Land prices on the Bangkok-Nonthaburi road have tripled since 2010, on the back of construction of the extended Purple Line mass-transit rail line from Bang Sue-Bang Yai, which is set to be completed next year.
Popular condos in this location are available for between Bt2 million and Bt5 million per unit. The most popular type is a one-bedroom unit with usable space of 25-30 square metres.
Eastern Star Real Estate CEO Ratanachai Phatinavin, whose Amber project is the latest condominium to be launched in area, said demand was from local people, and especially those who work in the area and who have until now rented accommodation.
“When construction of the Purple Line extension from Bang Sue to Bang Yai kicked off in 2010, demand to buy land for residential development in this location started to increase – to the point that prices around the new mass-transit route have tripled [in the last four years],” he said.
At present, land prices on the Bangkok-Nonthaburi road close to the new Purple Line route average Bt300,000 per square wah (4 square metres), which is 200 per cent higher than the Bt100,000 average four years ago, he added.
The price of land has risen, with the residential projects launched in the area changing from low-rise housing such as detached homes and townhouses, to condominiums at this time.
Meanwhile, condominium sales in the area average 400 units a month, despite the state of the economy and the ongoing political turmoil. This demonstrates the strength of demand in this location.
“When the Purple Line is completed and ready to use in 2015, demand to buy condominiums in this location will be even stronger than now – and will also boost current resale prices by between 10 per cent and 20 per cent,” predicted a source engaged in condo resales.