Pace Development Corporation Plc, a high-end condominium builder, plans to raise funds through the Market for Alternative Investment (MAI) this year to develop two projects worth a combined 5 billion baht.
Chief executive Sorapoj Techakraisri said his company submitted a listing application to the Securities and Exchange Commission last year. Approval is expected within the next two months.
"The possibility of more political trouble this year is not that worrisome. The country faced political crisis over the past two years, but the stock index rarely dropped," he said yesterday.
Mr Sorapoj said his company will set aside 30% of the proceeds from fundraising to develop future projects.
The current project it is developing, MahaNakhon, will be completed in 2014.
New projects will be in locations like Sukhumvit Road.
Founded as Cinkara in 2004, the company is wholly owned by the Techakraisri family, major shareholders in the middle- to low-end condominium project developer L.P.N. Development Plc.
"We have registered capital of 1.4 billion baht, but we have to trade on the MAI as we still fail to fulfil the Stock Exchange of Thailand (SET) requirement of three consecutive years of net profit," he said.
The company will move to the SET as soon as it can.
Since establishment, the company has developed two high-end condos _ Ficus Lane and Saladaeng Residences. Units at Ficus Lane in the Sukhumvit area are sold out.
Saladaeng Residences, a project in Soi Sala Daeng launched in late 2008, still has 15% of its 132 units available for sale.
Assets that will be put into the company's portfolio after being listed will include two units for rent at Ficus Lane, the remaining units at Saladaeng Residences and 51% of MahaNakhon.
MahaNakhon is a joint venture project with Industrial Buildings Corporation Ltd of Israel.
Currently, 30% of the units in the 19-billion-baht project have been sold.
Piling work costing 300 million baht has been completed.