Thai luxury property developer on track with IPO
Pace Development, a Bangkok-based developer of luxury properties and builder of the country’s tallest skyscraper, MahaNakhon Tower, said it is on track with its IPO slated for the third quarter of 2013 that would see sales of 600 million shares with the proceeds used for paying off the company’s debt and invest in new property developments..
Pace Development has been successful in marketing its luxury condominiums in the MahaNakhon Tower to customers in the Middle east, particularly Dubai, where it found an investor who put $27 million into the project that is expected to be finished in 2014.
The developer is currently majority owned by Thailand’s Techakraisri family, which holds 77.96 per cent and plans to dilute its holding to 55.19 per cent after the IPO.
Current developments of Pace, apart from MahaNakhon, are a luxury condominium complex on Langsuan Road in Bangkok and a new development located in the beach town of Hua Hin, named MahaSamutr, for which pricing will start at above $1 million per unit, and completion is scheduled for 2017.
The $123-million project comprises 90 villas on a 19-hectare site, a country club and a large lagoon. About 80 per cent of customers targeted are domestic buyers wanting a second home and the rest foreigners looking for a vacation home in Hua Hin, the company said.
Pace Development, a Bangkok-based developer of luxury properties and builder of the country's tallest skyscraper, MahaNakhon Tower, said it is on track with its IPO slated for the third quarter of 2013 that would see sales of 600 million shares with the proceeds used for paying off the company's debt and invest in new property developments.. Pace Development has been successful in marketing its luxury condominiums in the MahaNakhon Tower to customers in the Middle east, particularly Dubai, where it found an investor who put $27 million into the project that is expected to be finished in 2014. The developer...
Pace Development, a Bangkok-based developer of luxury properties and builder of the country’s tallest skyscraper, MahaNakhon Tower, said it is on track with its IPO slated for the third quarter of 2013 that would see sales of 600 million shares with the proceeds used for paying off the company’s debt and invest in new property developments..
Pace Development has been successful in marketing its luxury condominiums in the MahaNakhon Tower to customers in the Middle east, particularly Dubai, where it found an investor who put $27 million into the project that is expected to be finished in 2014.
The developer is currently majority owned by Thailand’s Techakraisri family, which holds 77.96 per cent and plans to dilute its holding to 55.19 per cent after the IPO.
Current developments of Pace, apart from MahaNakhon, are a luxury condominium complex on Langsuan Road in Bangkok and a new development located in the beach town of Hua Hin, named MahaSamutr, for which pricing will start at above $1 million per unit, and completion is scheduled for 2017.
The $123-million project comprises 90 villas on a 19-hectare site, a country club and a large lagoon. About 80 per cent of customers targeted are domestic buyers wanting a second home and the rest foreigners looking for a vacation home in Hua Hin, the company said.
