Land prices along trendy Thonglor, also known as Sukhumvit 55, will likely remain 20-30 percent above official evaluation prices, according to local media outlets. At the moment the price is currently set at THB420,000 per square wah, which developers believe will further boost the value of new condominium projects being built in the area.
Uthai Uthai-sangsuk, executive vice president of business development and condominium development division at Sansiri, said that the actual price of land near the Thong Lor BTS station can be as high as THB1.3-THB1.6 million per square wah. However, a majority of new residential developments tend to be further back on the road.
“There is little land supply for project development, particularly in the middle of the soi,” Uthai explained. “This pushes up condominium reselling prices as well as rents. Renting out units are also a lucrative business for the wealthy Thais and foreign buyers particularly the Japanese.”
The prices of condominium projects along the connected streets average THB161,000 per sqm while projects situated on the main road are asking for THB250,000-THB300,000 per sqm.
With a range of coffee shops, restaurants and bars, Thonglor has established a reputation as one of the places to live in Bangkok. However, a shortage of units, especially in the luxury sector, has seen developers willing to pay more than evaluation prices to secure land plots along the street.
Sansiri has developed four condominium projects featuring 1,300 units in the area, which are currently valued at THB12 billion. The developer’s THB1.6 billion project, HQ Thonglor, was well received, selling out in one day. Sansiri currently has plans for two more projects with a combined value of more than THB10 billion. Another project, Tela Thonglor by Gaysorn Property, also has a strong buzz for its luxury concept.
