Knight Frank Chartered (Thailand) recently released a research report highlighting the potential of the Tao Pun – Bang Sue area, which is set to serve as the new hub for Bangkok’s railway system. According to the rail expansion plan, the central Bang Sue station will occupy 487 rai of land, designed to link three railway systems, including the MRT, BTS, and Airport Link.
Additionally, the development plan includes a 160,000 sq.m. commercial/retail area, as well as an underground walking tunnel to link Bang Sue station, Kamphaeng Phet MRT station, and Chatuchak MRT and BTS stations. Broadly speaking, the plan will greatly ease travel around Bangkok and its suburbs, including improved access to the city’s two airports.
The area has also seen an expansion of a 4-lane bridge across the Chaophraya River in Kiak Kai. It will likely house a new parliament as well as Siam Cement Group’s new headquarters in the future.
Inevitably, such developments will spur increasing demand for residential housing, especially for condominiums for company employees and government workers. According to Knight Frank, the supply of condominiums in the Tao Pun area, from 2008 to 2012, included a total of 15,525 units, of which almost 80 percent have been sold. As the development of the transport system progresses, more and more property developments will crop up. In 2013, the highest rate of condominium units were launched for sale, at 6,102 units, which correlated with the completion of more than 80% of the BTS Purple Line’s expansion.
In the first half of 2014, there were approximately 3,083 condo units for sale. Along with a number of new units launched in the second half of the year, any remaining units are expected to be sold out within the end of 2015; from an investment standpoint, Tao Pun – Bang Sue is thus an area worth watching.
