Bangkok--16 Jul--7 Creative Consultants
- PACE listing expected in early August 2013
- Planning to purchase shares in MahaNakhon development from IBC, to increase PACE shareholding ownership of MahaNakhon from 50% to 68%
- PACE reinforce the high-end property leader position with the most recent successful launched of its new “MahaSamutr” Development 100% ownership by PACE
PACE plans to offer an initial public offering (IPO) of 600 million shares by this month and Institution Roadshow is already organised, after receiving an approval from the Securities and Exchange Commission (SEC) since 2 July 2013 for listing on the Stock Exchange of Thailand (SET). PACE has registered capital of 2,054 million baht, 1,454 million baht issued in paid-up capital at a price of one baht apiece. PACE plans to offer 29.2% of its paid-up capital through its share offering.
Mr Sorapoj Techakraisri; Chief Executive Officer of Pace Development Corporation Plc. (“PACE”), the leader in high-end real estate development, disclosed that “PACE is confident that the IPO and listing is a strong step forward, reinforcing continuous and sustainable growth with growing trust and recognition among investors.We are confident that PACE shares will gain a favourable response from investors, due to relatively limited numbers of players and supply , together with steady growth in the real estate sector. PACE is Thailand’s leader in high-end real estate, driven by a professional executive team with more than 25 years’ experience reflected by our previous successful projects: Ficus Lane and Saladeang Residences with a project value of Bht 910 million and Bht 2.341 billion respectively, in terms of sales as well as world-class construction and interior quality recognized by both local and international clients.”
“PACE confirms its IPO in early August 2013 despite short-term stock market volatility, as the local stock market aligns to other regional and global stock markets. The positioning of PACE as the high-end property leader with a unique value proposition will be attractive for the investors and their investment. Moreover PACE remains confident in strong fundamentals of the Thai economy and Thai stock market which still has substantial opportunities to grow” added Sorapoj
PACE has created high-end developments with total value of more than Bht 24 billion starting from Ficus Lane and Saladaeng Residences which are outstanding in terms of customer satisfaction and sales. Followed by MahaNakhon, Bangkok’s tallest mixed-use development, which recently achieved sales of 420 million baht for its Ritz-Carlton Residences on a roadshow in Dubai, United Arab Emirates, while total present pre-sales are more than 6,000 million baht or exceeding 50 per cent. The construction of MahaNakhon is now well underway and expected to be fully completed in 2015. Bank fully financing for the world-class development is by Siam Commercial Bank Public Company Limited (in syndication with TISCO Bank).
Mr Sorapoj added that after the initial public offering (IPO), PACE will buy back MahaNakhon shares from Industrial Buildings Corporation (IBC) to increase PACE shareholding ownership of MahaNakhon from 50percent to 68percent. This move will subsequently provide PACE with more flexibility in terms of the project management.
After entering the stock market, PACE plans to utilize the majority of capital raised to develop new projects with a firm focus on investment in high potential areas in the heart of the Bangkok and resort locations such as MahaSamutr Development in Hua Hin, where there is steady demand for high-end residences and Condominium project with a 24,000 square meter for sale on Langsuan Road. Together, the project value of MahaSamutr and Langsuan is Bht 8.7 billion
“PACE has recently launched “MahaSamutr”; a high-end mixed-use development comprising 90 Luxury Villas, Hua Hin Country Club, and Beach Club. The development is set around Asia’s first man-made largest Clearwater lagoon and white sand beach with a project value of Bht 2.7 billion. MahaSamutr will fill the gap in the real estate development in Hua Hin where the high-end real estate are still short of supply. PACE is also confident that demands for quality residential developments will increase as AEC approaches.
Dr Kongkiat Opaswongkarn; Chief Executive Officer of Asia Plus Advisory Company Limited, the company’s financial advisor, disclosed that the IPO had been approved by the SEC since 2 July 2013. Asia Plus and PACE plans to schedule the IPO reservation date in July 2013 before official trading on the stock market in early August 2013.
“PACE has received very good feedback from its most recent roadshow. The company has reinforced its clear mission and vision of being the leader in high-end real estate industry delivering truly luxury developments; reflected by its most recently launched “MahaSamutr” and including pipeline Condominium Project on Langsuan Road. The final IPO price is expected to be announced this month.” concluded Dr. Kongkiat.
For more information, please contact:
PACE Development Corporation Plc.
Tel: 0 -2654 3344
NarumonJuthaprateep
[email protected]
7 Creative Consultants Co., Ltd. (7CC)
PanaraseeThaiwatcharamas
[email protected]