The extension of the Green Line mass-transit system from Bearing station all the way to Samut Prakan has opened further opportunities for property development along the southern reaches of Sukhumvit Road.

The condominium market in particular is expected to become more active, with Bearing already well established and the areas around three newer stations -- Samrong, Pu Chao Saming Phrai and Erawan -- seeing increasing activity.

A total of 24,877 condominium units can be found along the southern Green Line, with many concentrated near the Bearing station which has been open since 2011. Developers who have been tracking the progress of the extension to Samut Prakan have been busy looking for good sites, which has driven up land prices in areas near new stations to around 300,000 baht per square wah, compared with 100,000 baht a few years ago.

Around Bearing station alone, a total of 13,680 condo units have been built in recent years, and the number may be higher if projects in smaller roads or sois nearby are included.

Most of the condominium projects in this area are low-rise buildings, only seven or eight floors, given the height restrictions in effect for narrower roads and sois. High-rises are only seen on or close to Sukhumvit Road itself. The average take-up rate of all condominium projects in the area is around 85% and the average selling price is around 80,000 baht per square metre.

The area around Samrong station is attracting many developers as it will be an interchange station between the Green and Yellow lines in the future. Supporting facilities are good, similar to the area around Bearing.

There are 5,513 units in the Samrong area, 68% of which have been sold for an average of 73,000 baht per sq m. However, many buyers still prefer being closer to the Bearing station if prices are not that much higher than at Samrong.

The area around Pu Chao Saming Phrai station is home to only 2,175 condominium units but sales rates have been high at around 80%, and some projects launched in 2018 sold out quickly. The average selling price was around 73,000 baht per square metre. Lower-priced units in this area are popular, but for buyers with slightly more to spend, being close to Bearing station is more desirable if they can find a unit within their budget.

Development has been slower around Erawan station, with some launches postponed earlier because of low take-up rates and a lack of supporting facilities relative to other stations. However, as the rail line took shape and new condos started going up, aggressive marketing and promotion campaigns resulted in sales that were dramatically higher than the past. There are now around 3,509 units in the ares and the average take-up rate has been around 90%, helped by reasonable prices averaging 70,000 baht per sq m.

Now that commuters can ride all the way from Bearing to Samut Prakan, more condo development is expected to follow. Marketing campaigns for recently completed projects have been successful, and have also helped improve sales at projects that were launched two or three years earlier.

Surachet Kongcheep is a veteran local property market expert. He can be reached at surachet.jock@gmail.com