Krungthep Turakij: Sorapoj wins property battle amid economic crisis

5 Aug, 2013
Sorapoj Techakraisri, CEO of PACE Development Corporation (PACE), said he established PACE to beat the cycle of the real estate industry that has its ups and downs depending on the economy. The company targets high-end consumers who are hardly affected by the economic crisis. PACE adopted this model from overseas where the real estate industry is barely affected by the economic volatility. This year, PACE has raised its price by 15% and still expects total revenue to reach the target of 500 million baht. PACE will also begin trading in the SET on August 7. It has launched 600 million IPO shares with a par value of one baht a share or 29.2% of the paid-up capital. The shares are priced at 3.50 baht a share, offering a 33% discount from the target price of 5.20 baht set by Asia Plus Securities.