Pace readies 'bare shell' condo project

Pace readies 'bare shell' condo project

Buyers can decorate to their own taste

SET-listed Pace Development Corporation Plc plans to launch a pre-built condo project, Windshell Naradhiwas, worth 3 billion baht, with 36 bare shell units in October this year.

A bare shell property is a finished residential or commercial unit with just basic amenities installed in the building.

Chief executive Sorapoj Techakraisri said the project will likely be the first new high-end condo in Thailand where all units are a bare shell. But they offer customers an opportunity for custom finishes and design.

"Buyers in the super-luxury segment seldom like units fitted or decorated by developers," he said. "They prefer their own design and decoration."

Windshell Naradhiwas, a 28-storey tower with a height of 167.25 metres, is located on a two-rai plot on Narathiwat Ratchanakarin Road near BRT Thanon Chan station. All units are a duplex with two sizes -- 455 and 564 square metres -- priced from 180,000 baht per sq m.

Construction started in 2016 and will be completed in the fourth quarter this year. The project will be booked as revenue once the units are sold. As of the end of the first quarter, 10 units worth 792 million baht were booked.

Pace also expects to complete construction of Nimit Langsuan, a 54-storey high-end condo on Lang Suan Road, by the end of the year after construction was delayed almost a year.

The Lang Suan project situated on a 2.5-rai plot will have 176 units worth 8 billion baht, of which 166 units worth 6.9 billion baht have sold.

Meanwhile, the 4-billion-baht MahaSamutr, a luxury villa project with a large man-made lagoon in Hua Hin, will have 80 villas for sale, of which 14 units have been sold so far.

Pace also has 16 units worth 1.43 billion baht remaining for sale at MahaNakhon The Ritz-Carlton Residences, a luxury condo project near Chong Nonsi BTS station.

These four projects have units for sale worth a combined 16.18 billion baht.

Last year Pace sold hotel rooms, retail space and the observation desk at MahaNakhon to duty-free operator King Power Group at a price of about 14 billion baht as Pace struggled with a huge debt burden.

As of the end of 2018, its interest-bearing debt had decreased to 13.6 billion baht from 20.2 billion baht in 2017.

In the first quarter this year, Pace recorded a net loss of 316 million baht, down from a net loss of 4 billion baht in the same period last year, on revenue of 794 million baht, down 36%.

Of first-quarter revenue, 59 million baht was from property for sale, down 89% year-on-year, and 490 million baht was from gourmet food and beverage brand Dean & DeLuca, down 23%.

Pace gained 246 million baht from Dean & DeLuca franchise fees, up 324%, mainly from a decrease in debt of Dean & DeLuca in the US.

PACE shares closed yesterday at 0.21 baht, up one satang, in trade worth 246,390 baht.

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