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Apartments in Bangkok & Hua Hin – Pace Developer to Fund

Pace Development Corporation Plc plans to raise funds through the issuance of a debenture and property fund worth Bt4.5 billion over the next two years as it looks to develop luxury residential apartment projects in Hua Hin and Bangkok.   “We plan to raise funds to develop our two new residential projects, which will be launched in the second half of this year,” Sorapoj said.

Sorapoj said the projects would generate income for the company in 2015 and 2016. The company has set aside an investment budget of between Bt2 billion and Bt3 billion to buy undeveloped land to develop luxury residential projects in 2015 and 2016.  Sorapoj said that on average the company planned to launch one or two luxury residential projects worth about Bt10 billion in total each year.

MahaNakhon is being constructed in combination with MahaNakhon CUBE and will boast luxury condominiums at its Ritz-Carton Residences. It will also feature a luxury hotel, Bangkok Edition.

Last year it had total revenue of Bt345 million for a net loss of Bt795.37 million, with its debt-to-equity ratio 0.8:1. However, Sorapoj said that the company would record net profit in 2015, when Ritz-Carton Residences was due to be completed.  Sorapoj said that demand for luxury units was showing strong growth despite the economy slowing due to the political uncertainty, with demand particularly buoyant among foreign buyers who were expanding their investments in the region in anticipation for the Asean Economic Community coming into effect in 2015.

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Nora has been in the Corporate Communications arena for a number of years. Nora's role is to communicate all newsworthy items that are of a PR nature.

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