PACE holds 13.5 billion baht backlog from MahaNakhon and Nimit Langsuan developments
18 May 2015
Mr. Sorapoj Techakraisri, Chief Executive Officer, PACE Development Corporation Plc, (PACE) disclosed that the company now has 100% ownership of its flagship MahaNakhon mixed-use development, following the recent buy back shares from IBC Thailand Ltd., (IBC). IBC received holding in PACE in exchange for its holdings in MahaNakhon.
Mr. Sorapoj said that PACE is holding a backlog worth a total of 13.5 billion baht, comprising 8 billion baht sales of The Ritz-Carlton Residences, Bangkok at MahaNakhon and 5.5 billion baht sales from Nimit Langsuan. All sales will be recognised over three years period. By the fourth quarter this year, PACE will start transferring its first phase Ritz-Carlton Residences.