Noble Development Public Company Limited and U City Public Company Limited - an affiliate of BTS Group Holdings Public Company Limited - have entered into a 50: 50 joint venture agreement to develop a residential project in Bangkok, Thailand.
The new THB 2 billion condominium, to be developed under Ratchada Alliance Co Ltd, will be located in the Ratchada-Lat Phrao area close to two mass rapid transit (MRT) lines: approximately 70 m from the Ratchada station (Yellow Line) and 180 m from the Lat Phrao station (Blue Line).
“With Noble’s high experience and professional in real estate development, comprising more than 50 residential projects with a total value of more than THB 100 billion and a proven expertise in property management with strong financial standing of U City’s, an affiliate of BTS Group Holdings, this strategic joint venture will create the ideal synergy for successful collaboration,” said Thongchai Busrapan, chairman and co-CEO of Noble Development Public Company Limited.
According to Mr Busrapan, both companies also plan to collaborate on more new projects to expand and reinforce their core business in residential developments located next to mass transit routes. “We believe our projects under this collaboration will complement all aspects of urban living needs, and will contribute to outstanding performance of new projects under joint development,” he said.
Piyaporn Phanachet, CEO and executive director of U City Public Company Limited said, “U City is experienced in investing in business management and real estate development that will generate long-term revenue for the company. As part of the company’s strategy in joining effort with outstanding business partners who are acclaimed for impressive branding and marketing, this collaboration with Noble will diversify the company’s management expertise and enhance the portfolio of U City's residential projects for sale in addition to the current number of projects with Sansiri in a short time.
She added, “Noble’s diverse customer network also supports to broaden our customer base in Thailand and overseas, which will enable U City to advance access to real estate development opportunities.”