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Bangkok Condo – Noble Shelves New Projects Until May

By on Jan 02, 2014 in Property News

The SET-listed developer Noble Development Plc will freeze new project developments until May next year due to the ongoing political impasse.

Chief executive Kitti Thanakitamnuay said the political crisis is unlikely to end soon even though the general election has been set for Feb 2.

“We don’t expect to see the end of the political crisis until the second quarter next year. Our strategy now is therefore defensive. We will not launch a new project if market sentiment is still bad,” Mr Kitti said.

Noble will continue sales activity at the three existing projects  Noble Ploenchit with remaining units worth 7 billion baht, Noble Revolve Ratchada 2(1.7 billion) and Noble Revolve Ari (1 billion).

In the first quarter, the company will realise 1.4 billion baht from unit transfers at Noble Revent Phayathai.

Next year, it plans to launch four new condos and a new single-house projects worth a combined 9-11 billion baht.

One of them will be a condo priced 60,000 baht per square metre or 1.5 million baht a unit, the lowest price offered by the company in five years.

The project will be launched by the end of the second quarter, followed the 1-billion baht single-house development with units priced 5-8 million baht in the third quarter.

The single-house project, its first in four years, will help beef up revenue in 2015 as sales from most of its condo projects will be realised after 2016.

The company targets sales of at least 8 billion baht in 2014, while turnover this year will be 7 billion baht, slightly lower than the target.

“The world economy is not good enough. We need to prepare for an economic slowdown throughout next year,” he said.

For the full article, please visit http://bit.ly/1erPaZn

Source | Bangkok Post 21 December 2013

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