Property Rises on the Up?
As forecast in previous reports, property prices across Bangkok are not rising uniformly but the best growth is seen from those locations that are closest to the expanding Rapid Transit System.
On the Eastern flank of the Chao Phraya river the metro rail’s purple line has seen up to six fold increases in prices, in comparison to year on year prices from 2006.
Since 2011 when the Purple Line construction commenced nearly 11000 Condominium projects have been launched.
Benjakitti Park Height Limitations
Also as outlined in previous Sky Bar reports the desirable surroundings of Benjakitti Park are now being subjected to property height restrictions. This is an excellent strategic decision on the part of the Bangkok Metropolitan Administration as the park has a unique atmosphere that is remarkably sedate despite being surrounded by Rathcadapisek Mai, Sukhumvit and Rama IV.
Height restrictions are now 23 meters for buildings in Zone 1 and 45 meters height restriction for Zones 2 to 6. For the uninitiated, living within walking distance to this beautifully manicured and well maintained park is a huge bonus if you can find a property.
Don’t be put off by the major road and traffic jams running alongside it as there is an underground walkway from the Klongtoey, Paisingto area (or Sukhumvit 16) which provides civilized and quiet access to the park where people take evening walks, joggers exercise and last year a free and open fitness park was installed where all the family can participate in a pleasant and green environment.
State Railway Authority of Thailand to Develop Makkasan & Chong Nong Si
The State Railway of Thailand (SRT) has two plots of land in Makkasan and Chong Nong Si that it is eyeing up for development.
The Chong Nong Si project could easily raise land prices so that they outpace those on Silom Road which is relatively nearby, said the director-general of the Treasury Department Naris Chaiyasoot. SRT’s accumulated debt to the treasury is currently around 80 Billion Baht so the onus is on the Railway Authority to exploit the assets it has. Makkasan is a rapidly emerging center for mass transit networks including the Airport Skytrain and the underground.
Development in the area could raise prices from 600 000 Baht a square Rai to 1.5 M Baht for commercial projects, raising land prices to among the highest in Bangkok. In total the SRT has around close to 250 000 square Rai in land assets, the Port Authority of Thailand has 2400 Rai and Thailand Tobacco Monopoly has 600 Rai that is adjacent to to Benjakitti park as implied in the previous report.
Thailand Property Awards Finalists Announced
11 September sees the Thailand Property Awards being held at the Conrad Hotel at All Seasons Place. The list of entries has been whittled down from over 200 to just 58.
As predicted in earlier articles Absolute World Group and Magnolia Group are in the lead for awards with tough competition in the condominium development and commercial development awards.