Noble Development’s latest residential project in
Soi Aree off Phahon Yothin Road has sold out in just one day following its
launch at the end of February, reports the company.
The 198 units at the Bt930 million Reform
condominium were snapped up for prices ranging from Bt89,000 to Bt109,000 per sq
m (taking into account a 5 percent presale discount and a Bt50,000 to Bt100,000
special discount), proof that reasonably priced projects in desirable locations
still have significant appeal.
Construction, costing Bt400 million, will start by
year end. The company anticipates a 37-40 percent gross profit and a 15-20
percent net profit on the project.
Reform is Noble’s third development in the Aree
area, following the success of the Noble Reflex and Noble Lite developments. The
area is often touted as the next Thonglor, attracting a young, affluent
clientele, both Thai and foreign.
Noble reported a net profit of Bt350 million for
2008, up by 42 percent from 2007, on sales of Bt2.4 billion. The company is
planning 2 further projects this year – one condominium and one low-rise
housing development – and targets 15 percent growth in revenue by year
end.
by News Desk
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