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Condos spring up near purple line

By on Aug 16, 2012 in Property News

The neighbourhoods around the planned Purple mass transit line from Bang Sue to Bang Yai are growing in popularity, with seven condominium projects worth more than Bt10 billion launched in the first half of this year.

According to a survey by CB Richard Ellis (Thailand), the focus is on Tao Pun, as it has the interchange station for the MRT’s Dark Blue and Purple lines.

One of the largest developments in Tao Pun is Pruksa Real Estate’s The Tree Interchange Condominium with 650 units at an average price of Bt1.9 million, or Bt66,000 per square metre.

The research included only developments located within 800 metres of a station.

Two large projects were introduced in the second quarter by listed developers – Asian Property’s Aspire Rattanathibet and LPN’s Lumpini Park Rattanathibet-Ngamwongwan. The average price of both projects was less than Bt60,000 per square metre. Since buyers will get a home close to a station, paying less than Bt2 million, the sales rates of both projects were high.

CBRE believes that the condo market along the mass-transit routes is driven by accessibility, affordability and usability.

There was only one condo project launched on the western bank of the Chao Phraya River, which was the D Condo Rattanathibet near Sai Ma station, offering 1,325 one-bedroom units. As the starting price is lower than Bt1 million and also cheaper than the developments on the other side of the river, 80 per cent of the units were sold in the first five months.

The number of condos developed by private companies is increasing, but these usually are small developments with fewer than 200 units.

Eight low-rise housing estates debuted along the Purple Line in the first half – three townhouse and five single-family home projects. The townhouses – Pruksa Ville 54 Rama V Road, The Connect Rattanathibet and Baan Pruksa 76 Bang Yai-Kaew In – were priced at between Bt1 million and Bt3 million. The two- and three-bedroom units come with usable areas of 90-110sqm on lots ranging from 17.7-24 square wah (70.8-96sqm).

LOCATION, LOCATION

The detached-house estates – Bangkok Boulevard Ratchaphruek-Rama V, Supalai Ville Ratchaphruek-Bang Bua Thong, Casa Ville Ratchaphruek-Rama V, Thanasiri Ratchaphruek-Tha Nam Non and Lanceo CRIB Rattanathibet-Bang Yai – were priced at Bt2.9 million to Bt13.9 million. The homes are 135-305sqm in size and occupy 36-138 square wah of land.

A location next to a mass-transit station is becoming one of the important factors that determine where people buy or invest in property. Many projects have been developed along both under-construction transit routes. The Purple Line is one of the most popular routes for development because more sites are available than near the Skytrain and the existing Dark Blue subway line.

The lower price of land has meant that it is feasible to develop both low-rise housing and condos on this route. Mass-transit systems will continue to change the living, working and shopping patterns of Bangkok residents, but the impact of each line will be different based on the price and availability of land and planning regulations governing the size of what can be built.

Source : The Nation 16 August 2012

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