PACE plans 2 new high-end projects

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Thai based real estate developer PACE Development Corporation Plc. is considering 2 new investment projects; the first on Naradhiwas-Rajanakarin Road in Bangkok and the second a tourist development in Niseko, a famous mountain resort town on Hokkaido in Japan.  The two new possible projects will be worth a combined value of 4 billion baht.

Sorapoj Techakraisri, Chief Executive Officer of PACE, said the company has a purchase agreement to acquire a prime land plot on Naradhiwas-Rajanakarin Road and is working on a plan to build a residential high-rise development on the premises, taking advantage of the neighborhood’s convenient, quiet and livable atmosphere.  The approx. 2.5 rai land plot is conveniently accessed via Naradhiwas-Rajanakarin and Nang-Linchee roads, and is connected to Sathorn and Rama 3 roads.  It is also adjacent to two expressways and a BRT line.

Construction of the PACE MahaNakhon development (shown centre) in downtown Bangkok is now 90% complete.

Techakraisri said the new residential development will combine the outstanding characteristics of condominiums and single-detached houses to meet the needs of families looking for ample livable space.  The company plans to announce more details of the project in early 2016.

PACE is also currently doing a feasibility study of a ski resort villa development in Niseko in Hokkaido, Japan to cater to a large number of Thai and international tourists who visit the town during the ski season.

Widely regarded as one of Japan’s premier ski resorts, Niseko is a beautiful and pristine town and visitors can enjoy its powder snow virtually throughout the year.  It is estimated that Niseko welcomes as many as 1.5 million visitors every year.

“PACE has been working on concepts of the two new projects and will be able to officially disclose further details in the near future.” Mr. Techakraisri said.

At present, PACE has three properties under construction, MahaNakhon, MahaSamutr and Nimit Langsuan with total residential sales worth a combined value of 27 billion baht.  PACE currently has backlog worth a total of 14 billion baht.

MahaNakhon is now 90% completed and ownership transfer is expected to start in early 2016.  The MahaSamutr’s lagoon is also now completed and construction of the country club and villas are progressing as planned with villa sales set to start in the early part of 2016.  Following its announcement early this year, all residences at Nimit Langsuan have already sold out, said the PACE CEO.