Foreign investment is the key to condominium projects.

SHARED: June 4, 2024, at 05:48. Mr. Sira is next to the model of The Embassy Wireless complex, which includes a 41-story tower with 757 apartments. Noble Development, whose shares are publicly traded, plans to focus on foreign buyers for its new condominiums in Bangkok, as demand from domestic clients remains weak. Sira Udol, the Chief Operating Officer of Noble's residential real estate division, noted that the Bangkok condominium market was unfavorable in the first quarter of this year, which negatively impacted the company's pre-sales during that period.

"The Thai economy is in stagnation, which is leading to a weakening of local demand," he said. "To minimize the impact on our sales, one effective tactic in the face of economic fluctuations is diversifying into the market of foreign buyers." By implementing a single pricing policy, where the cost is the same for both Thai and foreign customers, the company has seen an increase in sales among foreign clients since the launch of this strategy in 2019, Mr. Sira added.

Sales dynamics for foreign buyers

• In 2020, 265 housing units were sold to foreign buyers for a total amount of1.75 billion baht.
• In 2021 - 432 units of2.3 billion baht.
• In 2022 - 607 units of2.82 billion baht.
• In 2023 - 686 units for a total amount5.24 billion baht.

Despite the decline in preliminary sales of16%in annual terms in the first quarter of this year until3.36 billion bahtpurchases by foreign clients amounted to2.2 billion bahtwhat corresponds66%From the total sales during this period.

About80%The total volume was generated from the new project The Embassy Wireless, which was introduced abroad in the first quarter before entering the Thai market. According to Mr. Sira, most foreign buyers came fromSingapore,Taiwan,Hong Kong,ChinaandMyanmar“The number of Chinese buyers has been decreasing since 2022 due to economic difficulties, but a new market from Myanmar emerged in the first quarter of this year, surpassing both China and Taiwan,” he added.

Project information

The project is a joint venture between Noble and the investment group Hongkong Land, which was founded in Hong Kong. The complex is located on a plot of land measuring3.33 acreslocated on Wireless Road, and includes757 housing unitstotal cost10.9 billion bahtThe prices for apartments start from18 million bahtNoble sets itself the task of achieving6 billion bahtIn pre-sales from foreign buyers by the end of this year, as the company is launching a new high-end project in the third quarter.

New project Nue Prime Asok-Rama 9

The new project Nue Prime Asok-Rama 9, which costs13.8 billion baht"located at the intersection of the Rama IX area and Din Daeng. 'This project will undoubtedly attract foreign investors due to its appealing location,' he emphasized. 'We continue to develop a range of online and offline events in target markets, especially in Taiwan and Myanmar, to go beyond traditional sales channels and attract new clients.'"

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