20 January 2020
U CITY JOINS HANDS WITH NOBLE TO ESTABLISH A JOINT VENTURE, INTRODUCING THE FIRST PROJECT NEXT TO 2 MRT STATIONS: RATCHADA & LAT PHRAO WORTH APPROXIMATELY THB 2 BILLION
U City Public Company Limited and Noble Development Public Company Limited and, have entered into 50: 50 joint venture agreement under the development plan of residential projects for sale under the Strategic Alliance Framework Agreement. The first co-project of 2020 has today announced a THB 2 billion on the prime location of Ratchada-Ladprao. By combining the strengths and synergies of the two companies, the new residential projects along the mass transit lines will be launched to serve the markets in the long-term.
Ms. 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 a 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. Also, Noble’s diverse customer network also support to broaden our customer base in Thailand and overseas which will enable U City to advance access to real estate development opportunities.
Mr. Thongchai Busrapan, Chairman and Co-CEO of Noble Development Public Company Limited, said “With Noble’s high experience and professional in real estate development comprising of more than 50 residential projects with the 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.
Our first strategic partnership project is a condominium on Ratchada-Ladprao area, which will be developed under RATCHADA ALLIANCE CO., LTD on over 2-rai land plot, located only 70 meters to MRT Ratchada (MRT Yellow line) and 180 meters to MRT Lat Phrao (MRT Blue Line), worth approximately THB 2 billion with the paid-up capital of THB 50 million. Moreover, the two companies have planned to collaborate more new project developments to expand and reinforce the core business in residential development on the locations next to mass transit routes. We believe our projects under this collaboration will complement all aspects of urban living needs and will contribute outstanding performance of new projects under joint development.”