Thailand property developers have plans to launch up to 150,000 condo units worth over THB500 billion between now and 2019, reports local media. These launches will take place around new mass transit routes being built by the government and are mostly in the middle to high-end segments.
The record setting investment in condo projects around mass transit lines is predicted to help stimulate business growth and increase the number of construction jobs in Thailand. In addition to this, raw materials, furniture, and home appliance sectors related to real estate could also help improve Thailand’s economic situation.
“Normally, when the purchase a residential property at a price of THB1 million, most home buyers will pay about THB500,000 – or half of the residential price – to buy home decorations and home appliances. This is the key to driving the country’s economy,” says Pruksa Real Estate Plc Chief Executive Officer of Premium Group, Prasert Taedullayasatit, to The Nation.
Ananda Development Plc recently launched 3 condo projects worth THB8.3 billion with all of the developments close to the mass transit system. The National Housing Authority (NHA) will follow the trend as well launching both residential and commercial buildings close to mass transit routes in Bangkok, the Lad Krabang district, Din Dang, and Lum Luk Ka Pathumthani province.
The company will work with private firms on some of the developments between 2017 and 2019. NHA’s 1st project is worth THB464 million and is located at Prachanivet 3 in Nonthaburi province. This location is near the pink line, which is currently under construction. The developer is building this project without a partner.
A total of THB1.8 trillion is being invested to develop a rail system nationwide. The plans include increasing the number of mass transit routes in Bangkok and the surrounding areas to 10. The pink line and yellow line will be the next ones to begin construction with each route expected to be completed by 2020.
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