An artist's conception of the Nimit Langsuan, which will be a 53-storey luxury condominium project worth 7.5 billion baht, with 187 units priced from 25-250 million.

SET-listed property developer Pace Development Corporation expects retail revenue from Dean & DeLuca, a US-based upscale gourmet grocer it recently acquired, will contribute half its net profit by 2018.

Chief executive Sorapoj Techakraisri yesterday said revenue from retail business was more sustainable than from property development, particularly high-end, high-value projects that took a few years to complete.

"We're doing a business plan for Dean & DeLuca that will be completed in the second half," he said. "Its management team is expanding stores and licensees."

Pace entered into an agreement for the purchase of one of the world's most iconic gourmet food brands, Dean & DeLuca, as well as its global business and assets last November for US$140 million from Dean & DeLuca Holdings Inc in Wichita, Kansas.

Of the acquisition budget, $125 million was financed by Siam Commercial Bank, with the rest of the funding coming from Pace's own equity.

Pace expects to earn revenue from Dean & DeLuca this year from sales at 11 US outlets and fees from new licensing agreements. This will account for 15% of net profit this year and rise to 50% of net profit in 2018.

As of last month, Pace had a sales backlog of 10 billion baht.

About 2 billion baht of that will be realised this year from unit transfers at The Ritz-Carlton Residences at the MahaNakhon mixed-use project near Chong Nonsi skytrain station in Bangkok.

This year Pace will spend 2 billion baht to buy new land for development and 3-4 billion to develop two projects — MahaSamutr, a villa and country club in Hua Hin; and Nimit Langsuan, a luxury condominium project on Lang Suan Road in Bangkok.

Pace yesterday launched the Nimit Langsuan worth 7.5 billion baht.

It will be a 53-storey building on three rai with 187 units sized from 78-617 square metres with unit prices from 25-250 million baht.

At an exclusive launch 10 days ago, it sold 70% of the units, mainly to Thai buyers. Most of the buyers were customers at Pace's previous projects.

"Many buyers saw potential from Asean integration, which will draw wealthy foreigners to Bangkok," Mr Sorapoj said.

He estimates 30-40% of buyers at the Lang Suan project are investors.

PACE shares closed yesterday on the SET at 3.78 baht, up 10 satang, in trade worth 145 million baht.