The condo market in capital’s east end has the potential to evolve into another prime location in the upper tier.
The residential condominium market in Bang Na has the potential to grow and expand at a healthy pace, according to Phanom Kanjanathiemthao, managing director of the real estate services firm Knight Frank Thailand.
The location on the east side of Bangkok has evolved with a full range of facilities to meet the needs of working professionals not only in Bang Na but also Bang Phli, Bang Bo and beyond, including Chon Buri. Many public- and private-sector developments are taking place that will increase the potential and value of assets in the future, Mr. Phanom said. They include:
– Bangkok Mall, a large, regional shopping center occupying 100 rai, with an investment value of 20 billion baht. The 650,000 square meters of space will comprise a shopping center, cinema, product exhibition center, amusement park, water park, condominium, residential units for rent or as serviced apartments, and office space for rent. Once fully open in five years, Bangkok Mall will be the largest shopping center in Thailand and Southeast Asia. Poised to become a major regional magnet, the complex will also benefit from the development nearby of the new Eastern Bus Terminal, which will move from its current site at Ekamai on Sukhumvit Road.
– Mega City Bangna is raising its profile with a Phase 2 mixed-use development boasting a total investment of 67 billion baht. Adding to Mega Bangna, the second phase consists of shopping and office space, two hotels and residential condominiums with green spaces and public parks on a total area of 400 rai.
– The Forestias is a 90-billion-baht mixed-use lifestyle property project on more than 300 rai. The construction site spans some 600,000 sqm and includes a commercial area with a community mall, six-star medical complex for rent, six-star boutique hotel, four-star hotel, learning center, kindergarten, and an innovation building. Construction began this year, with completion scheduled for 2022.
– The Bang Na-Suvarnabhumi train line is part of the MRT Master Plan Phase 2, which is currently under study, with private investment partners being sought. The light rail train will connect to the Green Line (Sukhumvit Line) at Bang Na station. Running along Bang Na-Trat Road for 18.3km with 14 stations, it is expected to accommodate 40,000 passengers per day from Bang Na to South Suvarnabhumi station. Sri Iam station will serve as an interchange connected to the Yellow Line (Srinakarin Road). Additionally, Thana City station will house a parking and maintenance facility on 29 rai of land.
– The area between Bang Na-Trat Km 19 and 23 is expected to become an important logistics hub, housing the distribution centres of many large companies. The total warehouse area is about 1.2 million square metres. It also contains a large number of industrial plants, making it a major employment source in Samut Prakan province. The location offers the potential to be linked to the production centres of the Eastern Seaboard, which is currently being transformed into the broader Eastern Economic Corridor (EEC). In addition, plans for a site at Km 32.5 call for a full-scale industrial estate on an area of 4,300 rai.
– Bang Na encompasses a large residential area. Many detached housing and townhouse developments already command relatively high prices, among them Lakeside Villa, Krisada Nakorn, Nuntawan, Baan Issara, Blue Lagoon and Baan Klang Muang. Bang Na-Trat itself links Sukhumvit and Srinakarin roads, so the city is easily accessible via the Chalerm Mahanakorn Special Expressway, or via the Green Line and the Yellow Line under construction, which will further enhance travel convenience.
– Bang Na is also home to many international schools, such as Bangkok Patana School, Thai-Singapore International School, Berkeley International School, St Andrews International School, Concordia International School, Didyasarin International Preparatory School, Thai-Chinese International School, and St Joseph Bang Na School, among others.
A total of 7,836 residential units have been developed in Bang Na since 2009, with a 94% sales rate and a focus largely on condos in the Grade C segment. The average selling price for new Grade B high-rise condominiums launched in 2017-18 in Bang Na-Sukhumvit is approximately 120,000 baht per sqm.