Thong Lor is still one of Bangkok’s most sought-after residential locations even as land prices in the neighbourhood continue to skyrocket. A number of new condo projects have been launched here in the past few years and at least 2 new projects worth over THB21 billion combined are coming in 2018, reports local media.
The new condos will be launched as part of joint venture arrangements between Thai and Japanese developers. One of these projects will be from Origin Property Plc and Nomura Real Estate Development who want to create a development that has unit prices and sizes that aren’t currently available in the Thong Lor area.
“Units will be at an affordable price, under THB10 million, as the existing condo supply in the Thong Lor area today is priced higher than THB15 million. Land prices get higher and higher and so do condo prices,” says Thongchai Busarapan, Chief Executive at Proud Residence Co, a subsidiary of Origin Property, to the Bangkok Post.
The price for new, high-rise condos rose by 159 per cent in the last 5 years while resale prices grew by 80 per cent during this time, according to research from Plus Property. Average condo prices were THB140,000 per sq. metre in 2012 but now stand at THB253,000 per sq. metre.
Land prices have also risen significantly in this time period. They have increased by 19 per cent per year during the past 7 years in the area between Asok to Thong Lor as developers looked to secure plots for their projects. Since 2012, nearly 2,000 units have been launched within a kilometre of the Thong Lor BTS station of which 75 per cent have been sold. Land prices in the Thong Lor area are projected to rise by at least 10 per cent per year over the next 2 years.
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