After achieving a record high in overseas sales last year, SET-listed developer Noble Development will continue introducing ready-to-move-in condos priced below 5 million baht in locations familiar to foreigners to tap overseas markets this year.
Frank Leung, second vice-chairman of the board of directors and co-chief executive, said the potential of overseas buyer markets has been recovering since last year although the Chinese segment, the key market, has yet to fully rebound.
"Last year, we had new foreign buyer markets that were active, comprising Myanmar, Taiwan, Singapore and Hong Kong," he said. "We believe Chinese buyers will resume this year after China's economy recovers."
In 2023, the company recorded 5.72 billion baht in sales from overseas buyer markets, up 116% from 2022, setting a new record and surpassing pre-pandemic levels in 2019 when it posted over 3 billion baht.
Sales from overseas buyers in 2019 were the highest before falling 49% in 2020. The decline continued at 9.6% in 2021, but sales picked up by 64% in 2022.
Mr Leung said the potential of overseas buyer markets has been recovering since last year.
Key drivers of 2023's sales were new luxury condo projects such as The Embassy Wireless, a joint venture with Hong Kong-based investment group Hongkong Land, which recorded 2.2 billion baht in sales from overseas buyers in the fourth quarter.
With 757 units worth 9.55 billion baht, this project will be located on a three-rai site on Wireless Road opposite a plot where phase two of Central Embassy will be developed. This condo project will be launched locally this quarter.
Other projects with good sales among foreign buyers were high-priced projects like Noble Form Thonglor and Noble State 39 on Sukhumvit Soi 39, as well as mass market projects like Nue Ratchada Lat Phrao junction and Nue Mega Plus Bangna in the Bang Na area.
Noble aims to have 6 billion baht in sales from overseas markets this year which will mark another record high.
To achieve that, it will introduce affordable units priced below 5 million baht in areas such as Rama 9, On Nut and Bang Na.
"Based on market observations, there are five key elements that are important for overseas customers when choosing condo projects to buy," Mr Leung said. "The first is that they should be in central business district areas or districts well known to foreigners."
The second and third are proximity to mass transportation systems and competitive prices.
"Completed projects, offered with solutions like furnished packages, are attractive to foreigners. Ample space for larger-sized families is desired for second homes," he added.
In 2024, Noble plans to launch seven new residential projects worth a combined 14.3 billion baht and expects to have 14 billion baht in revenue and 18 billion baht in presales by year-end.