Pace Development
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| Public | |
| Traded as | : PACE |
| Industry | Property Development Retail Food & Beverage |
| Founded | 2004 |
| Founder | Sorapoj & Chotipol Techakraisri |
| Headquarters | Bangkok, Thailand |
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Area served
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worldwide |
| Website | www |
PACE Development Corporation PLC is a Thai residential property development and retail company specializing in high-end residential real estate and gourmet retail.
Founded as Cinkara Company, Ltd. in 2004, the company is majority-owned by the Techakraisri family, who are also major shareholders in the middle-condominium project developer, L.P.N. Development PLC. The chief executive officer is Sorapoj Techakraisri. The Techakraisri family are founders of LPN Development, a Thai publicly listed real estate company which is listed on the SET50 Index and SET100 Index. Family members are two of the largest individual shareholders of LPN (4.05% +1.76%).
PACE specializes in condominium development, and in 2013 listed on the , trading under the symbol, PACE, with financial advisers, Asia Plus. PACE offered 600 million shares, 29.2 percent of the company, in an IPO during a subscription period from 29–31 July 2013, with official trading commencing in August 2013. The share price was set at 3.50 baht per share, and following the subscription period, the shares were fully subscribed on the first day of trading, 7 August 2013.
PACE posted a consolidated net loss of 474.6 million baht (US$13.34 million) for the three months through 30 June 2015, compared with a loss of 79.1 million baht in the same period in 2014. The developer attributed the loss to the operating costs of local branches it owns of US gourmet food brand Dean & DeLuca and the continued sales and marketing expenses of the MahaNakhon project, as well as other projects such as the building of the 53-storey luxury development, Nimit Langsuan.
For the first quarter of 2016, PACE recorded consolidated net profit of THB67.5 million on total revenue of THB1.45 billion.
Ficus Lane was launched in 2004 using a holding company of PACE, an 880 million baht development completed in 2007. Ficus Lane is a 70 unit seven-storey property at Sukhumvit 44/1. In mid-2011 it sold for around 110,000 baht per square metre. In 2005, when introduced, it sold for 50,000 baht per square metre. Launched in 2009, the Saladaeng Residences is a 2.5 billion baht, 25 storey condominium development at Saladaeng Soi 1, with 132 residences. Saladaeng Residences is now sold out.
PACE is in the process of constructing MahaNakhon, in a joint venture with Industrial Buildings Corporation (IBC), first unveiled in 2009. Construction commenced in 2011, with completion in 2016 by main contractor Bouygues Thai, for a total budget of 19 billion baht.
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