Bangkok--29 Oct--Fragrant Property
Fragrant Property disclosed the survey of properties and land price on New Phetchaburi Road; it was found that the price has tended to rise steadily, thanks to development of public utilities and transport.
Besides, the price increase resulted from the expansion of real estate business from Sukhumvit Road and Sathorn Road, which are considered the Central Business District (CBD); the property price in these areas has been soaring despite economic crisis.
James Duan, Fragrant Property’s Chief Executive Officer, viewed that at present the land price in the CBD has been sharply adjusted up with no tendency to decline in spite of economic crisis. The reason was that the amount of land in such area is rather limited and most of it is held by private party that will not rush to sell if the price is not high enough.
Therefore, there was a signal of project-development expansion into neighboring places, especially those with convenient transportation. For example, the price of land on Makkasan road stood at 200,000 baht/sq wa in 2006, hiking to 300,000 baht/sq wa now; the price is even higher in some areas such as those nearby the Airport Link station.
According to the survey, it was found that the area on New Phetchaburi Road, starting from Makkasan intersection to Khlong Tan intersection, see 5 condominium projects worth 13 billion baht in total. Some of them have already been launched officially and some are in progress of development expected to be completed by the end of 2010 and 2012.
Those projects consist of 2,755 units with price starting at 1.8 million baht per unit. The price per square meter is in range of 79,000-110,000 baht.
Previously some property exports and analysts revealed that demand for land along the Airport Link project, especially on New Phetchaburi Road (particularly at the Makkasan intersection and Asok-Phetchaburi intersection), was very active, resulting in rising land price.
Such area saw not only the residential projects but also the hotel projects serving tourists and investors. There are several land plots which are in process of sale negotiation. It is believed that in the next one or two years there will be at least 1,500 residential units developed there.
“Regarding condominium price in this area, it was found that the projects nearby the electric train stations, Makkasan station, and Asok intersection have higher price than others’.”
“Although some people remark that New Petchaburi Road is full of old commercial buildings and entertainment clubs, it should be noticed that such 5 new projects aim at target customers in high-end market and the launches of such projects saw good response from them.”
“Therefore, we expect that soon the image of New Petchaburi Road will change definitely, especially when the Airport Link railways open officially in the middle of next year.”