By Nikki De Guzman:
Bangkok’s housing market will be changed significantly as the new city plan rolls out with massive infrastructure projects including the 10 new mass-transit lines set to be completed in the next five to 20 years, reported The Nation.
“When the mass-transit system is complete, it will change residential demand as people will want to live close to the rail system, which will reduce their transportation costs and improve their quality of life,” said Panyapat Noppun, Deputy Director-General of the City Planning Department under the Bangkok Metropolitan Administration.
She also noted that the mass-transit system will also increase the number of areas available for development, from outer Bangkok to the capital’s central business districts (CBDs).
The aim of the new plan is to transform the capital into “a green and compact city”, where people can travel quickly to their workplace thanks to an expanded mass-transit system. This will result to some areas including Wong Wien Yai, Chaeng Wattana Road, Pattanakarn junction through Srinakarin, as well as Taling Chan and Min Buri districts to have higher population.
In addition, there will also be three new commercial areas along the mass-transit routes: Makkasan, Phaholyothin and Wong Wien Yai. These locations are designated for commercial buildings spanning over 10,000 sq m and structures with a floor-area ratio of 10 times above the usual level.
The new plan will also grant space bonus for buildings certified as eco-friendly by the Thai Green Building Institute. Eligible structures will get additional space and a floor-area ratio which is up to 20 percent higher than the typical level.
“Overall, the new Bangkok City Plan is designed to cover the city’s population growth and infrastructure investment over the next 20 years,” Panyapat added.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg
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