Many Thai developers have moved into the low-rise housing sector in the Bangkok suburbs, but Noble Development is doubling down on the condo market this year. The homebuilder announced plans that will see it launch 11 projects in 2021 including several new condominiums in the Thai capital.
The most notable of Noble’s upcoming launches is The Embassy at Wireless, a THB10.7 billion superluxury condominium on Wireless Road. This project is a joint venture with Hongkong Land with Noble maintaining a 26 percent share. Hongkong Land is active in Thailand having carried out joint venture projects with Singha Estate and Property Perfect in recent years.
Joint venture projects with BTS Group Holdings and Saha Pathana Inter-Holding are also in the pipeline for Noble this year. Among these will be a five-phase development with 6,000 condo units close to Ku Kot BTS station. This project is being built on land plots owned by U City, a wholly owned company of BTS Group.
Noble confident in the property market
While some firms are slowing down activity and postponing new launches, Noble is carrying ahead. That’s due in part to a belief the Thailand property market will recover in the near term.
“The recent outbreak in Thailand will create a short-term impact as it is in limited areas and will be manageable. 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,” Noble Chairman and President Thongchai Busrapan explained to the Bangkok Post.
Noble does have plans to expand its reach into the low-rise housing sector in 2021 with a townhome development on Ekamai-Ram Intra Road. Several developers, including SC Asset and Sansiri have opted to forgo new condo launches this year in favor of low-rise housing developments.