Owners and investors in Thailand’s tallest tower, The Ritz-Carlton Residences at the iconic central Bangkok MahaNakhon development (pictured centre) have started to take possession of their units.
Sorapoj Techakraisri, Chief Executive Officer of Pace Development, was able to begin ownership transfer at the project last month, where sales are already standing at more than 70 percent as the building nears completion.
Elsewhere the developer said that sales of the MahaSamutr luxury villa development, under construction in Hua Hin, have now reached about 40 percent, or approx. THB 1.6 billion in value.
In Bangkok, and following EIA approval received last month, construction of Nimit Langsuan will start shortly. The three projects’ residential units have a combined value of THB 22 billion, and revenue realisation is expected over the next three years. The developer says it will use revenue to repay debts in order to strengthen its financial position and boost liquidity. Currently it has presale backlog of THB 14.5 billion, and the company has set annual residential sales revenue target at THB 10 billion.
Continuing to target the high-end sector, Pace also plans to announce a THB 3 billion inner-cit condominium project later in 2016 that is expected to receive positive response similar to Nimit Langsuan.
Furthermore the firm is analysing possibilities for an approx. 100 rai high-end villa development in Niseko, a famous resort town in Hokkaido, Japan. The project would target Thai buyers looking for a villa in Japan.
