Among the new mass transit routes that are under construction and attracting more residential property developers and buyers in the past four years, the Blue Line stands out. Its impact has been especially noteworthy along Charan Sanitwong Road.
When work on the first stage of the Blue Line began, the area along Pracharat Sai 2 Road was popular with developers, but Charan Sanitwong Road has been the main focus since 2015.
While Phetkasem Road is another major artery served by the Blue Line, Charan Sanitwong Road also boasts good supporting facilities already in place including shopping centres and hospitals, with very convenient access to the Bangkok inner city area for people who working in central business district.
While developers see the attraction of Charan Sanitwong Road, they are not all rushing to launch new projects in the area the way they did along the Purple Line.
The number of condominium units launched since 2009 in the area totals 13,615 units, with 62% of the total launched in 2015 and 2016.
The average take-up rate for all condominium units in the area was around 82%. That is very high for the Thon Buri side of the river, where condominiums historically have taken a long time to sell out because mass transit was limited.
The single skytrain line crossing the Chao Phraya River only began to take shape nine years ago. But after the Blue Line is operating, the area along Charan Sanitwong Road will become more interesting.
Both sides of Charan Sanitwong Road in the past were occupied mainly by shophouses but some plots have been developed into other property projects.
Land prices in the area have doubled in recent years as developers compete for good sites.
Prices of 300,000 baht per square wah are common and plots closer Blue Line stations may cost at least twice that amount.
Condominium selling prices reflect the higher costs, with unit prices exceeding 100,000 baht per square metre in some projects launched in the area. But the average take-up rate of higher-priced units tends to be lower than for units costing less than 100,000 baht per sq m. Therefore, many developers are being cautious about pricing.
Although land prices have increased a lot, the average condominium price in the area is still a modest 82,000 baht per sq m, and many units priced below 80,000 baht per sq m are still available in the market.
New condominium projects are continuing to appear along Charan Sanitwong Road, though the pace has slowed from 2015-16. Future launches will depend largely on economic conditions, but the operation of the Blue Line in the future will change the condominium market in the area.
Surachet Kongcheep is a veteran local property market expert. He can be reached at firstname.lastname@example.org