[Special Scoop] It will be another challenging year for the real estate industry in 2017. Financial institutions have increased restrictions on mortgages. Developers will also need to be careful this year. It is important that they select the best locations to thrive. Throughout Bangkok, there are numerous promising locations for residential developments, but these are the three most outstanding areas.
Asoke – Thonglor
Asok Montri Road
Areas at the heart of the city remain the most enticing for residential developments. It’s the home of luxury and super-luxury developments, where locals and foreigners look for both residential- and investment-purpose properties. Nexus Property Marketing reports that there will be more high-end projects in the Asoke – Thonglor this year. Only 98 Wireless along Wireless Road and its record price of THB 700,000 per sq. metre has a higher price than the projects in Asoke – Thonglor. However, high-end consumers normally look for distinction, quality, and location of the project with price not always being the biggest concern.
Phahonyothin Road (BTS Sukhumvit Line)
Victory Monument and BTS Skytrain at night
Thanks to its location along the existing BTS Skytrain line, Phahonyothin Road is another hot spot where developers usually receive great feedback right after a project launches. However, finding a feasible land plot on this road, especially from Ratchathewi Station to Victory Monument Station, can be quite difficult. As a result, whenever there’s a new project here, it doesn’t take much time for it to sell out. Property prices in this spot are lower than Asok-Thonglor, at THB 200,000 per sq. metre being the maximum price found. Besides a great number of projects set to be launched on Phahonyothin Road this year, there’s also an upcoming 38-rai mixed-use development from BTS Group Holdings that will be built beyond Mo Chit Station, opposite of the Magic Land.
Suburb
MRT Blue Line is under construction on Phetkasem Road
Bangkok’s suburbs are promising territories with several upcoming mass transit lines ensuring these areas become more accessible. The most outstanding areas at the moment are Phetkasem Road and Charan Sanitwong Road, where the MRT Blue Line extensions will be completed in the next few years. At the moment, the market price for properties on these two roads is just THB 70,000-80,000 per sq, metre. The characteristics of high populations, dense public amenities and low investment cost make the suburbs an ideal place for property developers to build at the present time. Other upcoming mass transit lines such as the Yellow Line, Purple Line and Pink Line will see more of Bangkok’s suburbs become popular with developers.
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