With the potential to become a major urban transit interchange as Bangkok’s mass transit system expands in 2020, Plus Property identified Ratchathewi-Phetchaburi zone as the city’s newest property hotspot. Land prices have increased at a rate comparable to the Siam area and demand for land in the area has reached a fever pitch.
New residential projects are rare in the Ratchathewi-Phetchaburi, but the ones that have been launched or completed have registered a take-up rate of 95 percent, research from Plus Property showed. Data from the first half of this year showed a six percent increase in price year-on-year, while historical statistics show a 47 percent rise.
A survey of land availability in a 500-meter radius around Ratchathewi BTS station (Ratchathewi-Phetchaburi) had indicated a rising level of interest thanks to its location near the city center and the ongoing outward residential development growth from the now-dense Sukhumvit area, according to Poomipak Julmanichoti, managing director of Plus Property Company Limited.
Phetchaburi Road provides convenient access to Bangkok’s main business and shopping districts and serves as one of Sukhumvit’s parallel roads, The development of the Orange Line BTS extension will make Ratchathewi a key interchange that connects the new business district in Bang Sue with current ones such as Saladaeng, Siam, and Asoke if current plans are maintained. The interchange station will help generate even greater interest in residential and commercial property development in this area once it nears completion.
New projects completed in the area sellout quickly despite the relatively high unit prices which are due in part to the additional development costs from the dismantling of old buildings on acquired land, Plus Property noted. There are only 57 units unsold in the area, and the zone from Phetchaburi Road and Ratchathewi BTS station to the Bangkok Business College is popular because of the direct access to many leading malls it offers.
Condominium prices in the Ratchathewi-Phetchaburi area have recorded consistent growth as demand continues to rise. Prices had rose by six percent from late-2014 figures during the first half of this year and prices have increased by as much as 47 percent since 2012.
