Pace Pakistan

Pace Pakistan, formally Pace (Pakistan) Limited, is a Pakistani real-estate development company headquartered in Lahore. It is best known for the Pace-branded shopping malls that it developed and operated in Lahore and other cities in Punjab, but its business has also included residential communities, apartments, hotels, and mixed-use property projects. The company was established in 1992 by Salman Taseer as part of the First Capital Group, a family-controlled diversified business group with interests extending into finance, media, and real estate. Pace entered the Punjab retail market during a period when enclosed, mall-based shopping was still developing. Its first major project, Pace Gulberg, opened on Main Boulevard in Lahore in October 1995. The mall became an early example of a modern enclosed shopping centre in the city and helped establish the Pace name as a destination for organized retail, food, services, and commercial leasing. The company later expanded its Lahore portfolio with Pace Model Town Link Road, inaugurated in April 2005, and another mall on M.M. Alam Road in Gulberg, completed in 2006. These projects placed the brand in established and densely populated commercial districts serving Lahore's central and southern suburbs. The company subsequently expanded beyond Lahore. It opened shopping malls in Gujranwala in 2007 and Gujrat in 2008, extending its retail-property model into additional Punjab markets. Pace was later listed on the Karachi Stock Exchange, which subsequently became part of the Pakistan Stock Exchange. The listing gave the company access to the public capital market while it continued to pursue property development and mall operations. Pace's activities have not been limited to shopping centres. Pace Woodlands, a gated villa development adjoining Defence Housing Authority Phase V on Bedian Road in Lahore, was completed in 2010. The project comprises 160 villas across approximately 20 acres. Other projects associated with the Pace name include Pace Towers, Pace Circle, the Peacock Valley Hotel and Resort, and Pace Tower T-27. Pace Circle was announced as a mixed-use development in 2020, reflecting the company's broader shift from single-purpose retail properties toward integrated commercial and residential developments. The company's flagship Pace Gulberg mall suffered a major fire during the night of 13–14 March 2022. The blaze reportedly damaged or destroyed roughly 400 shops as well as offices and counters. Authorities subsequently sealed the building after concerns were raised about structural damage and the condition of the premises' firefighting and emergency systems. The mall remained closed at least through April 2024 while a rehabilitation plan was pending, making the incident a significant operational and reputational event for the company. In June 2025, Pace's board approved a restructuring plan intended to reduce debt and reorganize the company's ownership interests. The announced measures included issuing fresh equity, converting part of borrowings into equity, and divesting the controlling stake in Pace Super Mall (Private) Limited, the company associated with the Gulberg flagship. These steps indicate financial pressure and a focus on balance-sheet restructuring rather than simple geographic expansion. Pace Pakistan therefore occupies a hybrid position in the Pakistani property market: it is a publicly listed real-estate company whose consumer-facing identity was built around shopping malls, while its wider portfolio includes housing, hospitality, towers, and mixed-use projects.

Pace Pakistan was founded in 1992 by Salman Taseer within the First Capital Group, a diversified Pakistani business group associated with finance, media, and property. The company was created during a period of expanding urban development in Pakistan, when organized retail and enclosed shopping centres were beginning to complement traditional markets and high-street commerce. Its first prominent project was Pace Gulberg, which opened in October 1995 on Main Boulevard in Lahore's Gulberg district. The project was among the city's early enclosed shopping centres and established the commercial model that would define the Pace name: a managed retail property combining multiple shops and service businesses in a single destination. Gulberg's established location gave the company access to a large urban customer base and made the mall a visible part of Lahore's modern retail infrastructure. Pace expanded its Lahore network in the 2000s. Pace Model Town Link Road opened in April 2005 in a location serving Model Town, Faisal Town, and Johar Town. A further Gulberg mall on M.M. Alam Road was completed in 2006. During this period, the company also became publicly listed through the Karachi Stock Exchange, which was later integrated into the Pakistan Stock Exchange. Public listing marked a transition from a privately controlled development enterprise toward a company subject to public-market financing and disclosure requirements. The company extended its mall format outside Lahore, opening projects in Gujranwala in 2007 and Gujrat in 2008. This expansion connected Pace with the wider Punjab retail economy and demonstrated an ambition to serve secondary as well as metropolitan markets. At the same time, Pace broadened its business from retail property into residential and mixed-use development. Pace Woodlands, a gated villa scheme adjoining DHA Phase V on Bedian Road in Lahore, was completed in 2010. The development contains 160 villas across approximately 20 acres and illustrates the company's move into planned residential communities. Other projects associated with the group include Pace Towers, Pace Tower T-27, the Peacock Valley Hotel and Resort, and Pace Circle. Announced in 2020, Pace Circle represented a mixed-use direction combining different property functions under one development concept. The most consequential operational event in the company's recent history was the fire at Pace Gulberg during the night of 13–14 March 2022. The blaze continued for several hours and reportedly gutted around 400 shops, offices, and counters. Rescue and civil-defence officials stated that the building's hydrants, emergency exits, and other in-house firefighting arrangements were not fully operational. After cracks were observed in the roof and walls, local authorities sealed the premises. The closure disrupted traders and customers and placed the future of the flagship property under review. The fire also produced legal and reputational controversy. A traders' union filed a police complaint naming members of the Taseer family, including Aamna Taseer, Shahbaz Taseer, and Shehryar Taseer, as well as mall management personnel. The complaint included an allegation that the fire had been deliberately caused to clear the property for a possible sale. The family denied the allegation, and police discussions with union representatives led to efforts to amend the complaint. Lahore's commissioner ordered a high-level inquiry into the cause of the fire. The available reference material does not establish a final finding that the fire was deliberate. As of April 2024, Pace Gulberg remained closed while a rehabilitation plan from the Lahore Development Authority was awaited. In June 2025, the board approved a major financial restructuring. The plan combined new equity, debt-to-equity conversion, and the proposed divestment of the controlling stake in Pace Super Mall (Private) Limited, the vehicle connected with the Gulberg flagship. These measures suggest that the company entered a phase of financial consolidation and portfolio reorganization. Pace Pakistan's history consequently spans three related identities: an early Lahore mall operator, a Punjab-focused property developer, and a publicly listed real-estate company managing the consequences of asset damage and debt pressure.

• 2025

  Financial restructuring approved

  [1]Pace Pakistanen.wikipedia.org

  The board approved fresh equity, debt-to-equity conversion, and divestment of a controlling stake in Pace Super Mall (Private) Limited.

• 2022

  Pace Gulberg fire

  [1]Pace Pakistanen.wikipedia.org

  A major fire damaged the Gulberg mall, leading to its sealing and prolonged closure.

• 2020

  Pace Circle announced

  [1]Pace Pakistanen.wikipedia.org

  Pace announced Pace Circle as a mixed-use development project.

• 2010

  Pace Woodlands completed

  [1]Pace Pakistanen.wikipedia.org

  The company completed a 160-villa gated residential scheme adjoining DHA Phase V in Lahore.

• 2008

  Expansion to Gujrat

  [1]Pace Pakistanen.wikipedia.org

  The company opened a shopping mall in Gujrat, extending its Punjab retail network.

• 2007

  Expansion to Gujranwala

  [1]Pace Pakistanen.wikipedia.org

  Pace opened a shopping mall in Gujranwala as part of its expansion beyond Lahore.

• 2006

  M.M. Alam Road mall completed

  [1]Pace Pakistanen.wikipedia.org

  The company completed another shopping mall on M.M. Alam Road in Gulberg, Lahore.

• 2005

  Pace Model Town Link Road inaugurated

  [1]Pace Pakistanen.wikipedia.org

  Pace opened a second Lahore mall serving the Model Town, Faisal Town, and Johar Town areas.

• 1995

  Pace Gulberg opens

  [1]Pace Pakistanen.wikipedia.org

  The company's first major shopping mall opened on Main Boulevard in Gulberg, Lahore.

• 1992

  Company founded

  [1]Pace Pakistanen.wikipedia.org

  Salman Taseer founded Pace Pakistan within the First Capital Group.

A Pakistani property developer and mall operator positioned around organized retail destinations and mixed-use real-estate development, with a primary historical concentration in Lahore and other Punjab markets.

• Shopping mall · 1995

  Pace Gulberg

  Pace Gulberg is the company's earliest major shopping-centre project and its historical flagship. Located on Main Boulevard in Lahore's Gulberg district, it opened in 1995 and became an early enclosed retail destination in the city. The four-storey property contained hundreds of shops, offices, and commercial counters before a major fire in March 2022 caused extensive damage. The building was subsequently sealed and remained closed pending rehabilitation.

• Shopping mall · 2005

  Pace Model Town Link Road

  Opened in April 2005, Pace Model Town Link Road is a Lahore retail property positioned near the Model Town, Faisal Town, and Johar Town communities. It formed part of Pace's second phase of Lahore expansion and extended the company's mall model beyond the original Gulberg site.

• Shopping mall · 2006

  Pace M.M. Alam Road

  This Gulberg property on M.M. Alam Road was completed in 2006. Its location placed the Pace brand within one of Lahore's established commercial corridors and complemented the company's earlier Main Boulevard development.

• Residential development · 2010

  Pace Woodlands

  Pace Woodlands is a gated villa scheme on Bedian Road adjoining DHA Phase V in Lahore. Completed in 2010, the project comprises 160 villas distributed across approximately 20 acres, demonstrating Pace Pakistan's expansion from shopping centres into planned residential property.

• Mixed-use development · 2020

  Pace Circle

  Pace Circle is a mixed-use development announced by the company in 2020. The available reference material identifies the project but does not provide sufficient detail on its final scope, location, completion, or operating status.

• Hospitality property

  Peacock Valley Hotel and Resort

  The Peacock Valley Hotel and Resort is one of the hospitality-related projects associated with the Pace umbrella. The available reference material does not specify its opening date, precise location, facilities, or current operating condition.

• Commercial and residential property

  Pace Towers and Pace Tower T-27

  Pace Towers and Pace Tower T-27 are tower developments associated with the company's broader property portfolio. They represent Pace's diversification into vertical commercial and residential real estate, although the available material does not establish detailed specifications or current status.

• 2022

  Pace Gulberg fire and allegations concerning building safety

  A major fire at Pace Gulberg damaged roughly 400 shops and led authorities to seal the building after concerns about structural damage and allegedly non-operational firefighting infrastructure. A traders' union complaint named members of the Taseer family and mall managers and alleged that the fire had been intentionally set to clear the property for a possible sale. The family rejected the allegation. The reference material reports that an official inquiry was ordered but does not provide a conclusive finding establishing arson or responsibility.

  Source

Read more

• 2025

  Debt and portfolio restructuringStrategy

  Background

  The company faced a need to reduce borrowings and reorganize interests associated with its mall portfolio.

  Action taken

  The board approved a fresh equity issue, conversion of part of borrowings into equity, and divestment of the controlling stake in Pace Super Mall (Private) Limited.

  Aftermath

  The measures were intended to strengthen the balance sheet and reorganize ownership, but the available material does not report their final financial outcome.

  Source

• 2020

  Announcement of Pace Circle mixed-use developmentStrategy

  Background

  Pace had expanded beyond shopping malls into residential, tower, and hospitality projects.

  Action taken

  The company announced Pace Circle as a mixed-use development.

  Aftermath

  The available material does not establish the project's completion, final scope, or operating status.

  Source

1. 1Pace Pakistanen.wikipedia.org
2. 2Pace Pakistan official websitepacepakistan.com