The property market in Thonburi, a western suburb of Bangkok, is poised for growth due to the area’s high population density and the progression of the Blue Line extension, according to research from Plus Property. Condos near transit stations in the Phetkasem-Bang Khae zone are the most attractive due to a good response rate and continued growth of demand and supply for projects in the past 5 years.
“The Phetkasem-Bang Khae zone is one of the areas of interest, owing to significant progression of electric train network construction in the Thonburi area. The Green Line BTS route has already commenced service whereas the Hua Lamphong-Lak Song and the Bang Sue-Tha Phra extensions to the Blue Line electric train are more than 80 per cent complete. Service on the Hua Lamphong-Lak Song route is expected to commence in early 2019 whereas service on the Bang Sue-Tha Phra route is expected to begin within 2020,” says Anukul Ratpitaksanti, Managing Director of Plus Property.
Once finished, the new Blue Line extensions will allow residents to enjoy a convenient commute to Bangkok’s CBD that is now troublesome and time consuming. Phetkasem Road is currently the main road servicing the four districts, Bang Kok Yai, Phasi Charoen, Bang Khae and Nong Khaem, which have a combined population of 550,000.
“Locales in the vicinity of the Blue Line train extensions are looking promising due to the significant progression of the extensions. Although not located within the downtown area, the condos in new zones such as Phetkasem, Tha Phra and Charansanitwong, have potential. Highlights include the multiple transportation channels and more affordable price when compared to downtown condominiums near transit stations,” says Anukul.
Location still matters in these up and coming areas and projects located within 200 metres from transit stations are in the highest demand. Prices for condo units close to transit stations are also higher on average than those further away.
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