Pace Dev plans 2 new projects worth Bt4 bn in Bangkok

Construction News

Pace Development Corpora-tion is planning to launch two new residential projects worth Bt4 billion in Bangkok, chief executive officer Sorapoj Techakraisri said.

Investment in projects in Niseko, a famous mountain resort town on Hokkaido in Japan, is also under consideration, he said in a press release yesterday.

He said the company had agreed to purchase a prime plot of land on Narathiwat-Ratchana-karin Road in Bangkok and was working on a plan to build a residential high-rise development there, taking advantage of the neighbourhood’s convenient, quiet and liveable atmosphere.

The approximately 2.5-rai (4,000-square-metre) plot is conveniently accessed via Narathiwat-Ratchanakarin and Nang Linchi roads, with connections to Sathorn and Rama III roads.

The company plans to announce more details on the development early next year, he said. The location of the second Bangkok project has not been finalised.

Eyeing ski resort

Furthermore, Pace is doing a feasibility study on a ski-resort villa development in Niseko to cater to the large number of Thai and other 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.

At present, Pace has three properties under construction, namely Maha Nakhon, Maha Samutr and Nimit Langsuan, with total residential sales worth a combined value of Bt27 billion, which can be recognised over the next three years (2016-2018).

Maha Nakhon is now 90 per cent completed and ownership transfer is expected to start in early 2016.

Maha Samutr’s lagoon is 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 next year.

After its announcement early this year, all residences at Nimit Langsuan have already been sold out.

Pace has a backlog worth a total of Bt14 billion.