PACE forms partnership with China’s CITIC Construction for development of new residential projects in Bangkok
PACE Development Corporation on Tuesday announced a partnership with CITIC Construction International (Thailand), the local unit of a major Chinese construction conglomerate with solid financial strength and a proven track record in the construction of large-scale projects.
The collaboration has been forged to develop new residential projects in prime locations in the heart of Bangkok. CITIC Construction will be jointly responsible for the financing and construction of these future projects, while PACE will be responsible for planning, designing, selling and marketing, as well as assuring that project quality is maintained to an exceptional standard. CITIC CLSA Securities will act as financial adviser for investors in the collaboration, and details of upcoming projects are expected to be disclosed soon.
“This partnership signifies that a major Chinese conglomerate such as CITIC Construction sees the opportunities in Thailand’s luxury real-estate industry, and has high confidence in PACE’s expertise and its business growth potential” said Sorapoj Techakraisri, PACE’s chief executive officer. “CITIC Construction is considered one of the world’s top construction companies, specialising in construction of landmarks on a global level, and has its own financial institution, CITIC Bank,” he added.
CITIC Construction’s major projects include China’s iconic Beijing National Stadium (The Bird’s Nest), the IT Research and Development Centre of CITIC Bank, the Royal Albert Dock project in the UK, Algeria’s East-to-West Expressway, and Brazil’s Caniota thermal power plant. “Thailand is considered as one of the best investment destinations in Asia. The Thai government is rapidly expanding the city’s infrastructure and public transportation to support Bangkok’s rapid growth as Asia’s commercial hub. Bangkok’s real-estate market is also booming and has strong potential for future growth, especially at the super-luxury segment where PACE operates and is renowned for at a global level,” said Chen Gang, managing director of CITIC Construction. “This strategic partnership is a great opportunity for both parties as it will strengthen and complement one another’s competencies and successes as we embark on our upcoming joint projects,” he added.
Source: http://www.nationmultimedia.com/news/business/corporate/30319885
