The Thonglor area of Bangkok (or Sukhumvit Soi 55), long regarded as a hip neighbourhood teeming with restaurants, bars, nightlife and community malls, is tipped to become the new property hotspot, reports The Bangkok Post. Recently, demand has soared for new and used condos and apartments in the area.
Based on a study conducted by Plus Property, it was found that high potential real estate zones in Bangkok, including Thonglor, enjoyed perennially high demand for condos due to limited space, easy access to urban lifestyle offerings and outstanding transport facilities. As a result, Thonglor’s condominium market boasts take-up rates in the 70 to 100% range, while prices have risen by 27% over a five-year period. Apartments are enjoying a similar boost, with land prices rising by up to 22% over the past three years, reaching THB 1.3 million per square wah.
Spanning three kilometres, Thonglor is a centre of business and leisure that suits modern lifestyles, especially since the opening of the Thonglor skytrain station. Also, Thonglor benefits from a huge range of transport connections, linking it to nearby side roads such as Sukhumvit 49, 51, 53 and 63 (Ekamai), as well as New Phetchaburi Road, a major artery.
Condominium prices in Thonglor are growing at a faster rate than in nearby side roads, and projects in its prime central zone are generating more interest, compared to those located closer to the skytrain station on the main Sukhumvit stretch. Condo prices in Thonglor and surrounding side roads have risen to an average of THB 131,641 per square metre. Bolstered by strong demand, resale prices are averaging THB 159,701 per square metre, rising to THB 200,000 per square metre for high-end projects in the prime central zone.
