The area around Ratchayothin intersection is becoming a popular place for condo development once again after years of inactivity, reports local media. Condo development in this area reached its peaked in 2010 but didn’t see much new activity after that until 2017 with more new developments set to come this year.
The Ratchayothin area is a major employment hub with large-scale office buildings and community malls making it a desirable residential destination. In addition to this, it is close to a subway station and will soon have a direct mass-transit link.
“The Green Line extension (Mor Chit to Khu Khot) is scheduled to be completed in 2020, but some stations may be open in 2019. Construction of the line began in 2015 and has been followed with keen interest, especially when demolition of the bridge at the Ratchayothin-Kaset intersection took place in 2015-16,” says real estate analyst Surachet Kongcheep to the Bangkok Post.
Developers have acquired land plots in the Ratchayothin area and began launching new projects last year. Several new projects will also be introduced in this area in 2018 with more than 1,000 new units likely to be launched. This is lower than in other locations around Bangkok, but that is due to most new condo buildings being small or medium-sized.
“The total number of condominium units in the area as of the end of 2017 was 8,779, around 90 percent of which were launched before construction began on the new mass transit extensions. The average take up rate of all condo units in the area was around 91 percent, reflecting the popularity of many developments, many of which sold out quickly,” says Surachet.
The average selling price of new condo projects in Ratchayothin has risen quickly and are now around THB130,000 per square meters while new developments launched last year selling for THB140,000 to 150,000 per square meters.
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