By Shabnam Muzammil:
Property developers are building more condos near the new transit routes indicated in Bangkok’s new city plan.
For example, LPN Development will build projects near the new routes in order to meet the demand in these areas for the long term.
“We will develop all of the locations that have existing and proposed mass-transit routes,” said Opas Sripayak, Managing Director at LPN Development.
Moreover, a recent check conducted by The Nation found several new projects along the existing MRT and Skytrain routes as well as their upcoming extensions. Projects under construction include condos and low-rise homes, targeting the mass market segment as well as affluent clientele.
For instance, between Rangsit and Phahonyothin 80, which is near the upcoming Red Line, there have been over THB30 billion worth of launches since the 2011 flood. They encompass 17,000 units, with prices ranging from THB1.5 million to THB5 million.
From Sukhumvit Soi 107 to Thong Lor, which is near the Skytrain’s Silom Line, over 10,000 condo units are for sale across 50 projects — both new and established — with a combined worth of nearly THB50 billion. Prices in this area range from THB3 million to over THB5 million.
Along the upcoming Purple Line from Rattanathibet Road up to Bang Yai Junction, there are 20 new condominiums with over 10,000 units, with a total value of more than THB50 billion.
“The new mass-transit routes and the new Bangkok City Plan have opened new areas” for development, alleviating the overcrowding in inner Bangkok, noted Pruksa Real Estate director and chief business officer Prasert Taedullayasatit.
Property prices at the new locations will also be cheaper than those in Bangkok. But their proximity to upcoming transit lines will make them more convenient for people to travel to their workplaces, he added.
Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@allproperty.com.sg
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