Pace Development
Pace Development
152 Kian Gwan Building, 3rd and 4th Floors
Lumpini , Bangkok
Bangkok 10330
Thailand
PACE Development Corporation Public Company Limited (SET: PACE) is a prominent Thai real estate developer renowned for its luxury residential and mixed-use projects. Established in 2004 as Cinkara Company Limited, the company underwent a rebranding in 2011 and is now headquartered in Bangkok, Thailand. It is publicly traded on the Stock Exchange of Thailand.
Under the leadership of CEO Sorapoj Techakraisri, PACE has developed several high-profile projects, including the MahaNakhon Tower, a 314-meter skyscraper that stands as Thailand's tallest building. Other notable developments encompass Nimit Langsuan, The Ritz-Carlton Residences in Bangkok, and the MahaSamutr luxury villa and country club in Hua Hin. These projects reflect PACE's commitment to introducing innovative design and luxury living standards to the Thai property market.
In addition to real estate, PACE expanded into the gourmet retail sector with the acquisition of the U.S.-based brand Dean & DeLuca in 2014. The company aimed to establish a global presence for the brand, although its expansion faced challenges, leading to the closure of its U.S. operations by 2019.
Despite its ambitious ventures, PACE has encountered financial difficulties, including significant losses in recent years. As of 2020, the company reported a net income loss of approximately 5.28 billion Thai Baht. These challenges have impacted its stock performance, with shares trading at a fraction of their initial offering price.