Property along Bangkok’s mass transit network is creating a stir.
Look at Bangkok’s skyline and it is easy to see that high rise residential developments are dotted along the mass transit networks. Built as a response to demand as more Bangkokian’s shake of the status appeal that comes with driving their own car into the city, many people are using the BTS Skytrain and MRT as a quick and reliable way to travel to work.
In leading capital cities across the world this is nothing new. In fact in many places the use of cars is deterred encouraging people to use public transport or even cycle to work. This trend has caught on in Bangkok. Condominiums that have direct access onto the BTS Skytrain network warrant the highest values in terms of both sales and renting. Convenience is of utmost concern and people relish the straightforward access they provide.
As the supply of land is squeezed even further in Bangkok, developers are branching out to the suburbs to identify new pockets of growth. Chatuchak, known for its famous weekend market, is one such area. A recently launched development by Sansiri closeby to Chatuchak Park MRT station sold out on the first day. This high rise condominium of 800 units is one of the few in the area and buyers from Hong Kong and further afield snapped them up. However, it was noted that many Thais invested in the building too who would be using the properties for their own use.
A joint venture between the second largest developer in Thailand and the BTS Holding Group who strategically own the land around the route of the BTS represents the solid partnership between these two companies. Collectively they are due to launch 25 properties along the route by 2020 with a combined investment of USD 2.86 billion.
Senior executive vice president Uthai Uthaisangsuk commented, “There is solid demand among those who expect improved convenience in the future”.
Developments such as these will hopefully encourage more people to consider the mass transit network in favour of their cars, and it will also open up Bangkok’s suburbs making them an appealing place to live. Evidence of this is already happening as CentralPlaza Westgate recently opened in the Nonthanburi Province of Bangkok demonstrating this shift and also reducing the need for people to travel into central Bangkok for their shopping.
