Pace Development Corporation Plc (Pace) has sold some of its assets in the MahaNakhon development to King Power MahaNakhon Co., Ltd in a deal worth Bt14 billion. The deal is in line with the company’s earlier plan of putting MahaNakhon into Real Estate Investment Trust (REIT).

Pace will now focus on reducing debts, as well as speeding up construction of current residential developments to secure revenue stream.

Delicatessen chain Dean & DeLuca, meanwhile, will see further expansion worldwide. The company’s board of directors considered the transaction appropriate and most beneficial to the company and its shareholders.

Sorapoj Techakraisri, chief executive officer of Pace, said that Pace officially disposed of some assets in the MahaNakhon development, worth Bt14 billion to King PowerMahaNakhon Co. Ltd on April 10, 2018, in accordance with the resolutions of the board meeting held on March 28, The deal to sell a portion of the assets in the development is consistent with Pace’s earlier plan to put MahaNakhon into REIT upon project completion. The closing of the transaction at this time has allowed the company to reorganise revenue promptly.

The company plans to use revenue from this transaction, as well as the Bt3.894 billion revenue from capital increase shares in February 2018, for financial restructuring, making some funds available to repay debts and thus strengthen the company’s financial position. The added liquidity will also enable the company to build current businesses more efficiently and sustainably in the longer term.

    The payment system offers the creation of “Personal QR Code” in every transaction of the purchase process of an AP residence. By making it safer to pay online, the system meets the lifestyle of the millennials. AP will start using cashless payment with the booking of townhouses at its prototype projects “Pleno Pinklao-Charan” and “Baan Klang Muang Ratchaphruek-Rattanathibet” before expanding it to all other AP projects later, said Pamorn Prasertsan, chief of the company’s business group/single detached home & townhome.

This initiative aims to build on DDproperty’s 10-year industry and technology experience, and marks a new phase in the company’s journey from a regional property media powerhouse to a high-growth technology company, it said. It includes revamped websites, mobile apps and a new brand identity, DDproperty said. These collectively aim to bring to life to DDproperty’s role as an adviser to property seekers, the firm said.

The new website and mobile app are intended to make every property search a highly personalised and intuitive experience. The firm says it has algorithms trained to recognise behavioural cues to determine the kind of properties a user is looking for and the content they are likely to be interested in. As DDproperty site learns more about each user’s needs and preferences, solutions will increasingly become tailored, smarter and more accurate, the firm claims.

PropertyGuru Group CEO Hari Krishnan said: “Millions in Southeast Asia have searched and found their homes with us. That’s both a privilege and a responsibility. As we look forward to the next decade, we recognise that people not only want the home finding and buying processes to be simpler and faster, but also expect highly customised solutions to meet their needs and challenges.”

At an investment cost of Bt2.3 billion, sales start at Bt1.99 million per unit.

Up to 50 per cent of the project has already been sold, according to a company statement.

Of the presales in Q1, 64 per cent or Bt5.2 billion came from low-rise residential projects and Bt4.8 billion from condominiums, as part of the target of Bt33.5 billion this year, said chief executive officer Anuphong Assavabhokhin at press release yesterday.

He expressed confidence the market would post strong growth in the second quarter of this year, thanks to the sustained economic growth supported by government spending and the slow grwoth in interest rate. In the second quarter of this year, AP will launch three new projects. It plans to launch a total of 34 new projects this year, worth a total of Bt49 billion, he said.

The first phase of the hub has achieved full occupancy with a mix of around 15 well-known international names and local favourites from the retail and lifestyle sectors.

The mixed-use lifestyle development – owned by Boutique Prakhanong 1 Ltd, a direct subsidiary of major property developer Boutique Corp – is a new landmark in the bustling Phra Khanong neighbourhood.

The development is populated with tenants including Starbucks, Tops Supermarket, Fitness 24/7, Au Bon Pain and Spaces by Regus, the Amsterdam-based co-working space, all of which opened their doors in time for the grand opening.

Another exciting addition for the Sukhumvit-area hub is Treasure Factory, a Japanese second-hand product store, which has opened its first Thai branch at Summer Hill.

The grand opening marks the first of three phases for the hub, the second of which will be the opening of the Summer Hub Offices next door to Summer Hill, which will offer another 5,000 square metres of lettable space and is set to open at the end of the year.

An as-yet under-wraps third phase across the street from Summer Hill will be under way by the end of 2018, too.

Together, the combined phases will work together in synergy to create a mixed-use development that integrates commercial spaces and offices for a hub that truly serves and invigorates the local neighbourhood as a place to work, eat, shop, work out and hang out, the developer said.

Around 25,000 BTS users a day get on or off at Phra Kanong, close to Summer Hill, making it perfectly placed for seamless integration into local residents’ lifestyles.

“Phra Khanong is a buzzing, exciting place to live and spend time but, until now there was no hub at which to spend leisure time. We hope that with this community-minded development and the further two planned phases, Summer Hill will become the obvious epicentre of the area,” said Prab Thakral, president and group CEO of Boutique Corp, which is a listed company

“A mix of F&B outlets, retail stores and a supermarket, fitness centre and co-working space will really enrich the neighbourhood, creating a heart for this Sukhumvit community,” he added.

The budget also takes in industrial estate, solar farm, and exhibition centre projects.

Up to Bt1.3 billion will be spent to develop two office buildings in North Park Bangkok and in the Hat Yai district of Songkha province. Some Bt1.2 billion will be put into four new residential projects in the provinces of Prachinburi, Rayong, Buriram and Chon Buri’s Sriracha district, Sunthorn said.

A further Bt600 million has been earmarked for three new hotels in Buriram, Rayong, and Khon Kaen that will provide a combined 400 rooms. In Khon Kaen, the company will spend up to Bt40 million to set up solar roof that will produce 990 kilowatts an hour of power.

The remainder of the budget – Bt6.86 billion – will be used to develop the company’s first industrial estate in Rayong, on a site of 3,068 rai. The project is being developed under a joint venture with China’s Guangxi Construction Group. The Chinese company holds a 48 per cent stake in the joint venture firm, CG Corporation Co Ltd. The outlay is part of total investment of more than Bt8.5 billion for the development of the Rayong industrial estate over the three years to 2020, Sunthorn said.

The company’s investment budget will come from both its initial cash flow and borrowings from commercial banks, he said, adding that with the company now having lower debt, it has more room to take on bank loans.

In line with the investment plan, the company expects its net profit to grow in the double digits from the Bt800 million posted last year, he said.

For the hotel business, CP Land has revised its investment plan from an earlier plan that set out the development of budget hotels at PTT service stations. Originally, the company had planned to build 50 such hotels nationwide within five years.

It has suspended that plan, along with one to develop a hotel in Myanmar. The company needs to study the business risks and would meanwhile give more priority to domestic investments than overseas expansion, Sunthorn said.

However, CP Land is exploring investment opportunities in the UK hotel sector, given the decline in property prices as the country prepares to leave the European Union.

“We are only studying this possibility for now, and we would need to assess the business risks before making an investment decision there,” he said.

This year the company will focus on industrial estates in Rayong province, where benefits are seen from its location in the Eastern Economic Corridor (EEC) area, which also covers the Chon Buri and Chachoengsao provinces.

“We will focus on innovative and green industries under the Board of Investment’s promotions for investment in the EEC area,” Sunthorn said.

Under its plans for business expansion this year, CP Land targets its total assets increasing from Bt23 billion last year to more than Bt25 billion, he said.

“We strong confidence in the outlook for the country’s sustained economic growth and that this will generate strong demand for housing, offices, hotels, industrial estates and exhibition centres,” Sunthorn said.

“As a result, we have continued to expand our investments in the country rather than increase our outlays overseas. This will drive our business growth into the double digits each year.”