Siriraj Hospital

The sales rate for condos in locations near Siriraj Hospital was robust at 77% in the first half of 2024, driven by limited land availability and strong demand from medical staff and students.

Artitaya Kasemlawan, head of the residential sales project at property consultant CBRE Thailand, said this sales rate exceeded the average of 63.1% in the midtown and suburban condo market, where the locations near Siriraj Hospital are categorised.

"Factors driving this high sales performance include high demand, land scarcity, limited land plots, legal regulations and mass transit systems," she said.

As of the first half of 2024, the total condo supply in midtown and suburban zones amounted to 852,150 units, with a sales rate of 63.1%, according to CBRE. This comprised 751,976 existing units and 100,163 units of future supply.

In locations near Siriraj Hospital, spanning areas around four MRT stations along Charan Sanitwong Road (Charan 13, Fai Chai, Bang Khun Non, and Bang Yi Khan stations), total condo supply reached 4,197 units.

For condos located within a one-kilometre radius of these mass transit stations, the sales performance for both existing and future supply was 81%, compared to 64% for those located further than one kilometre, as of September 2024.

"The 81% sales rate is comparable to that of super-luxury condos, which are in limited supply," said Ms Artitaya. "The key driver is the high density of medical hubs and educational institutions, which create constant demand."

According to Siriraj Hospital, there are more than 17,000 healthcare providers and over 12,000 outpatients per day.

Additionally, over 8,000 students are enrolled in three universities: the Faculty of Medicine Siriraj Hospital (Mahidol University), Thammasat University, and Silpakorn University.

The development of a new medical district, covering roughly 148 rai, is continuing through a partnership between the Faculty of Medicine at Siriraj Hospital, Mahidol University and the State Railway of Thailand (SRT).

The first phase, covering 4.7 rai, will include new Siriraj Hospital buildings and an SRT Light Red Line station, slated for completion in 2027. The second phase, on 14 rai, will feature a wellness hub and residences for SRT and hospital staff.

From in-depth interviews with doctors at several hospitals, Ms Artitaya said time is the most crucial factor.

They prioritise proximity to the hospital, convenient access to mass transit, 24-hour facilities and amenities, shuttle services to the hospital, and low-density living environments.

Ms Artitaya is pictured at the CBRE Thailand press conference held on Wednesday.