THE PROPERTY market in Bangkok’s Thon Buri area is poised for growth due to its population density and the near-completion of the extension of the mass-transit system into the area, according to research by Plus Property Co, a property-agency arm of Sansiri.
The research found that demand for condominiums near the planned train stations in the Phetkasem-Bang Khae zone had grown over the past five years, with supply growing accordingly.
Convenient commutes and multiple linkages with downtown Bangkok provide solutions for real occupants, and not just investors.
Plus Property managing director Anukul Ratpitaksanti said the research had indicated that the Phetkasem-Bang Khae zone was one of the areas of interest thanks to significant progress on construction of the electric-train network in the Thon Buri area.
The Green Line BTS route has already commenced service, while the Hua Lamphong-Lak Song and Bang Sue-Tha Phra extensions to the Blue Line are also up and coming. Construction of the two extension routes, which meet at Tha Phra Station, is more than 80 per cent complete.
Service on the Hua Lamphong-Lak Song route is expected to commence in early 2019 while service on the Bang Sue-Tha Phra route is expected to begin by 2020.
Service commencement is expected to allow residents along these routes to reach downtown Bangkok more easily via connections with the Green Line at Bang Wa Station and the original Blue Line at Hua Lamphong Station.
Phetkasem Road is currently the main road servicing four districts in western Bangkok, also known as Thon Buri.
The four districts – Bangkok Yai, Phasi Charoen, Bang Khae and Nong Khaem – have a combined population of 550,000 and a population density of 2.53 persons per household.
The latter figure exceeds Bangkok’s average per-household density of 2.13 persons, meaning that housing demand still exists within the locale. This results in the development of condominiums.
“Demand for high-rise condominiums on the segment of Phetkasem Road along the Blue Line [route] is 5,161 units whereas supply stands at 3,654 units – a sale total of 71 per cent,” Anukul said.
“The average price [is] Bt89,000 per square metre, meaning a one-bedroom unit has an average price of Bt2.7 million.
“This is significantly lower than the prices at projects in the vicinity of the stations on the Green Line from Bang Wa to Talat Phlu, where the average selling price is Bt3.2 million per unit, despite the fact that the two locales are not far apart.”