Investors Buoyed by PACE’s MahaNakhon Revenue Recognition
27 April 2016
Sorapoj Techakraisri, Chief Executive Officer, PACE Development Corporation Plc said PACE was able to begin ownership transfer of The Ritz-Carlton Residences, Bangkok at MahaNakhon development in April 2016, where sales are already more than 70% as the building nears completion. Sales of MahaSamutr Luxury Villa development under construction has now reached about 40% or approx. THB 1,600 million. Following EIA approval received in April, construction of Nimit Langsuan will commence shortly. The three projects’ residential units have a combined value of THB 22 billion, and revenue realization is expected for the next three years (2016-2019). PACE will use revenue to repay debts in order to strengthen its financial position and boost liquidity. Currently PACE has presale backlog of THB 14.5 billion and the company has set annual residential sales revenue target at THB 10 billion.