The Asoke-Ratchadapisek area of central Bangkok has been highlighted as an emerging location for residential property investments as well as for tourism-related activities.
New research from Knight Frank Thailand noted the area boasts some 6,854 rooms in 36 hotels that fall into the 3-star category. In the near future the real estate firm estimated there will be around 324 rooms added to the supply of 3-star rooms in the location.
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| Source: Knight Frank Thailand Research. |
Most 3-star hotel rooms in the Asoke-Ratchadapisek area are concentrated on Ratchadapisek Road (3,900 rooms or about 57 percent of the total supply). This was followed by Petchburi and Rama 9 areas, representing 19 percent and 17 percent respectively. Average daily rates for the majority of hotels in this sector are in the THB1,500 to THB1,999 per night range.
Demand for 3-star hotels in the location came mostly from Asian and Russian tourists who focus on good, value-for-money accommodation. Knight Frank noted there appears to be substantial room to grow in this segment as the numbers of Asian travellers are on the rise and they increasingly demand this hotel type.
Risinee Sarikaputra, Director, Head of Research and Consultancy, Knight Frank Thailand, said the recent construction of the Suvarnabhumi Airport Rail Link has given a boost to the area, alongside increased use of the capital’s mass transit systems.
Andrew Batt, International Group Editor of PropertyGuru Group,
wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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