Pace Development recently revealed that construction of its latest super-luxury residential development Nimit Langsuan has begun. While the developer is still working out the details, it believes that construction of the project should be finished some time in 2018 as long as everything goes according to schedule.
Nimit Langsuan received EIA approval as well as the Building Construction License recently meaning work could finally begin on the project. PACE CEO Sorapoj Techakraisri along with the rest of the Pace management team organized a groundbreaking ceremony to kick-off construction of the development.
Nimit Langsuan has garnered considerable buzz with Pace proclaiming the property achieved record-breaking pre-sales bookings when it first went on the market in early 2015. Within the first two weeks of being made available to the public, pre-sales bookings exceeding 90 percent. Pace’s aim is to continue crafting projects that feature leading design and quality that help raise the bar of the Thai high-end property sector. The developer believes Nimit Langsuan does just that and was one of the reasons buyers were so keen on the project.
Pace Development had a strong performance in the first quarter of this year earning a consolidated net profit of THB67.5 million on total revenue of THB1.45 billion. This represents an increase in revenue of 96.6 percent when compared to the same period in 2015. The real estate side of PACE started to bring in revenue from The Ritz-Carlton Residences at MahaNakhon. That project is getting closer to completion with the first ownership transfers scheduled to take place in April. Revenue for this should be realized in the second quarter of this year.
However it is Dean & Deluca, Pace’s gourmet food and beverage business, that continues to bring in the most of the company’s revenue. The eatery has begun plans for an international expansion to help boost its profile in several key markets during the next few years.
