MAY 26: Real state firm Plus Property has identified Phayathai and
certain parts of Phaholyothin as the next big hotspot for the Bangkok
residential property market. The company noted how the area in central Bangkok looks set
to follow in the footsteps of the Phloenchit-Sukhumvit zone, with unit prices
showing significant annual increases. Projects completed less than four years
ago now command resale prices almost 80 percent higher than their original
valuations, averaging THB150,000 per sqm.
Poomipak Julmanichoti, Managing Director of Plus Property,
noted how Sukhumvit remained Bangkok’s most valuable and reputable road. One of
the country’s major economic avenues, Sukhumvit is punctuated with constant
developments including residential projects, office towers, shopping malls,
tourist attractions, public parks, hospitals and top schools.
With the BTS skytrain operating on top, it is no surprise
that Sukhumvit has become Bangkok’s most well-known road, and a highly popular
area for residential developments, particularly condominiums.
While plots in Silom and Yaowarat have attained higher
valuations, Sukhumvit has always been the leading site for condominium
developments, he noted.
Poomipak said: “Today, the area that generates the most
interest with regard to property is Phloenchit-Sukhumvit. However, this may not
necessarily be the case in the future, as land availability is becoming very
limited.
“Our survey revealed that Phayathai-Phaholyothin is a
burgeoning new hotspot that is enjoying growing popularity.
“Over the past decade, the area averaged one new condominium
project launch each year along the main road, with many more projects
established on side roads. Each of these main-road projects quickly sold out, and
sell-on prices consistently showed huge improvements year after year. Certain
projects, despite being completed less than four years ago, now show sell-on
prices 80 percent higher than their original launch prices.”
Between 2008 and 2015, the Phayathai-Phaholyothin zone saw
12 new project launches, with one more due for completion in 2016. These
projects comprise 4,048 units combined, all of which have sold.
Average prices currently stand at THB150,000 per sqm, and
new projects are expected to hit the THB200,000 price mark.
