Kitti: We will select a potential partner who will help us develop a special retail business in the Thai market.

Noble Develop-ment Plc, a land developer, is

negotiating with investors from Europe and Japan about forming a joint venture to build a shopping centre in the Sukhumvit area.

The company plans to spend Bt2 billion building its second retail development, which it aims to start construction on in the second half of the year. The success of the company's first retail project, Playground on Soi Thonglor, encouraged Noble to further its reach into retail projects.

Negotiations with potential partners started last year and should be completed by midyear, according to Kitti Thanakitamnuay, the company's president and chief executive. However, the deal could be delayed due to the political turmoil.

If the negotiations succeed it will set up a joint venture firm with foreign strategic partners.

Kitti declined to disclose the names of its strategic partners.

"We will select a potential partner who will help us develop a special retail business in the Thai market," he said.

The Playground shopping centre on Thonglor has 3,500 square metres of retail space. The shopping centre on Sukhumvit road will have 10,000 square metres of retail space. The company also plans to start four property projects this year.

It will start pre-selling units in Noble Ambience Ruamrudee and Noble Ambience Sarasin this week.

Both are Bt1-billion condominium projects with units selling for between Bt3.9 million and Bt6 million each.

The company will start pre-selling the other two projects in the second quarter of this year. One will be a detached housing project on Soi Watcharapong, Phahonyothin road.

The other project will include condominiums and retail shops on Sukhumvit road.

The total value of these projects will be Bt2.6 billion, said Thongchai Busrapan, the company's executive vice president.

Noble manages 13 projects, which will be increased to 15 in the second half of this year when two more will start. However, three of the projects will be completed and transferred to customers this year. The company also plans to spend Bt1 billion on buying land next year for future developments.

Thongchai said that when the company opened its two projects in the second half of this year, it would have Bt7 billion worth of projects generating income for the company.

The company expects revenue of Bt2.7 billion this year, up 8 per cent from last year's Bt2.5 billion. 

Somluck Srimalee

The Nation