PACE Development Corporation Plc., or "PACE" today announces its partnership with CITIC Construction International (Thailand) Co., Ltd., a major Chinese construction conglomerate with solid financial strength and a proven track record in construction of large-scale projects. The objective of the collaboration is to develop new residential projects in prime locations in the heart of Bangkok. With this partnership, CITIC Construction will be jointly responsible for the financing and construction of these future projects, while PACE will be responsible for planning, designing, selling and marketing as well as assuring the project quality is maintained to the exceptional standard for which PACE is renowned. CITIC CLSA Securities will act as financial advisor for the investors of this collaboration. Details of the upcoming projects will be disclosed soon.
"This partnership signifies that a major Chinese conglomerate such as CITIC Construction sees the opportunities in Thailand's luxury real estate industry, and has high confidence in PACE's expertise and its business growth potential" said Sorapoj Techakraisri, CEO, PACE Development Corporation Plc. "CITIC Construction is considered one of the world's top construction companies specializing in construction of landmarks on global level and has its own financial institution, CITIC Bank".
CITIC Construction's major projects include China's iconic Beijing National Stadium (The Bird's Nest), IT Research and Development Center of CITIC Bank, the Royal Albert Dock project in the UK, Algeria's East-to-West Expressway, and Brazil's Caniota thermal power plant.
"We are confident that having a strong partner like CITIC Construction will enable PACE to accelerate its planned developments and move closer to its goal of further enhancing its status as world-class luxury property developer. In addition, both companies will certainly benefit from each other's respective strengths to jointly develop Bangkok's future landmarks" said Sorapoj.
"Thailand is considered as one of the best investment destinations in Asia. The Thai government is rapidly expanding the city's infrastructure and public transportation to support Bangkok's rapid growth as Asia's commercial hub. Bangkok's real estate market is also booming and has strong potential for future growth, especially at the super luxury segment where PACE operates and is renowned for at a global level. This strategic partnership is a great opportunity for both parties as it will strengthen and complement one another's competencies and successes as we embark on our upcoming joint projects" said Chen Gang, Managing Director, CITIC Construction.
Currently, PACE has a total of five residential properties under development, including The Ritz-Carlton Residences, Bangkok at MahaNakhon, MahaSamutr Villas, NIMIT Langsuan, and Naradhiwas-Rajanakarin road project, which together have a combined project value of approximately 34 billion baht in total with backlog worth 17.5 billion baht, of which revenue has been recognized from Q1/2017.
"This partnership signifies that a major Chinese conglomerate such as CITIC Construction sees the opportunities in Thailand's luxury real estate industry, and has high confidence in PACE's expertise and its business growth potential" said Sorapoj Techakraisri, CEO, PACE Development Corporation Plc. "CITIC Construction is considered one of the world's top construction companies specializing in construction of landmarks on global level and has its own financial institution, CITIC Bank".
CITIC Construction's major projects include China's iconic Beijing National Stadium (The Bird's Nest), IT Research and Development Center of CITIC Bank, the Royal Albert Dock project in the UK, Algeria's East-to-West Expressway, and Brazil's Caniota thermal power plant.
"We are confident that having a strong partner like CITIC Construction will enable PACE to accelerate its planned developments and move closer to its goal of further enhancing its status as world-class luxury property developer. In addition, both companies will certainly benefit from each other's respective strengths to jointly develop Bangkok's future landmarks" said Sorapoj.
"Thailand is considered as one of the best investment destinations in Asia. The Thai government is rapidly expanding the city's infrastructure and public transportation to support Bangkok's rapid growth as Asia's commercial hub. Bangkok's real estate market is also booming and has strong potential for future growth, especially at the super luxury segment where PACE operates and is renowned for at a global level. This strategic partnership is a great opportunity for both parties as it will strengthen and complement one another's competencies and successes as we embark on our upcoming joint projects" said Chen Gang, Managing Director, CITIC Construction.
Currently, PACE has a total of five residential properties under development, including The Ritz-Carlton Residences, Bangkok at MahaNakhon, MahaSamutr Villas, NIMIT Langsuan, and Naradhiwas-Rajanakarin road project, which together have a combined project value of approximately 34 billion baht in total with backlog worth 17.5 billion baht, of which revenue has been recognized from Q1/2017.
UOB Thailand partners with Shake Shack for an exclusive celebrity chef collaboration, offering a complimentary dish for its cardholders
OKMD Partners with Government Savings Bank to Develop a Knowledge Hub on Libong Island, Trang Province, Empowering Youth with Financial and Intellectual Skills
KTC Boosts Economy by Partnering with Shopee, Lazada, and TikTok for Year-End Exclusive Offers
MDES Supports Private Sector to Establish Thailand International Digital Business & Finance Centre (TIDC) Project, Boosting Investments in Digital Innovation to Advancing Thailand's Digital Economy
ANANTARA SIAM WELCOMES A NEW MICHELIN-STAR CHEF RESIDENCY AT BISCOTTI
KEX launches "Global Express GE+" Allowing customers to send express parcels abroad in America, Canada, and Europe within 3 days* With a special offer, receive an instant 50% discount*
Yip In Tsoi and Siemens Partner to Develop Aquaculture Technology for Sustainable Agriculture in Thailand
International efforts to protect and empower ASEAN's women migrant workers