Developers are being astute to the desire of living in Sukhumvit by continuing to feed supply.
The Sukhumvit area in Thailand’s capital is the most popular address for expatriates living in Bangkok. The area covers the Sois that straddle Sukhumvit Road encompassing the BTS Skytrain stations of Nana, Asoke, Phrom Phong, Thong Lo, Ekkamai and as far as Phra Khanong.
Condominiums closest to the mass transit networks, the BTS as well as the MRT, warrant the higher price tags and draw the most amount of interest. The area as a whole is extremely popular with many new condominiums popping up along the Sois and now even off these, which historically were not as desirable due to the distance to public transport.
Simultaneously, there are a host of new strands of entertainment being welcomed to the area to satisfy demand as Sukhumvit as a place to go out and shop. To keep up with this interest the market is responding accordingly and data released from real estate firm Edmund Tie & Company (formerly DTZ) confirms that Sukhumvit remains the hub for residential development for yet another quarter.
In the third quarter of 2016, 970 units were launched across five new condominium projects in central Bangkok. This is a much lower figure than previous quarters coinciding with news of many launches being pushed into 2017. Of these launches, 93.9 percent were in Sukhumvit with the remainder in the Sathon and Silom area.
These lower numbers have pushed up take up rates to 67 percent, an increase of 13 percent from Q2. At the same time values didn’t rise or fluctuate, with the average selling price remaining at THB 245,900 per square metres. Despite this, the outlook remains strong for the area of Sukhumvit.