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Condos near to BTS from Pace Development

Pace Development Corporation Plc, is a high-end property developer in Thailand and has been setting many of the trends and standards for the segment. Chief executive Sorapoj Techakraisri discussed the company’s strategy and outlook.

What is Pace’s business model?
Pace has been operating in the Thai real estate industry for almost a decade, developing high-end properties that consumers would want to live in. We first began with Ficus Lane and Saladaeng Residences and have now expanded further. Today our business is focused purely on the high-end market in Thailand.

Why does Pace focus on the high-end sector and how do you view the market today?
Simply put, there is a demand for this type of product in Thailand and very limited supply. Today there are only a handful of high-end developers.  A key quality of this segment as well is that the customer is less sensitive to economic changes because the purchases are second or third homes, and as long as the quality and location are there, the price of a high-end property rarely declines in value.

Pace is currently developing two massive projects. Could you provide an update on them and any plans for future projects?
We are currently developing MahaNakhon, Bangkok’s future landmark; and MahaSamutr in Hua Hin, featuring luxury villas and a country club set around Asia’s first clear-water lagoon. MahaNakhon comprises of the 159-room Bangkok Edition Hotel, 200 Ritz-Carlton Residences and a lifestyle retail centre and observation deck. MahaNakhon is located in the heart of the central business district and directly linked to the Chong Nonsi skytrain station between Silom and Sathon roads.

Construction of MahaNakhon is now well under way and is scheduled to be finished by the end of 2015. We will first launch Cube, a seven-floor lifestyle retail centre, by year-end, containing a combination of fashion outlets with very interesting food and beverage brands that we will introduce to the Bangkok market. We unveiled MahaSamutr in late July and sales will start in mid-2014. MahaSamutr is located four kilometers from the Hua Hin coast and covers 72,000 square metres with its key feature the first man-made Crystal Lagoon in Asia as well as a country club. It will have 90 modern luxury villas, all located directly on the lagoon. We plan to complete the first phase by the end of the second quarter of 2014 and the entire development by the end of 2014. Finally, we are planning to launch another residential development on Lang Suan Road by next year.

What impact will the Asean Economic Community have upon your business? 
We are feeling the impacts of the upcoming AEC already with much more buyer interest coming from around the region.  We have had inquiries coming now from Malaysia, Indonesia, Vietnam and Myanmar as well; thus the continued growth and development of the entire Asean region will benefit us in Thailand.

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