The completion of a new mass transit route is encouraging developers to shift their attention to Bangkok?s suburbs
Property firms are shifting their focus to the suburbs of Bangkok, particularly to areas in the vicinity of the Purple Line mass-transit route from Bang Sue to Bang Yai, reported The Nation. Developers are currently awaiting the new Bangkok city plan that is scheduled to take effect on May 15.
?We have to wait and see what changes there will be when the new Bangkok city plan becomes effective, because some locations may no longer be available for the development of high-rise residences,? said Anuphong Assavabhokin, CEO of Asian Property Development.
?However, we have continued to buy land and launch residential projects, for both condominiums and detached housing, in the suburbs, especially on Rattanathibet Road, located close to the Purple Line mass-transit rail route,? he said.
Opas Sripayak, managing director of LPN Development, stated that his company had put off purchasing land in Bangkok?s central business district since December.
?We have to protect our business by launching new projects in suburban areas and upcountry until the new Bangkok city plan becomes effective,? Sripayak said.
Nonthaburi province is becoming an increasingly popular destination with property developers.
Residential developments on Ngarmwongwan and Rattanathibet roads in Nonthaburi?s Bang Yai district comprise over 20 projects, with a combined total of approximately 10,000 units, according to a recent survey by The Nation.
One bedroom condominium units with a starting price of THB1 million (US$33,400) are the most popular, according to the survey.
Townhouses starting at THB2.5 million (US$83,753) are in high demand, as well as detached properties starting at THB5 million (US$167,500).
Over the last two years property prices in the area have increased between 20 and 30 percent.
LPN Development launched the Lumpini Park Rattanathibet-Ngarmwongwan project worth THB1.5 billion (US$50.2 million) last year.
Sansiri launched the THB1.3 billion (US$43.5 million) D Condo Rattanathibet in 2012, in addition to townhouses and detached houses in the same area.
Supalai developed 10 condominium projects in Nonthaburi province last year.
Narai Property, SC Asset and Property Perfect have also launched several developments in the area within the last year.
Due to the demand for development in the Nonthaburi area, land prices in the vicinity have surged dramatically from THB30,000 (US$1000) per square wah in 2008 to THB100,000-200,000 (US$3,350-6,700) this year.
Atip Bichanond, managing director of Supalai, said that while land prices on Rattanathibet Road had risen by more than 50 percent in the last three years, the prices in the area remain lower than in some other parts of Bangkok.
This provides an opportunity to develop projects that offer lower prices than other areas of the city, as well as easy access to the city centre once the Purple Line route is completed.
At the end of 2012, there were 181 residential projects in Nonthaburi province, with a combined total of 45,822 available units, according to a survey by a Real Estate Information Centre (REIC).
The REIC estimates it would take 20-30 months to sell all of the available units if no further projects were launched in the area this year.
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Source: http://www.property-report.com/developers-shift-focus-to-bangkoks-suburbs-27819
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