Pace Development announced plans to develop up to THB10 billion worth of residential projects and the company has set aside an investment budget of up to THB3 billion to buy undeveloped land for these future projects. And while most of these projects will be located in Thailand, the Pace added that it would also buy land in Japan this year to develop residential developments.
A majority of the land purchased by Pace will be in Bangkok. The company will use this land to develop residential projects that will be worth THB6 billion. The remainder of the company’s investment budget will be used to buy land in the renowned Japanese ski resort town of Niseko. The developer will launch villas there some time in 2016, the company’s chief executive officer, Sorapoj Techakraisri, explained.
Sorapoj also noted that Pace plans to launch two new residential projects in Thailand this year. Land has already been purchased to develop the first condominium project which is valued at THB3 billion. The development, located in Narathiwas Rajanakarin, will be launched before the second half of 2016. The other project will have a value of THB7 billion and is expected to be launched in the fourth quarter.
“We will spend our budget of THB2 billion to buy undeveloped land to develop the second project,” said Sorapoj. “This is a part of our business strategy to generate sustainable revenue averaging THB10 billion a year.”
Pace also revealed a plan to open new branches of its Dean & Deluca brand both in Thailand and internationally. Two or three branches will be opened in Thailand and four to five branches are slated to open in US during 2016. The company wants to open up to 100 branches in the US before the end of 2017.
“This year, we will focus on the transfer our residential projects to our customers rather than expand the new branches of Dean & Deluca,” Sorapoj stated. “However, next year we will expand the branches of the food restaurant in Thailand, the US, the Philippines, Japan, South Korea, Singapore, Malaysia, Kuwait, and Dubai. We also will open new branches in other countries next year.”
