Pace goes residential to enable listing

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High-end developer Pace Development Corporation Plc plans to launch two new residential projects worth a combined 6 billion baht next year to raise revenue in 2014 in order to list on the stock exchange.

CEO Sorapoj Techakraisri said the company is keen on locations in Bangkok and major tourist destinations like Hua Hin and Khao Yai for the new projects, which will tap the high-end segment.

Its only completed project is Saladaeng Residences to its name, a sold-out condo project worth 2.5 billion baht that will realise revenue in 2012-2013. As the project was completed early this year, the company breaks down the revenue to be recorded as 70% in 2012 and 30% in 2013.

Pace expects MahaNakhon, a mixed-use project worth a combined 19 billion baht launched in 2009, to be complete in 2015. Total investment will be 14 billion baht.

MahaNakhon is on a nine-rai plot near the Chong Nonsi BTS station. It will comprise a 77-storey pixilated tower, which is touted to be the tallest building in Thailand when completed at 314 metres high, replacing the 304-metre Baiyoke Tower II.

MahaNakhon will house 194 luxury condo units sized from 120-850 square metres, and priced 270,000 baht per sq m on average for a 99-year leasehold period. Branded with Ritz-Carlton Residences, 40% of units have been sold.

The project will also have 150 hotel rooms operated by the Ritz-Carlton under Bangkok Edition brand, and a retail space of 4,000 sq m at the lower floors.

Pace is also planning a seven-storey retail building named Cube that is scheduled to open in September 2013.

Total lettable area will be 6,000 sq m, and 55% is leased. The rental rate will be 2,500 baht per sq m, claimed to be the highest in the Sathorn area.

Michelin-starred chef Joel Robuchon will open his first restaurant at Cube.

"After we list, we will put the retail and hotel sections into a real estate investment trust (REIT). Their combined value will be up to 7 billion baht," said Mr Sorapoj.

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