Pace Development

Pace Development Corporation Public Company Limited was a Thai property development and lifestyle retail company focused on high-end residential real estate, mixed-use projects, and premium food and beverage. The business began in 2004 under the name Cinkara Company, Ltd., and initially concentrated on condominium development in Bangkok. It was associated with the Techakraisri family, whose members were also linked to LPN Development, another Thai property company. Pace later adopted a more ambitious luxury positioning, combining residences with hospitality, dining, retail, and destination-oriented developments. The company listed on the Stock Exchange of Thailand in 2013 under the symbol PACE. Its initial public offering involved 600 million shares, representing 29.2 percent of the company, and trading began in August of that year. The public listing gave Pace access to capital for a pipeline of large developments, but the company subsequently faced financial pressure from construction, sales, marketing, and retail operating costs. The share price performed weakly after listing, while the business expanded into projects requiring substantial capital and long development periods. Pace's early residential portfolio included Ficus Lane on Sukhumvit 44/1 and Saladaeng Residences near Bangkok's Lumphini Park. Its most prominent undertaking was MahaNakhon, a landmark mixed-use complex in Bangkok's central business district designed through the Büro Ole Scheeren group. The project combined luxury residences, retail, hospitality, dining, and an observation attraction. The 314-metre tower became widely recognized as Thailand's tallest building after receiving its occupational permit in 2016. MahaNakhon CUBE, an early component of the complex, introduced restaurants and lifestyle outlets including Dean & DeLuca and L'Atelier de Joël Robuchon. Other major projects included MahaSamutr, a luxury villa, country-club, and beach-club development in Hua Hin, and NIMIT Langsuan, a high-end freehold condominium overlooking Lumphini Park. Pace also announced additional Thai projects and a planned villa development in Niseko, Japan, reflecting an intention to extend its luxury residential model beyond Bangkok. In 2014, Pace acquired the Dean & DeLuca gourmet food business in the United States. The transaction was intended to create an international premium lifestyle platform, with plans for substantial store expansion and possible future public-market activity. The retail business, however, added operating complexity and losses to a property company already carrying major development commitments. Store closures, health-related problems at an outlet, cancelled expansion plans, and disagreement over a proposed sale contributed to the deterioration of the retail strategy. Pace later pursued asset sales and restructuring measures to reduce debt. In 2018, King Power acquired the hotel, observation deck, and retail elements of MahaNakhon, effectively removing Pace's interest in those components. Earlier proposed transactions involving Dean & DeLuca and certain residential assets did not all proceed. Dean & DeLuca subsequently experienced significant contraction, and its website was shut down in 2019 while equipment and perishables from a New York location were auctioned. The available reference material does not establish the company's present operating status, ownership, or whether all remaining obligations and assets have been resolved.

Pace Development was established in 2004 as Cinkara Company, Ltd. and developed its identity around premium property in Thailand. Its first known project was Ficus Lane, a 70-unit condominium at Sukhumvit 44/1 that was completed in 2007. The company followed with Saladaeng Residences, a 25-storey condominium launched in 2009 and later sold out. These projects established Pace's focus on affluent Bangkok buyers and high-value urban locations. The company's defining project emerged from plans first unveiled in 2009 for MahaNakhon, a large mixed-use development in Bangkok's central business district. Construction began in 2011, with Bouygues Thai serving as main contractor and the design associated with the Büro Ole Scheeren group. The development included a 77-storey tower, residences, retail, hospitality, restaurants, and an observation component. At 314 metres, the tower became recognized as Thailand's tallest building after passing the occupational-permit process in 2016. The project was marketed internationally, including in Hong Kong, Singapore, and the Middle East. MahaNakhon CUBE opened in 2014 and provided dining and lifestyle space for brands such as Dean & DeLuca and L'Atelier de Joël Robuchon. Pace complemented MahaNakhon with other high-end developments. MahaSamutr in Hua Hin was planned as a resort-style community with villas, a country club, a beach club, and a large man-made lagoon. NIMIT Langsuan was positioned as a super-luxury freehold condominium overlooking Lumphini Park. The company also discussed additional Thai residential projects and a villa scheme in Niseko, Japan. These plans demonstrated an attempt to build a broad luxury property platform, but they also required significant funding and exposed Pace to long construction and sales cycles. Pace became a public company in 2013. It offered 600 million shares in its IPO, representing 29.2 percent of the company, and began trading on the Stock Exchange of Thailand under PACE in August. The post-listing period was difficult. The company incurred substantial costs related to project marketing and construction, while its acquisition of Dean & DeLuca introduced an international retail operation with its own branch, staffing, supply-chain, and expansion expenses. Reported losses in 2015 were attributed in part to these retail costs and continuing marketing expenses for MahaNakhon and other developments. Pace reported a profit in the first quarter of 2016, but the broader expansion strategy continued to place pressure on the balance sheet. The Dean & DeLuca acquisition, announced in 2014, was intended to transform Pace into a premium lifestyle group. Management discussed rapid international expansion, hundreds of stores, and a possible US listing. The strategy was not achieved. Store growth plans were curtailed, announced locations were cancelled, and a proposed sale to Central in 2017 did not result in a completed transaction according to the cited reporting. The business also faced operational and reputational setbacks, including the closure of the Georgetown branch over reported health violations. A golf sponsorship announced for six years ended after two years. As debt pressure mounted, Pace attempted to sell assets and simplify its portfolio. A proposed transaction involving Sansiri and residential assets was later cancelled. In 2018, King Power acquired the hotel, observation deck, and retail elements of MahaNakhon. Residential units had largely been sold to individual owners, while The Ritz-Carlton was associated with building management and hospitality operations. Dean & DeLuca subsequently contracted sharply; in 2019 its website was taken offline and assets from a New York store were auctioned. The available references do not provide enough evidence to determine Pace Development's current legal, operational, or ownership status. The company also participated in social initiatives. During the 2011 Thailand floods it donated boats and distributed construction plans to communities. It supported the Beaumont Ruam Pattana School project in Chaiyaphum and Operation Smile Thailand, including annual charity Fight Night events. These activities formed a secondary community and philanthropic dimension alongside its commercial property and retail businesses.

• 2019

  Dean & DeLuca New York closure

  [1]Pace Developmenten.wikipedia.org

  The retailer's website was shut down and equipment and perishables from a New York location were auctioned.

• 2018

  MahaNakhon assets sold to King Power

  [1]Pace Developmenten.wikipedia.org

  King Power acquired the project's hotel, observation deck, and retail components.

• 2016

  MahaNakhon reaches completion

  [1]Pace Developmenten.wikipedia.org

  The tower was recognized as Thailand's tallest after completing the occupational-permit process, and the project was publicly presented as completed.

• 2014

  MahaNakhon CUBE opens

  [1]Pace Developmenten.wikipedia.org

  The first phase of MahaNakhon opened with restaurants and premium lifestyle outlets.

• 2014

  Dean & DeLuca acquired

  [1]Pace Developmenten.wikipedia.org

  Pace announced its acquisition of the US gourmet retailer.

• 2013

  Stock-market listing

  [1]Pace Developmenten.wikipedia.org

  Pace listed on the Stock Exchange of Thailand under the symbol PACE.

• 2011

  MahaNakhon construction begins

  [1]Pace Developmenten.wikipedia.org

  Construction commenced on the landmark high-rise complex.

• 2009

  MahaNakhon unveiled

  [1]Pace Developmenten.wikipedia.org

  Pace introduced plans for the major mixed-use MahaNakhon development in central Bangkok.

• 2007

  Ficus Lane completed

  [1]Pace Developmenten.wikipedia.org

  The 70-unit Ficus Lane condominium at Sukhumvit 44/1 was completed.

• 2004

  Company established as Cinkara

  [1]Pace Developmenten.wikipedia.org

  The business was founded as Cinkara Company, Ltd. and began developing high-end residential property in Thailand.

High-end urban real estate and premium lifestyle experiences

• Mixed-use luxury development · 2009

  MahaNakhon

  MahaNakhon was Pace's signature Bangkok project: a high-rise mixed-use complex combining luxury residences, hospitality, retail, dining, and an observation attraction. Designed through the Büro Ole Scheeren group, its 314-metre tower became a landmark of Bangkok's skyline and was recognized as Thailand's tallest building after receiving its occupational permit in 2016. The project was marketed internationally and later divided among residential owners and other operators.

• Retail and dining · 2014

  MahaNakhon CUBE

  MahaNakhon CUBE was the first phase of the MahaNakhon development and opened in 2014. It was designed as a premium urban dining and lifestyle destination, with outlets associated with Dean & DeLuca, VOGUE Lounge, L'Atelier de Joël Robuchon, and other restaurant concepts.

• Residential condominium · 2004

  Ficus Lane

  Ficus Lane was a 70-unit, seven-storey condominium development at Sukhumvit 44/1 in Bangkok. Introduced in 2004 and completed in 2007, it represented Pace's early focus on boutique, high-value residential development.

• Luxury condominium · 2009

  Saladaeng Residences

  Saladaeng Residences was a 25-storey, 132-unit condominium at Saladaeng Soi 1 in Bangkok. Launched in 2009, the project targeted the high-end residential market near the city's central business district and was later reported as sold out.

• Luxury villa and resort development · 2013

  MahaSamutr

  MahaSamutr was planned in Hua Hin as an integrated luxury villa, country-club, and beach-club destination. The concept centered on villas arranged around a large purified-water lagoon with a beach environment. It extended Pace's property strategy from Bangkok condominiums into resort-oriented lifestyle real estate.

• Luxury condominium · 2016

  NIMIT Langsuan

  NIMIT Langsuan was positioned as a super-high-end freehold condominium on Langsuan Road overlooking Lumphini Park. Construction followed approval of the environmental impact assessment, and the project was promoted as one of Pace's most exclusive Bangkok residential developments.

• Gourmet food retail and restaurants · 2014

  Dean & DeLuca

  Dean & DeLuca was a US-origin gourmet food retailer acquired by Pace in 2014. Pace sought to use the brand as the foundation of an international premium food and lifestyle network, including stores and restaurant operations. The expansion strategy later contracted, with closures, cancelled locations, health-related operating issues, and a significant reduction in the network.

• 2017

  Dean & DeLuca Georgetown health-violation closure

  The Georgetown Dean & DeLuca branch was closed over reported health violations involving rodent infestation. The reference material describes it as the second such closure since 2013.

  Source

Read more

• 2013Operation Smile Thailand support

  Thailand

  Pace supported Operation Smile Thailand and participated in annual Fight Night charity events.

  Outcome. Support continued across events reported for 2013 through 2016.

  Source
• 2011Flood-relief boat donation

  Thailand

  During the 2011 Thailand floods, Pace donated boats for affected communities and made construction plans available so residents could build boats themselves.

  Outcome. The initiative provided emergency support and practical information to flood-affected communities.

  Source

• 2018

  Sell major MahaNakhon componentsM&A

  Background

  Pace faced pressure to reduce debt while residential units and the wider project were being separated among different stakeholders.

  Action taken

  King Power acquired the hotel's, observation deck's, and retail elements of MahaNakhon.

  Aftermath

  The transaction ended Pace's shareholding in those components and marked a major retreat from the landmark asset.

  Source

• 2016

  Expand residential pipelineStrategy

  Background

  Following progress on MahaNakhon and NIMIT Langsuan, Pace planned further high-end residential growth.

  Action taken

  The company announced prospective projects in Thailand and a villa development in Niseko, Japan.

  Aftermath

  The available references do not confirm completion of the full proposed pipeline.

  Source

• 2014

  Acquire Dean & DeLucaM&A

  Background

  Pace sought to broaden its property business into premium food, dining, and lifestyle retail.

  Action taken

  The company announced the acquisition of Dean & DeLuca USA and proposed rapid international store expansion.

  Aftermath

  The retail expansion did not reach the planned scale and later contributed to financial and operational pressure.

  Source

1. 1Pace Developmenten.wikipedia.org
2. 2Stock Exchange of Thailandset.or.th