The co-chief executive of SET-listed Noble Development, currently its second-largest shareholder, is set to become its largest shareholder, with restructuring expected to be completed by mid-2026 as part of the company's transition plans.

Thongchai Busrapan, chairman of the executive committee and co-chief executive, said the Hongkonger Frank Fung Kuen Leung will take the lead in driving the company forward.

"I'll gradually step back and hand over the reins to [Mr Leung]. I won't wait until I'm close to retirement to make this transition as it could disrupt operations," said Mr Thongchai, one of Noble's founders.

Mr Leung has served as Noble's director, second vice-chairman of the board of directors, and co-chief executive since 2018.

He became the company's second-largest shareholder in 2019 and now holds 266,522,177 shares through Raffles Nominees (Pte) Ltd, representing 19.46% of Noble's total voting rights.

On Sept 7, Noble told the Stock Exchange of Thailand that Mr Leung intended to make a voluntary partial tender offer (PTO) for the company's shares through an entity wholly owned by him, either directly or indirectly.

The proposed PTO covers up to 205,412,054 shares, equivalent to 15% of total voting rights, at 2.32 baht per share. The process is expected to be completed by the end of this year or in early January 2026.

After Mr Leung's PTO, Mr Thongchai, currently the largest shareholder with a 20.09% stake, will become the second-largest shareholder while continuing to hold other positions until his retirement, expected in the next three to four years.

Mr Leung said there would be no drastic shift in the company's direction, but rather continuity, particularly in overseas markets, which have expanded since 2019 from 3 billion baht in annual sales to more than 10 billion baht last year.

"We plan to expand further into the global institutional investor and family office markets, as these groups have shown strong interest in bulk purchases of Thai condos for rental investment, a significant trend over the past year," said Mr Leung.

The most active investors came from Taiwan and the United Arab Emirates. While rental yields in Taiwan average only 2% compared with 5% in Bangkok, many Middle Eastern investors are diversifying away from oil into property.

These investors, who have stepped in to replace the declining Chinese market, typically purchase 20–30 units at a time, focusing on high-end condos in prime locations such as Wireless Road and Thong Lo.

In addition to completed condo units, some investors are also drawn to under-construction condo projects, which offer an initial return of around 8% per year.

In the first half of 2025, Noble recorded 1.4 billion baht in overseas sales and set a target of 7 billion baht for the full year.

"The Thai property market landscape has changed compared with 15 years ago," Mr Thongchai said. "Today, Thailand is firmly on the property investment map, and foreign buyers are increasingly institutional investors, while local demand has declined due to a shrinking population."