Three Bangkok hotspots set to drive condo supply

New condominium supply launched this year will continue to grow, with Thong Lor, Phaya Thai and Charan Sanitwong Road the three hottest locations where the largest number of projects will open.

Phattarachai Taweewong, senior manager of the research department at property consultant Colliers International Thailand, said the number of new condo units launched in Greater Bangkok this year will reach at least 60,000, up from 58,424 last year.

"Developers will keep launching new condominium projects, as they are confident in this market, particularly in locations along new mass transit lines," he said. "The middle- to upper-end segment will continue to be healthy, while the low-end market will continue to slow."

Mr Phattarachai said Thong Lor will see the largest amount of new condo supply this year, with at least 3,300 units from 11 projects. Due to high land costs, the minimum selling price will start at 250,000 baht per square metre.

The new projects will be mainly from listed developers such as Land & Houses and Ananda. Each plans to launch projects on Sukhumvit Soi 38 opposite Soi Thong Lor, with Land & Houses at the entrance of the soi and Ananda at the end.

Sansiri plans to develop a project on 495 square wah of Sukhumvit Soi 34, where it spent 332.7 million baht last week to buy the plot from Bangkok Sky Sukhumvit 34 Co, owned by the Prasarttong-Osoth family.

Origin Property will launch a large number of condo units on Thong Lor Soi 10, while Chewathai will introduce its own units on Thong Lor Soi 20. Not far from Chewathai's site, Richy Place 2002 and Sena Development plan to launch in the Ekkamai area.

The Strand, a 5.5-billion-baht mixed-use development at the heel of Soi Thong Lor, developed by the Chearavanont family, will also launch.

Second to Thong Lor will be the Phaya Thai area with at least 2,000 units from five projects in the pipeline. All will be from listed developers, including Origin, Land & Houses, AP Thailand, Pruksa Real Estate and Sansiri.

With the extension of the MRT Blue Line from Tha Phra to Bang Sue along Charan Sanitwong Road 97% complete, the route will see a great deal of new condo supply launched this year.

Along the road, there will be at least nine condominium projects newly launched this year. Two hot locations are Tha Phra intersection and Bang Yi Khan station.

"Charan Sanitwong Road is a location for the middle- to lower-end market, which is still slowing down," Mr Phattarachai said. "This zone may have a lower sales rate than the other two locations."

In the first quarter this year, new condo supply totalled 14,050 units, the highest since 2013 and up 35% year-on-year.

https://property.bangkokpost.com/news/1440807/three-bangkok-hotspots-set-to-drive-condo-supply

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