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Noble plans three projects

Bangkok Post Feb 26, 2009

Noble Development Plc plans three projects worth a total of 3 billion baht and targets 15% growth in revenue by year-end, said president Thongchai Busrapan. The projects include the 930-million-baht Reform condominium on a 583- square-wah plot in Soi Aree off Phahon Yothin Road. Its 198 units are priced from 2.9 million baht, at an average of 95,000 baht per square metre, with a presale launch on Sunday.

''Aree is a good location, suitable for residences,'' said Mr Thongchai who believes the area has strong demand.

Construction, costing 400 million baht, will start by year-end. The company anticipates a 37-40% gross profit and a 15-20% net profit on the project.

The other two projects are a condominium near the BTS and a low-rise development, with details yet to be disclosed.

Currently, Noble has a total inventory of 802 units from seven low-rise projects, with remaining value of 3.8 billion baht, and five condominiums at 1.2 billion.

Mr Thongchai said the company had a sales backlog of 3 billion baht. It plans to transfer its Remix and Solo projects in the Thong Lor area by the end of the year. Noble yesterday reported a net profit for 2008 of 350 million baht, up by 42% from 2007, on sales of 2.4 billion baht, up 4%. Its debt-to-equity ratio stood at 1.02 times.

NOBLE shares closed yesterday on the Stock Exchange of Thailand at 1.91 baht, up 26 satang, in trade worth 4.17 million baht.