Noble Development and Hongkong Land have entered into a joint venture agreement to develop high-rise condominiums in the luxury market segment, under a new brand.
The three-rai land plot on Witthayu Road, currently owned by Noble Development, is located across from the old British Embassy site which is being co-developed by Hongkong Land into a prime retail and office project on the finest 20-rai land plot.
The joint venture project between Noble Development and Hongkong Land will be a luxury residential project with more than 60,000 sq. m. in gross floor area, with a project value of over THB 10 billion. This freehold condominium project will be the premiere mixed-use project on prime Witthayu Road, and is expected to be developed and completed in the next 5 years.
Mr Thongchai Busrapan, Chairman and Co-CEO of Noble Development, said, “This collaboration between Noble Development and Hongkong Land marks a milestone for us, as it is the first development joint venture for the company. It is also a win-win opportunity for both parties, as we combine our capabilities, know-how and focus in the luxury condominium market to create a truly outstanding development in one of the best locations in Bangkok city centre, Witthayu Road, a stone’s throw to BTS Phloen Chit,”
Mr Frank Leung, Vice-Chairman and Co-CEO of Noble Development, said, “Both Noble Development and Hongkong Land have decades of development experience in the luxury condominium market, where our combined track record and high brand recognition speaks for itself. We believe that the project will generate significant interest not only with local Thai buyers, but also overseas buyers who place a high premium on our companies.”