Pace Development Corporation announced a deal with Chinese construction conglomerate CITIC Construction International (Thailand) Co., Ltd. that will see the 2 collaborate on the development of new residential projects in central Bangkok. As part of the arrangement, CITIC Construction will be jointly responsible for the financing and construction of the upcoming projects.
“This partnership signifies that a major Chinese conglomerate such as CITIC Construction sees the opportunities in Thailand’s luxury real estate industry, and has high confidence in Pace’s expertise and its business growth potential. CITIC Construction is considered one of the world’s top construction companies specialising in construction of landmarks on global level and has its own financial institution, CITIC Bank,” says Sorapoj Techakraisri, CEO of Pace Development, in a press release.
Pace will be in charge of planning, designing, selling, and marketing as well as assuring project quality is maintained. Meanwhile CITIC CLSA Securities will serve as the financial advisor for the developments. The 2 companies will reveal the details of upcoming projects in the near future.
“We are confident that having a strong partner like CITIC Construction will enable Pace to accelerate its planned developments and move closer to its goal of further enhancing its status as a world-class luxury property developer. In addition, both companies will certainly benefit from each other’s respective strengths to jointly develop Bangkok’s future landmarks” says Sorapoj.
Projects in CITIC Construction’s China’s portfolio include Beijing National Stadium (The Bird’s Nest), IT Research and Development Center of CITIC Bank, the Royal Albert Dock project in the UK, and Brazil’s Caniota thermal power plant.
“Thailand is considered as one of the best investment destinations in Asia. The Thai government is rapidly expanding the city’s infrastructure and public transportation to support Bangkok’s rapid growth as Asia’s commercial hub. Bangkok’s real estate market is also booming and has strong potential for future growth, especially at the super luxury segment where Pace operates and is renowned for at a global level. This strategic partnership is a great opportunity for both parties as it will strengthen and complement one another’s competencies and successes as we embark on our upcoming joint projects” says Chen Gang, Managing Director at CITIC Construction.
Image via www.pacedev.com
Receive the latest property news on email from Thailand’s No.1 property website here, or read more project reviews
