Pace Development will continue to focus on high-end residential projects to keep up with the growing demand in Thailand. As a part of these efforts, the company unveiled a plan to launch a condominium in Bangkok that will have the highest minimum unit size and price ever seen.
The yet to be named condo project is worth an estimated THB3 billion and Pace is planning to launch it sometime in 2016. It will be situated on a 2.5-rai plot of land on Narathiwat Road near Chan Road that the developer purchased last month for THB400 million. Tentative plans for the project call for it to be 40-stories tall. Pace has set 500 sqm as the minimum size per unit and THB70 million as the minimum price. Both would be record highs for minimum unit size and price in Bangkok.
“We don’t want to follow other developers in condo development such as too many condo sites at one station,” Sorapoj Techakraisri, Pace Development chief executive, told the newspaper. “We keep doing high-end development because we have a customer base interested in our next project.”
He also noted that demand for the high-end segment of the property market and large condo units in the inner city is as strong as ever and will continue an upward trend as land in prime locations becomes more scarce.
Pace’s current project, MahaNakhon tower, inches closer to completion and the company hopes it is finished by the first quarter of it next year. The project will boast 77 stories and will become the tallest building in Thailand. It will include a hotel, a shopping complex and the Ritz-Carlton Residences.
The newspaper reported that the Ritz-Carlton Residences Bangkok at MahaNakhon are now 70 percent sold. Pace will begin transferring units to owners in the first quarter of next year.
