Pace Development

PACE Development Corporation PLC
Public
Traded as SET: PACE
Industry Property Development Retail Food & Beverage
Founded 2004 (2004)
Founder Sorapoj & Chotipol Techakraisri
Headquarters Bangkok, Thailand
Area served
 Thailand
Website www.pacedev.com

PACE Development Corporation PLC is a Thai residential property development and retail company specializing in high-end residential real estate and gourmet retail.[1]

History

Founded as Cinkara Company, Ltd. in 2004, the company is majority-owned by the Techakraisri family, who are also major shareholders in the middle-condominium project developer, L.P.N. Development PLC.[2] The chief executive officer is Sorapoj Techakraisri.[3] The Techakraisri family are founders of LPN Development, a Thai publicly listed real estate company which is listed on the SET50 Index and SET100 Index. Family members are two of the largest individual shareholders of LPN (4.05% +1.76%).[4]

PACE specializes in condominium development, and in 2013 listed on the Stock Exchange of Thailand,[5] trading under the symbol, PACE, with financial advisers, Asia Plus. PACE offered 600 million shares, 29.2 percent of the company, in an IPO during a subscription period from 29–31 July 2013, with official trading commencing in August 2013.[6] The share price was set at 3.50 baht per share, and following the subscription period, the shares were fully subscribed on the first day of trading, 7 August 2013.[7]

PACE posted a consolidated net loss of 474.6 million baht (US$13.34 million) for the three months through 30 June 2015, compared with a loss of 79.1 million baht in the same period in 2014. The developer attributed the loss to the operating costs of local branches it owns of US gourmet food brand Dean & DeLuca and the continued sales and marketing expenses of the MahaNakhon project, as well as other projects such as the building of the 53-storey luxury development, Nimit Langsuan.[8]

Past developments

Ficus Lane was launched in 2004 using a holding company of PACE, an 880 million baht development completed in 2007.[9] Ficus Lane is a 70 unit seven-storey property at Sukhumvit 44/1. In mid-2011 it sold for around 110,000 baht per square metre. In 2005, when introduced, it sold for 50,000 baht per square metre.[10] Launched in 2009, the Saladaeng Residences is a 2.5 billion baht, 25 storey condominium development at Saladaeng Soi 1, with 132 residences.[11] Saladaeng Residences is now sold out.[12]

Current developments

PACE is in the process of constructing MahaNakhon, in a joint venture with Industrial Buildings Corporation (IBC), first unveiled in 2009.[13] Construction commenced in 2011, with completion by year-end 2015 of the remainder by main contractor Bouygues Thai, for a total budget of 19 billion baht.[14]

MahaNakhon is a 77-storey high-rise mixed-use complex on a 3.6 acre site in Bangkok's central business district. It was designed by German architect Ole Scheeren.[8] At 314 metres in height, it will be the tallest building in Bangkok when completed.[15] The property has been marketed internationally in Hong Kong and Singapore, and in February 2013, the largest single condominium sale was recorded in the Thai market, with a single 1,500 m2 unit selling for 480 million baht.[16] PACE announced plans to market MahaNakhon in the Middle East, the first Thai developer to do so,[17] as a result of an increase in investment in Thailand due to the upcoming ASEAN Economic Community deregulation in 2016.[18] The song "MahaNakhon" by Thai group Thaitanium is inspired by MahaNakhon.[19] As of July 2013, sales of MahaNakhon residences exceeded 50 percent.[6] As of November 2015 it is reported to be around 80 percent sold.

MahaNakhon is now sold and developed as a freehold development.[20]

MahaNakhon CUBE is the first phase of the development, and is opening early in 2014, with outlets that feature dining from around the world, including VOGUE Lounge (Bangkok), Thailand's largest Dean & DeLuca outlet, as well as the L'Atelier de Joël Robuchon (Bangkok).

On 19 June 2013, PACE announced the unveiling of MahaSamutr, a new luxury villa, country club, and beach club development in Hua Hin, which will be completed by end-2014.[21] On a 120 rai plot, MahaSamutr will include 90 luxury villas set around a 45 rai man-made purified water lagoon featuring a white sand beach, the first of its kind in Asia, according to the developer. The development was unveiled at a black tie event in late July 2013.[22]

Future developments

In 2013 PACE revealed plans for a 53-storey condominium development on Langsuan Road, next to Lumpini Park in Bangkok.[23]

Retail

On 17 November 2014, PACE announced the acquisition of Dean & DeLuca USA, as part of a global strategy to ramp up their premium lifestyle portfolio.[24]

Corporate social responsibility

In the 2011 Thailand floods, Andaman Boatyard and PACE Development donated boats to help victims of the flooding, and also provided free plans to the community to construct boats themselves.[25] The Beaumont Partnership Foundation built the Beaumont Ruam Pattana School in Chaiyaphum for education of underprivileged children. PACE Development is a "platinum sponsor".[26]

The company is a supporter of Operation Smile in Thailand, and supported annual Fight Night Charity events in 2013 and 2014.

References

  1. ↑ "Company Overview Pace Development". Bloomberg Businessweek. 2 April 2013.
  2. ↑ "PACE Development eyes MAI". Bangkok Post. 3 September 2012.
  3. ↑ "Sorapoj Techakraisri". Thailand Tatler. 2 April 2013.
  4. ↑ "L.P.N. Development Public Company Limited". The Stock Exchange of Thailand. 2 April 2013.
  5. ↑ "IPOs". The Stock Exchange of Thailand. 26 March 2013.
  6. 1 2 "PACE Plans IPO by end of July 2013". Bangkok Post. 18 July 2013.
  7. ↑ "PACE Shares Fully Subscribed". Thai PR Net. 2 August 2013.
  8. 1 2 Tan, Christine; Kit Tang, See (2015-09-18). "Developer's towering ambitions for Thailand". Managing Asia (CNBC). Retrieved 18 September 2015.
  9. ↑ "Sorapoj ready to embark on new projects targeting". The Nation. 25 September 2006. Archived from the original on May 18, 2014.
  10. ↑ "Construction boom on Sukhumvit". The Nation. 27 June 2011.
  11. ↑ "Thailand Pace Development bucks trend with luxury condominium launch". Property Report. 2 February 2009.
  12. ↑ "Pace goes residential to enable listing". Bangkok Post. 15 November 2012.
  13. ↑ "Israel's IBC, Pace Development join in largest city project". The Nation. 28 May 2009.
  14. ↑ "Bouygues Thai to build Thailand tallest tower". The Nation. 5 September 2012.
  15. ↑ "Bangkok property boom rises above bubble fears". The Independent. 31 July 2011.
  16. ↑ "Pace reveals record sales for MahaNakhon Development". Property Report. 8 February 2012.
  17. ↑ "Thai Developers Hold Roadshow Overseas". Krungthep Turakij. 9 April 2013.
  18. ↑ "The Ritz-Carlton Residences Invites Investors in Dubai". Dubai Chronicle. 21 April 2013.
  19. ↑ Thaitanium Official MahaNakhon Video, YouTube, 2 December 2010
  20. ↑ "PACE Jacks Up MahaNakhon Prices". Bangkok Post. 18 March 2014.
  21. ↑ "Pace Unveils Luxury Hua Hin Project". Property Report. 19 June 2013.
  22. ↑ "Star Filled Night As Hua Hin Luxury Resort Launches". Bangkok Post. 21 July 2013.
  23. ↑ "Pace moves on the property development in 2013". Prachachat Turakij. 17 February 2013.
  24. ↑ "PACE Goes Global". Pacedev.com. 17 November 2014.
  25. ↑ "Thai Flood Update - 2 Boats donated, design available free". Sail World. 15 November 2011.
  26. ↑ "Beaumont Ruam Pattana School Sponsors". The Beaumont Partnership Foundation. Retrieved 18 September 2015.

External links

  1. Pace Development Corporate website
  2. MahaNakhon website
  3. PACE Development Facebook
  4. Stock Exchange of Thailand website
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