Bangkok’s trendy Thonglor area has become over populated with residential projects and the adjacent Sukhumvit Soi 38 is now the popular destination for property firms to develop luxury condominiums, according to research from The Nation. Sansiri and Land & Houses are just two of the developers targeting this area.
Soi Thonglor is well known for its hip bars and restaurants but has seen a number of condominium projects popup during the past couple of years which has made it less appealing. Soi 38 is just on the other side of Sukhumvit but has a lower density than Thonglor. It also has many of the same facilities plus access to Sukhumvit and Rama IV roads by car.
“We decided to launch our new luxury condominium, The Bangkok Sukhumvit 38, with a starting price of more than THB300,000 per sqm when we saw strong demand in this location,” Land & Houses president Naporn Soonthornchitcharoen told the newspaper.
Sansiri will also launch a luxury condominium costing more than THB350,000 per sqm on Sukhumvit 38 that will feature interiors by French designer Philippe Starck. This will be Sansiri’s second condominium project that will see them team with an internationally renowned interior designer.
A recent survey conducted by The Nation shows that Soi Sukhumvit 38 has fewer condominium projects than Soi Thonglor and most of these were launched in 2007 or later. The proposed condos in this area will have a sqm price that is 200 percent higher than it was nine years ago. According to The Nation existing condominiums on Sukhumvit 38 have resale asking prices of more than THB200,000 per sqm and rental rates range from THB45,000 to THB130,000 per month, depending on the size of the unit.
Sansiri, AP Thailand and Ananda Development are a few of the developers who have already built projects on Soi 38. All of these projects have seen their value increase since being launched.
Image: Ashton Morph Sukhumvit 38 by Ananda Development.
Image via shmadesigns.com
