THE AREAS of Silom-Sathon, Phahol-Pradipat, Thong Lor-Ekamai, Huai Khwang and Phya Thai are the top locations for condominium projects in the central business district of Bangkok, according to property agencies.
Silom-Sathorn is a popular spot for office premises and residential units. There is also a surge in demand for co-working spaces in the area. The average return from resales and rentals of condominium units in the location stands at 4-5 percent annually, they said.
Thong Lor-Ekamai, Huai Khwang, and Phya Thai are suitable locations for condominium projects offering less than 30 square meters of space per unit and priced between Bt130,000 and Bt300,000 per square meter, said Anukul Ratpitaksanti, managing director of Plus Property Co Ltd.
According to a survey by Collier International Thailand Co Ltd, about 3,000 new condominium units with a combined value of Bt45.5 billion will become available in Thong Lor-Ekamai in the next six months.
Meanwhile, 3,139 units in 14 existing condominiums are currently on sale, of which 2,436 or 78 percent have been taken, the research said.
Condominium unit prices in the area average Bt130,000 and Bt250,000 per square meter while resale prices have increased by up to 30 percent from the previous year, Collier said.
Nalinrat Chareonsuphong, managing director of Nexus Property Marketing Co Ltd, said recently that Phaholyothin-Pradipat is the latest spot for residential developments. Property prices in the area are lower than those on Phaholyotin Road, while there is not much difference in traveling time and the environment, she added.
Other potentials of the area include its nostalgic features of old community, hotels, shops and restaurants operating in the three- to four-story commercial buildings along Pradipat Road, as well as population growth over the years.
Land prices on this road average Bt600,000-Bt800,000 per square wah, comparatively lower than those in nearby areas such as the small alleys in Ari, Phaholyothin Road from Chatuchak to BTS Saphan Khwai, and BTS Saphan Khwai to Victory Monument, which cost around Bt600,000-Bt800,000, Bt900,000-Bt1 million, and Bt1.2 million-Bt1.5 million per square wah respectively.
The average condominium unit price in Phaholyothin-Pradipat area stands at Bt170,000 per square meter, against Bt218,000 per square meter on Phaholyothin Road from BTS Saphan Khwai to the Victory Monument. However, both locations are similar in terms of roads, transportation, and infrastructure.