Mr Sira stands next to a model of The Embassy Wireless, comprising a 41-storey tower with 757 units.

SET-listed Noble Development plans to focus on foreign buyers for new condo projects in Bangkok as domestic demand remains sluggish.

Sira Udol, chief operating officer for residential real estate at Noble, said the Bangkok condo market in the first quarter this year was unfavourable, affecting the company's presales during that period.

"The Thai economy is sluggish, weakening local demand," he said. "To minimise the impact on our sales, one of our effective strategies during economic fluctuations is to diversify into the overseas buyers' market."

Using a one-price policy, which means the prices are the same for both Thai and foreign buyers, the company's sales to foreign buyers have increased every year since it has began targeting them in 2019, said Mr Sira.

In 2020, 265 units worth 1.75 billion baht were sold to foreign buyers, followed by 432 units worth 2.3 billion in 2021, 607 units worth 2.82 billion in 2022, and 686 units worth 5.24 billion in 2023.

Despite a year-on-year drop of 16% in total presales in the first quarter this year to 3.36 billion baht, purchases by foreign buyers during the period totalled 2.2 billion baht, representing 66% of total sales in the quarter. This amount is almost half of the total sales for foreign buyers in all of 2023, he said.

Roughly 80% of the total was generated by a new project, The Embassy Wireless, which was launched overseas in the first quarter before being offered in Thailand. The majority of foreign buyers were from Singapore, Taiwan, Hong Kong, China and Myanmar, said Mr Sira.

"The number of Chinese buyers has decelerated since 2022 because of a struggling economy, but they were replaced by the emerging Myanmar market in the first quarter this year, which outperformed both China and Taiwan," he said.

The project is a joint venture between Noble and Hong Kong-based investment group Hongkong Land.

The project is situated on a 3.33-rai plot on Wireless Road, comprising 757 units worth 10.9 billion baht. Unit prices start at 18 million baht.

Noble aims to have 6 billion baht in presales from foreign buyers by the end of this year as it launches a new high-value condo project in the third quarter, said Mr Sira.

Nue Prime Asok-Rama 9, valued at 13.8 billion baht, is located at the Rama IX-Din Daeng junction.

"The project is expected to attract overseas buyers as the location is popular with them," he said.

"We continue to launch a series of online and offline activities in target markets, especially Taiwan and Myanmar, to go beyond the traditional sales channels to capture new customers."