Property consultancy Knight Frank Thailand recently shared its findings that the area with much investor interest, in terms of condominium development, encompasses New Petchburi, Asoke-Rama 9 and Rama 4 (from Samyan to Asoke-Ratchada) Roads. This is due to the area’s proximity and easy access to the city centre, as well as its close location to the mass transit train system.
Risinee Sarikaputra, Knight Frank’s Director of Research, explained that real estate developers embarked on condominium projects on Petchburi Road because the prices of land were cheaper than in the Sukhumvit area. Once completed, the condos commanded relatively high selling prices, which have been close to the price levels of some projects in Sukhumvit. At present, new units in the Petchburi area are priced at 158,500 baht per square metre, with an average annual price increase of 15 percent since 2010.
In addition to its convenient location, other attractive qualities of the Petchburi area include the fact that competition is not that high. From Knight Frank’s research, it was discovered that there are only 921 units in the area that are still on the market, reflecting a take-up rate of up to 89.6 percent.
Also, large-scale integrated projects help enhance the market. At present, Smile Square, comprised of a shopping mall, hotel, office building and condo project, is being built on a 9-rai plot of land on Petchburi Road. In the future, the Makkasan Complex, the city’s new urban centre connecting the Rama 9 and Asoke expressways with the MRT, BTS and Airport Link train systems, will make certain sections of the area especially attractive for local and foreign investors.
