The Bang Sue Grand Central Station is one of many infrastructure projects being built in Bangkok and it could have an impact on the city’s property market. It will be the largest railway station in the ASEAN region and will redevelop the existing Bang Sue Junction Railway Station and incorporate the Bang Sue MRT Station.
The station will be completed in 2020, but the development has seen a number of transit-oriented projects being built in the surrounding areas, which could help the Taopoon district become a residential destination.
“The expected completion of Bangsue Grand Station and railway systems will affect the demand as consumers migrate to the Taopoon-Bangsue area. The land surrounding the station has been divided in zones which will attract new business and opportunities due to the great potential of future growth,” says Marciano Birjmohun, Associate Director at Knight Frank Thailand.
Fine the property project in the Bang Sue area
A total of 30,200 condo units were added to the total accumulated supply in the Taopoon – Bang Sue area between 2009 and the 4th quarter of 2017. Homes in this area have an accumulated take-up rate of 90 per cent, according to Knight Frank.
“The Taopoon area will gain more traffic both for residential and commercial usage land prices have already gradually been growing in this district with more potential growth achievable upon completion of Bang Sue Grand Central Station,” says Birjmohun.
Taopoon is where the MRT Blue Line and Purple Line intersect, with the latter having seen an uptick in usage. This has caused demand for homes along the transit line to increase as well. The Purple Line had struggled to draw riders when it launched in 2016 because it did not link directly to the Blue Line.
“This improvement is a direct result of connecting the Blue and Purple MRT lines at one station and excluding the previous shuttle bus service. Along the Purple Line, condominium prices are still attractive for the majority of the middle class, with the convenience of transportation,” says Birjmohun.
This story originally appeared on property-report.com
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