with interest this year.
The project failed to pass an environmental impact assessment (EIA) due to a change in green area regulations. The company will cut the number of units from about 200 to no more than 150. "We will get an EIA approval before launching the project," Mr Kitti said.
Shares of NOBLE closed yesterday on the SET at 5.90 baht, up 15 satang, in trade worth 9.96 million baht.