SET-listed Noble Development plans to maintain its asset-light strategy by seeking partners for joint ventures in new projects and investors to purchase rental condo units, a business it launched late last year.
Sira Udol, chief operating officer, said bringing in partners helps prevent the company's capital from being tied up in any single year and allows investment to proceed more smoothly.
"We regularly discuss potential joint ventures in upcoming projects with our existing partners," he said. "This helps strengthen growth and create synergy in both financial and management aspects and diversify risks."
Noble has five partners -- BTS Group Holdings; Saha Group; Thanulux, a joint venture between BTS and Saha; Hong Kong-based investment group Hongkong Land; and contractor Stecon Group -- in joint ventures covering 11 projects worth a combined 47.3 billion baht.
Last year Noble recognised a gain of 925 million baht from the disposal of its investment in the 14-billion-baht off-plan condo project Nue Epic Asok-Rama 9 to a joint venture firm with Stecon Group in the third quarter.
The gain helped the company record a net profit of 593 million baht in 2025, up 37% from 2024, while its net interest-bearing debt-to-equity ratio declined significantly to 1.71 times from 2.15 times.
To capitalise on the growing rental trend and utilise its inventory, Noble expanded into condo rentals, a business it launched in November 2025. The company has leased 400 units at three projects in the Don Mueang, Srinakarin and Lasalle areas.
"These rental units follow a rent-to-own concept for tenants whose financial status is not yet ready for home ownership," said Mr Sira.
"The units can also adopt the asset-light approach by bringing in investors to purchase them."
This year Noble plans to launch four new projects worth a combined 14 billion baht, most of which were postponed from 2024-25. These include two single detached house projects worth 3.6 billion baht in Bang Na and Khlong Bang Phai in Nonthaburi.
The other two comprise a high-rise condo with 358 units worth 6.4 billion baht near Sukhumvit Soi 30 and a low-rise condo with 118 units worth 3.8 billion baht in Hua Hin.
The company targets presales of 15.3 billion baht and transfers of 10.5 billion baht by the end of 2026, up from 9 billion baht and 7.8 billion baht last year, which had declined by 47% and 30%, respectively, from 16.9 billion baht and 11.2 billion baht in 2024.
Revenue last year totalled 7.6 billion baht, down 34%, with revenue from residential sales declining by 30% to 4.7 billion baht from 6.6 billion baht.
"There will certainly be an impact from the conflicts in the Middle East, but we can guarantee that projects we have already committed to have their construction costs fixed," he said.
"However, we will take the situation into account when planning new condo projects before launching them for sale."
