The Metropolis Samrong Interchange worth 5 billion baht will be developed on an eight-rai plot near Samrong BTS station, a future stop along the Bearing-Samut Prakan extension line.

Metropolis Properties Co, a company owned by machinery producer Wongwaiwit Machine Tools Manufactory Co, plans to develop a condo project over the next two years on its parent company's land in Samut Prakan.

Chief executive Chalermchai Wongwaiwit said the 16-rai plot had potential for condo development because of its location near the skytrain extension from Bearing to Samut Prakan.

The project will be on land near Pak Nam station where it currently has a factory.

"A mass transit line that is expanding to this location raises the potential of the land plot," Mr Chalermchai said. "A factory in this location cannot expand due to high land costs. It needs to relocate to another location."

Phanom Kanjanathiemthao, managing director of property consultant Knight Frank Chartered (Thailand), said the mass transit system had driven condo development from the Bang Na district to Samut Prakan.

Over the past five years, the number of new condo units launched in locations from Bangchak station to Samut Prakan has totalled about 15,900, with a sales rate of 73%.

Last year alone, about 4,000 units were launched, driven by construction progress of the skytrain extension line from Bearing to Samut Prakan that is scheduled to be completed in 2018.

Condo unit prices have risen 7-10% per year to more than 100,000 baht per square metre for a high-rise condo on main roads and 75,000 baht for a low-rise or eight-storey condo on a soi.

Land prices in Samut Prakan along the skytrain extension line have nearly doubled to 300,000 baht per square wah over the past three years since construction began, said Mr Phanom.

Metropolis Properties is also developing The Metropolis Samrong Interchange worth 5 billion baht on an eight-rai plot near Samrong station, a future station along the Bearing-Samut Prakan extension line.

The project comprises two phases. Phase one totalling 1,056 units is already 58% sold after its launch in March. Phase two with 714 units will be launched later this year.