Pace Development

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Pace Development Corporation PLC
Type Public
Traded as SETPACE
Industry Property Development
Founded 2004 (2004)
Founders Sorapoj & Chotipol Techakraisri
Headquarters Bangkok, Thailand
Area served Thailand
Website www.pacedev.com

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

History[edit]

PACE Corporation PLC was originally founded in 2004. the company is currently 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 part of the SET50 Index and SET100 Index and family members are currently two of the largest individual shareholders of LPN (4.05% +1.76%).[4] The senior management team also includes, President Chotipol Techakraisri, Chief Financial Officer Natha Kittiaksorn, Chief Operating Officer Pornson Patanasin and the Chief Marketing Officer of PACE Development is Kipsan Beck.[5]

PACE specializes in condominium development, and in 2013 is listed on the Stock Exchange of Thailand,[4] trading under the symbol PACE with financial advisors Asia Plus. PACE offered 600m shares in an IPO which is 29.2% of the company during a subscription period 29–31 July 2013, with official trading commencing in August, 2013.[6] Share price was set at 3.50 baht per share, and following the subscription period, the shares were fully subscribed with first day of trading on 7 August 2013.[7]

Past Developments[edit]

Ficus Lane was launched in 2004 using a holding company of PACE, an 880m baht development which was completed in 2007.[8] Ficus Lane is a 70 unit 7-storey property is located in Sukhumvit 44/1 and now sells around 110,000b per sqm.[9] Launched in 2009, the Saladaeng Residences was a 2.5 billion baht 25 storey condominium development located in Saladaeng Soi 1, with 132 residences.[10] Saladaeng Residences is now sold out.[11]

Current Developments[edit]

PACE is currently in the process of constructing MahaNakhon, in a joint venture with Industrial Buildings Corporation (IBC) first unveiled in 2009.[12] Construction commenced in 2011, and the first phase Cube retail centre is expected in 2013, with completion in 2015 for the remainder by main contractor Bouygues Thai, with a total budget of 19 billion baht.[13]

MahaNakhon is a 77-storey high-rise mixed-use complex located on a 3.6 acre site in Bangkok's Central Business District and at 314m in height will be the tallest building in Bangkok/Thailand when completed.[14] 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 1,500sqm unit selling for 480 million baht,[15] and PACE recently announced plans to market MahaNakhon in the Middle East, the first Thai developer to do so.,[16] as a result of increase in investment in Thailand from the upcoming ASEAN Economic Community deregulation in 2015/16.[17] The song "MahaNakhon" by Thai group Thaitanium is inspired by MahaNakhon.[18] As of July 2013, sales for MahaNakhon exceed 50%.[6]

MahaNakhon is now sold and developed as a freehold development.[19]

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 French 28 Michelin Star L'Atelier de Joël Robuchon (Bangkok).

On June 19, 2013, PACE announced the unveiling of MahaSamutr, a new luxury villa, country club and beach club development in Hua Hin, which will be completed in end 2014.[20] Located on a 120 rai plot, MahaSamutr will comprise 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.[21]

Upcoming Developments[edit]

In 2013 PACE revealed plans for a condominium development on Langsuan Road, next to Lumpini Park in Bangkok,[22] as well as the new development located at Huahin called MahaSamutr.[23]

Corporate Social Responsibility[edit]

In the 2011 Thailand floods, Andaman Boatyard and PACE Development donated boats, to help victims of the Thai floods, and also provided free plans to the community to construct boats themselves.[24] The Beaumont Partnership has built the PACE Learning Center in Chaiyaphum for education of the underprivileged sponsored by PACE Development [25]

The company is also a supporter of Operation Smile in Thailand, and supported the Annual Fight Night Charity event in 2013.

References[edit]

  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. ^ a b "L.P.N. Development Public Company Limited". The Stock Exchange of Thailand. 2 April 2013. 
  5. ^ "Bangkok Business Brief". Bangkok Business Brief. 8 February 2013. 
  6. ^ a b "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. ^ "Sorapoj ready to embark on new projects targeting". The Nation. 25 September 2006. 
  9. ^ "Construction boom on Sukhumvit". The Nation. 27 June 2011. 
  10. ^ "Thailand Pace Development bucks trend with luxury condominium launch". Property Report. 2 February 2009. 
  11. ^ "Pace goes residential to enable listing". Bangkok Post. 15 November 2012. 
  12. ^ "Israel's IBC, Pace Development join in largest city project". The Nation. 28 May 2009. 
  13. ^ "Bouygues Thai to build Thailand tallest tower". The Nation. 5 September 2012. 
  14. ^ "Bangkok property boom rises above bubble fears". The Independent. 31 July 2011. 
  15. ^ "Pace reveals record sales for MahaNakhon Development". Property Report. 8 February 2012. 
  16. ^ "Thai Developers Hold Roadshow Overseas". Krungthep Turakij. 9 April 2013. 
  17. ^ "The Ritz-Carlton Residences Invites Investors in Dubai". Dubai Chronicle. 21 April 2013. 
  18. ^ Thaitanium Official MahaNakhon Video, Youtube, 2 December 2010 
  19. ^ "PACE Jacks Up MahaNakhon Prices". Bangkok Post. 18 March 2014. 
  20. ^ "Pace Unveils Luxury Hua Hin Project". Property Report. 19 June 2013. 
  21. ^ "Star Filled Night As Hua Hin Luxury Resort Launches". Bangkok Post. 21 July 2013. 
  22. ^ "Pace moves on the property development in 2013". Prachachat Turakij. 17 February 2013. 
  23. ^ "Busy IPO year ahead for Thailand". Investvine. 27 January 2013. 
  24. ^ "Thai Flood Update - 2 Boats donated, design available free". Sail World. 15 November 2011. 
  25. ^ "The Beaumont Partnership Foundation donations". Beaumont Partnership. March 2013. 

External links[edit]

  1. Pace Development Corporate website
  2. Stock Exchange of Thailand website