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Condo MRT – Low-Rise Developers Cash In at Ratchaphrueck

Ratchaphruek Road is seen as an increasingly popular destination for home-buyers seeking a detached house or townhouse close to the mass-transit system, a survey by The Nation found early this week. The area is situated close to the upcoming Bang Sue-Bang Yai mass-transit rail line, and also has an expressway and motorway that make it convenient for transportation. Meanwhile, Ratchaphruek Road is designated a “green area” under the current Bangkok city plan, which means only low-rise housing can be built in the area, making it a suitable location for home-buyers looking to purchase something other than a high-rise condominium.

The survey by The Nation found that the most expensive detached housing in the country last year was in Quality Houses’ Q Twelve project on Ratchaphruek Road, where prices started at Bt126.5 million per home. However, the area is not only home to luxury residences, as it also has mid-range detached housing and townhouse projects developed by both listed and non-listed property firms. For example, Prinsiri plans to launch the Bt600-million Prin Sathorn-Ratchaphruek detached-housing project in the next quarter, with the listed company offering prices ranging between Bt9.4 million and Bt17 million per home.

When combining existing projects and new residential launches on Ratchaphruek Road, there are more than 20 projects comprising 405,000 units in the area, with prices ranging from Bt4 million right up to Bt130 million-plus. The growth of new housing in the area since 2009 has challenged retail businesses to expand their investments to serve the additional purchasing power that has arrived and will soon be coming to the location. For example, KE Land has tied up with SB Furniture to develop the Bt2.5-billion Crystal Ratchaphruek community mall this year.

Following strong demand to develop both residential projects and retail business in the area, the cost of land on Ratchaphruek Road has soared from an average of Bt20,000 per square wah (4 square metres) six year ago to Bt200,000 currently.

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