Stock-exchange listed real estate company Pace Development Corporation has revealed plans for new investments – one of which will be a high-rise project on Bangkok’s Naradhiwas-Rajanakarin Road.
Another investment will see a project in Niseko, a famous mountain resort town in Japan, is also under consideration. The two new possible projects will be worth a combined value of THB 4 billion.
Sorapoj Techakraisri, Chief Executive Officer of the high-end developer, said the company is under 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, taking advantage of the neighbourhood’s convenient, quiet and livable atmosphere to conceive this upcoming new development.
The 2.5 rai land plot is accessed via Naradhiwas-Rajanakarin and Nang-Linchee roads, and is connected to Sathorn and Rama 3. It is also adjacent to two expressways and the BRT line on Chan Road.
He said the new residential development will combine the outstanding characteristics of condominium and single-detached house to meet the needs of families looking for ample livable space.
The company plans to announce more details of Naradhiwas-Rajanakarin development in early 2016.
“Furthermore, PACE is 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.” Sorapoj said.
At present the listed developer has three properties under construction – MahaNakhon (pictured centre), MahaSamutr and Nimit Langsuan with total residential sales worth a combined value of THB 27 billion which can be recognised over the next three years. It currently has backlog worth a total of THB 14 billion.
MahaNakhon is now 90 percent completed and ownership transfer is expected to start in early 2016. The MahaSamutr’s lagoon is now completed and construction of the country club and villas are progressing as planned with villas sales set to start in the early part of 2016. Following an announcement early this year, all residences at Nimit Langsuan have been sold.
Pace also announced its diversification into the gourmet food and beverages business through the acquisition of Dean & Deluca, and the company recently inked a deal to open a new gourmet market branch at 40 Wall Street in New York with The Trump Organization.