SET-listed developer Pace Development Corporation Plc aims to give equal weight to its property and retail business development from 2016 in a move to strike a balance between the two segments.
Chief executive Sorapoj Techakraisri said under the company's new policy, which starts next year, Pace will develop only one or two condo projects worth a combined 10 billion baht a year while continuing to expand its upscale Dean & DeLuca grocery stores.
Next year, it will double the number of branches of the US-based gourmet grocer to 100 worldwide.
Pace entered into an agreement with Dean & DeLuca Holdings last November for 4.55 billion baht.
Mr Sorapoj said from next year the company aimed to have net profit split equally between property development for sales and other businesses, including Dean & DeLuca, retail spaces with a lettable area of 5,200 square metres at Cube, the multipurpose mall, and Bangkok Edition Hotel.
The 159-room hotel will be managed by the Ritz-Carlton hotel chain and start operation in the third quarter of 2016. Both the hotel and Cube are located at MahaNakhon, soon to be the highest building in Bangkok after it is completed by the end of the year.