SET-listed developer Noble Development is bullish for 2021, planning to launch 11 new projects worth a combined 45.1 billion baht through both its own development and joint ventures with BTS Group Holdings, Saha Pathana Inter-Holding and Hongkong Land.
Thongchai Busrapan, Noble's chairman and president, said six projects worth a combined 32.8 billion baht will be joint venture developments, accounting for 73% of the total.
The largest will be The Embassy at Wireless, a super-luxury condo worth 10.7 billion baht on 3.5 rai on Wireless Road, where it will have a joint venture with Hongkong Land, of which Noble holds a 26% stake.
"The recent outbreak in Thailand will create a short-term impact as it is in limited areas and will be manageable," he said yesterday. "The property market bottomed out in the second quarter this year and risks are not as high as many seem to think, despite the economic slowdown."
He said Thailand will become a hotspot for overseas buyers. The company also has a positive outlook, given the availability of vaccines and low interest rates.
When the market rebounds next year, developers who were ready to benefit from opportunities will take further advantages.
On Monday, Noble signed an agreement to have joint ventures with U City, an SET-listed property firm owned by BTS, with equal shares in four projects worth a combined 23.1 billion baht.
All projects will be on plots owned by U City, with the largest near Ku Kot BTS station where the company has 51 rai where 6,000 condo units priced from 1.1 million baht will be developed. This project will be launched in five phases worth a combined 10 billion baht.
The other three plots include six rai on Rama IX Road for a condo project worth 5.9 billion baht and 32 rai on Ekamai-Ram Intra Road for townhouses priced from 10 million baht. Areas of the same 32 rai will be sold off in subdivided plots for wealthy buyers who want to build their own homes.
Last week Noble set up Thana City Venture, a joint venture firm with Saha Pathana and BTS (who hold 40%, 41% and 19% shares, respectively) with a registered capital of 1 billion baht to develop a residential project in Thana City, scheduled for 2023.
"By 2023, we will move up from top 10 to the top five in the property sector with revenue of 15-20 billion baht," said Mr Thongchai.