With a sales rate of more than 85 percent, condo demand in Bangkok’s midtown locations including Ratchadaphisek-Rama IX-Lat Phrao, Phaya Thai–Phahon Yothin, Phetchaburi Road and Rama III Road remains impressive, according to the latest report from property consultant Knight Frank Thailand.
Bangkok’s midtown area has become a desirable spot for urban condo buyers since it is close to shopping centers and transport links, Risinee Sarikaputra, director of research and consultancy at Knight Frank Thailand said.
Ratchadaphisek-Rama IX-Lat Phrao area has become one of the most popular neighborhoods for commercial, residential and tourism–related projects. Many changes have occurred here since 2010 including better access to mass transit and more connections to major roads. This helped lead to the robust expansion in nearly every category of property in the area. The launch of CentralPlaza Grand Rama IX further boosted convenience for those staying and working in the neighborhood as well, The Post added.
Condo supply along Ratchadaphisek-Rama IX-Lat Phrao reached 41,370 units with 35,881 having been sold from 2009 to the end of the first half of 2015. The 86.7 percent sales rate was the highest in the area. Phaya Thai–Phahon Yothin boasted an impressive sales rate as well reaching 85.9 percent. Risinee said the average selling price of new midtown condos was THB126,369 per sqm.
Condo developments didn’t start springing up in the area until 2008 as the focus prior to that was Sukhumvit Road. The Singha Complex, a new mixed-use project being developed by Singha Estate Plc, will only serve to increase interest in the area over the next few years. The project will consist of an office tower, convention hall, retail space and a hotel.
A pair of new office buildings is also being developed in the area. Pruksa Real Estate is building the 25-storey Pearl Bangkok near Phahon Yothin Soi 5 while the 24-storey Shinawatra Tower 4 is being developed by SC Asset. “Completion of these two office buildings will increase condo demand in the area,” Risinee said.
