Mark Mobius expresses confidence in PACE and MahaNakhon with continuing investment

Real Estate Press Releases Monday July 31, 2017 11:13
Bangkok--31 Jul--Feel Good Together
Paying his first visit to Thailand's landmark tallest tower, MahaNakhon, Templeton's Mark Mobius has expressed confidence in PACE's vision and growth potential.

Sorapoj Techakraisri, CEO of PACE PLC recently welcomed Mark Mobius, Chairman of Templeton Emerging Markets Group, to MahaNakhon, Thailand's landmark property recently completed by PACE, Thailand's leading developer.

"As an ongoing investor in PACE, and his role as Templeton Emerging Markets Group Chairman, it was a privilege to provide an indepth tour of MahaNakhon to Mark Mobius," said Sorapoj Techakraisri, CEO, PACE Development Corporation Plc. "We welcomed the opportunity to share the concept of our market leading residential developments and our vision for Thai real estate."

Currently in handover to owners, The Ritz-Carlton Residences at MahaNakhon features 209 ready-to-move-in homes ranging in 125-844 sqm. Already more than 75% sold, the award winning freehold properties were crafted for high-end Thai and international buyers, featuring the legendary service of the Ritz-Carlton and world-class design.

As the residential component of the 30 billion baht MahaNakhon, The Ritz-Carlton Residences is valued at 16 billion baht, with 4 billion baht already transferred and recognized with backlog remaining 6 billion baht pending for transfer within this year. Mark Mobius was also shown the other major revenue generating elements - lifestyle retail CUBE already open, upcoming Edition Hotel and Thailand's highest observatory plus Rooftop Bar opening in 2018 - to understand the entire integrated property.

Sorapoj explained, "I was pleased to welcome Dr Mark Mobius as one of our long term shareholders, and shared with him the company's vision, strength and stability showcased in our landmark MahaNakhon tower."

PACE assets are valued at 37 billion baht. As of quarter 1/2017, the company has a total of 15.4 billion baht backlog which can be recognized within the end of this year at 8.4 billion baht and target to sell more remaining residences valued at 2 billion baht.

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