Luxury Thailand property developer Pace Development revealed a THB13.5 billion backlog of units from its iconic MahaNakhon (pictured) and Nimit Langsuan developments, and also noted 100 percent ownership of its flagship development, which will start to transfer the first phase of its residences to owners before the end of this year.
Sorapoj Techakraisri, Chief Executive Officer of Pace, said the company now has 100 percent ownership of its MahaNakhon mixed-use development following the recent buy back shares from IBC Thailand. IBC received a holding in Pace in exchange for its holdings in MahaNakhon.
The 100 percent ownership in MahaNakhon, he added, will strengthen the company’s management potential, while enabling full revenue increase for the company. Furthermore, the move exhibits capital strength for Pace, he said, reflecting trust in the development as the best and the most luxurious skyscraper development in the Kingdom.
Sorapoj said the development has constantly enjoyed favourable responses from its clients. Previous joint- venture effort with IBC aimed to provide financial support for construction. The core structure of Thailand’s tallest tower reached its highest point, at 77th floor and 314 metres, in April.
Regarding the company’s backlog, Sorapoj said Pace is holding a backlog worth a total of THB13.5 billion, comprising THB8 billion baht sales of The Ritz-Carlton Residences, Bangkok at MahaNakhon and THB5.5 billion sales from Nimit Langsuan. All sales will be recognised over a three-year period, he added.
By the fourth quarter of this year, the company will start transferring its first phase Ritz-Carlton Residences.
Pace’s Mahasamutr development is scheduled to complete and sell its first villas in the fourth quarter of this year, while more than 90 percent of residences at Nimit Langsuan have been sold and construction will start in the third quarter this year.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
