The new Orange, Pink, and Yellow public transit lines are in various stages of development and many companies are now buying land along the 3 routes. They hope to take advantage of strong demand for condo units around these areas, according to local experts.
The area around the Orange Line has had the highest number of new condo launches in the past 4 years with 12,703 units released by developers. Land prices on the Orange Line around the Thailand Cultural Centre station have seen the most growth. Despite the early popularity of this line, others have more potential moving forward.
“Many see the area along the Yellow Line as having the most potential for new condos, as it is already quite developed with many established neighbourhoods, while the Lat Phrao MRT station will serve as an interchange with the Yellow Line. As well, many facilities are already available along busy Lat Phrao Road,” says Bangkok property analyst Surachet Kongcheep.
Nearly all of the residential construction along the 3 lines has taken place since 2014. The transit routes themselves are still years away from being operational. Despite this, take-up rates along the routes have been strong with 88 per cent of units along the Yellow Line picked up by buyers. Take-up rates sit at 82 per cent along the Orange Line and 77 per cent along the Pink Line.
“The availability of new condos in these 3 locations will certainly increase in the future, depending on the progress of construction of the mass-transit systems. But the pace may slow as only some locations — notably those close to shopping malls, government centres or interchange stations — appeal to developers and prospective buyers. But as land prices for prime sites climb and force condo prices up, more affordable second-tier locations could become more interesting in the next 1 or 2 years” says Surachet.