Pace Pakistan
From Wikipedia, the free encyclopedia
Pace Pakistan is a Pakistani real estate development company based in Lahore, Punjab, Pakistan. The company operates shopping malls, housing projects, and mixed-use developments across Pakistan.[2][3]
 | |
Native name | پیس خریداری مرکز |
|---|---|
Company type | Public |
| PSX: PACE | |
| Founded | 1992 |
| Founder | Salman Taseer |
| Headquarters | Lahore, Punjab, Pakistan |
| Revenue |  Rs. 241.809 million (US$860,000) (2023) |
| Rs. −85.135 million (US$−300,000) (2023) | |
| Rs. −1.677 billion (US$−6.0 million) (2023) | |
| Total assets | Rs. 6.872 billion (US$25 million) (2023) |
| Total equity | Rs. −1.677 billion (US$−6.0 million) (2023) |
| Website | pacepakistan |
| Footnotes / references Financials as of 30 June 2023[update] [1] | |
History
Pace Pakistan was founded in 1992 by Salman Taseer as part of First Capital Group.[4]
In 1995, Pace opened their first shopping mall in Gulberg, Lahore.[4]
In 2005, Pace expanded its operations and Pace Model Town Link Road was inaugurated.[4] Two years later, in 2007, another shopping mall was opened on M.M. Alam Road, Lahore and the company was listed on the Karachi Stock Exchange.[4]
Pace Woodlands Pvt. Limited, Pace Supermall Pvt. Limited and Pace shopping malls (Lahore, Gujranwala and Gujrat) are Pace's subsidiaries and associated companies. Pace Woodlands Housing Scheme, Bedian Road, Lahore, Pace Circle, Peacock Valley Hotel and Resort and Pace Tower, T-27 are also projects of pace Pakistan. Pace Woodlands is a private limited company and a subsidiary of Pace with 52% shareholding. The rest shares are held by Pace Barka properties limited, one of the associated companies. Pace Supermall is another private limited company, and a subsidiary of Pace with its 69% shareholding. Pace Supermall involved in acquiring by purchase or otherwise land and plots and to sell or construct.
Fire incidents
The Pace Mall in Gulberg, Lahore, has experienced multiple fire incidents since its opening. On 14 March 2022, a fire classified as a grade “A” emergency destroyed almost all of the 400+ shops in the four-story building and caused significant structural damage. According to Rescue 1122 and Civil Defence officials, the building’s fire safety systems, including fire hydrants and emergency exits, were not operational at the time. The mall was subsequently sealed by local authorities due to structural damage, including cracks in the roof and walls.[5][6][7]
As of April 2024, the mall remained closed pending a rehabilitation plan from the Lahore Development Authority.[8]