Sira Udol (photo: Noble Development)

SET-listed Noble Development expects to miss its 2025 presales target of 13 billion baht, attributed to a sluggish economy and weak housing demand, prompting it to postpone new project launches from the second half of this year to 2026.

Sira Udol, chief operating officer, said the company is monitoring economic and market conditions before deciding on the launch of two new low-rise housing projects worth 3.6 billion baht in the second half.

"We will choose the right timing for the launches, which may be postponed to next year," he said.

"Launching now involves significant marketing costs, which should be saved if market response remains weak."

Earlier this year, Noble planned to launch four new residential projects worth a combined 6.2 billion baht, aiming for 13 billion baht in presales by year-end.

In the first half, it introduced two low-rise condo projects worth 2.6 billion baht and posted 2.28 billion baht in presales, down 59% year-on-year.

Transfers also fell 41% to 2.57 billion baht, against a full-year target of 15 billion.

"The property market has been hit by rising uncertainties, ongoing conflicts and a slowing economy, all of which have undermined buyer confidence," said Mr Sira.

"Despite the weak first half, we still have a sales backlog scheduled for transfer in the second half."

As of the end of June, Noble held a sales backlog of 25.2 billion baht, with 8.6 billion baht scheduled for transfer in the second half.

The company also plans campaigns to boost sales of completed, unsold units worth 9 billion baht.

One strategy is a deferred payment scheme for ready-to-transfer condos targeting foreign buyers.

Buyers pay 70% on the transfer date, with the remaining 30% spread over subsequent years, easing the burden for those deterred by high prices.

"This campaign can attract both end-users and investors, as buyers can pay 70% and either move in or rent out the unit immediately," he said.

In the first half of 2025, Noble's overseas sales plunged to 792 million baht from 3.2 billion baht a year earlier, with key markets including China, Taiwan and Myanmar dropping more than 70% relative to overall market performance.

In response, Noble is shifting focus to new markets, particularly the Middle East, India, Russia, Europe and English-speaking countries.

The share of buyers from the Middle East and India, Russia, Europe, Australia and Singapore rose to 7%, 4%, 25%, 9% and 21%, respectively, from 1%, 2%, 19%, 7% and 18% last year.