As the Thonglor area becomes saturated with residential projects, nearby Sukhumvit Soi 36 – 38 is the new choice for property firms to develop luxury condominiums as demand remained strong in this part of Bangkok.
Sukhumvit Soi 36 – 38 is opposite Soi Thonglor (Sukhumvit 55). The location offers easy access by car to Sukhumvit and Rama IV Road. The residents here enjoy similar amenities as those living in Thonglor.
Traditionally, most of the development activities have focused around Sukhumvit Soi 55, which is widely considered the prime Thonglor. However, the continued strong demand for housing in this classy neighborhood has led to a spillover effect as the property prices along Sukhumvit 55 soared. Ekamai and Sukhumvit 36 – 38 are experiencing the positive effect of this spillover of demand as land-hungry developers look for land to build condominiums.
Price Trend in Sukhumvit Soi 36 -38
The rental and the resale market prices have generally been experiencing an uptrend since 2012. As an investor, you would be glad to know that the rental market is growing healthily and more importantly, there is a robust secondary market with a steady growth in demand for properties over the years. This signals the ability for you to execute your exit strategy when the need arises.
As it stands now, base on the average rent per square meter and the price in the area, a gross rental yield of 5-6% is achievable.
How Have The Prices Appreciated For Existing Developments?
Compared to Soi Thonglor, there really isn’t as many quality developments in this area as yet. However, this is slowly changing as major developers such as Sansiri, AP Thai and Ananda are aggressively seeking out developable land plots in this area.
Let us have a look at some existing developments and how their prices have fared since launch till now.
Siri At Sukhumvit by Sansiri
Address: 902 Thanon Sukhum Vit, Khwaeng Phra Khanong, Khet Khlong Toei
Year Launched: 2007
Launch Price: THB110,000 per square meter
Today’s Price: THB200,000 per square meter
Price Gain: +81.82%
Rhythm Sukhumvit 36 by AP Thai
Address: 24 สุขุมวิท Khwaeng Phra Khanong, Khet Khlong Toei
Year Launched: 2014
Launch Price: THB167,000 per square meter
Today’s Price: THB185,119 per square meter
Price Gain: +10.85%
Ashton Morph 38 by Ananda
Address: 68/1 Soi Santi Suk, Khwaeng Phra Khanong, Khet Khlong Toei
Year Launched: 2011
Launch Price: THB150,000 per square meter
Today’s Price: THB230,033 per square meter
Price Gain: +53.36%
Ideo Morph 38 by Ananda
Address: 68/1 Soi Santi Suk, Khwaeng Phra Khanong, Khet Khlong Toei
Year Launched: 2010
Launch Price: THB130,000 per square meter
Today’s Price: THB184,431 per square meter
Price Gain: +41.87%
Recent and Upcoming Notable Property Launches In The Area
The Esse Sukhumvit 36 by Singha Estate and Hongkong Land
Year Launched: Q4 2017
Launch Price: THB310,000 per square meter
Ideo Q Sukhumvit 36 by Ananda
Year Launched: Q2 2017
Launch Price: THB195,000 per square meter
(foreign quota fully sold)
Year Launched: Q4 2017
Launch Price: THB180,000 per square meter
A Good Value Alternative To Thonglor – Ekamai For Investors
Compared to the condo prices in Soi Thonglor where it averages THB250,000 per square meter and the ultra-luxury condo breaching THB300,000 per square meter, investing in Sukhumvit Soi 36 -38 at sub THB200,000 per square meter does represent good value for investors.
There is much upside to be gained as long as the urbanization of Rama IV Road continues and gain momentum.
However, a word of caution to investors is to make the right call on the developer and quality of the project.
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