One Bangkok real estate firm has highlighted the Phoholyothin and Pradipat areas of Bangkok as being the latest potential hotspot for development.
Nexus Property Marketing said offer prices in the areas are lower than nearby areas on Phaholyotin Road, while commute times and living standards are not too different.
Nalinrat Chareonsuphong, the Managing Director of Nexus, said urban growth in recent years has increased development potential in these areas.
Currently, she said that land prices are between THB 600,000 and THB 800,000 per sq wah while land prices in some adjacent neighbourhoods can be as much as THB 1.2 million to THB 1.5 million per sq wah.
According to the firm, average condominium prices in the Phaholyothin and Pradipat areas are currently around THB 170,000 per sqm, lower than the THB 218,000 per sqm average prices on the main Phaholyothin Road from BTS Saphan Khwai to Victory Monument.
Nonetheless, she said that both locations have similar environments in terms of road size, transportation links and infrastructure.
For condominiums in nearby Ari, average prices are THB 154,000 baht per sqm because most projects in Ari are low-rise condominium.
Nexus noted that the Phaholyothin and Pradipat areas can be accessed via several roads and several mass-transit options.
The distance to the nearest BTS stations, Saphan Khwai and Ari, are the same when compared with projects located between the BTS stations.
The surrounding area boasts more than 10 department stores and community malls, two large schools, six hospitals, seven government agencies, office buildings, restaurants, cafes and convenience stores.
Nexus reported there are currently three projects under construction within the potential hotspot area that are set to be completed in 2020.
One significant project that will impact the whole area is the development of Bang Sue Grand station.
According to the Transit Oriented Development Plan, the development on the 218 rai site that is currently 50 percent completed aims to become ASEAN’s new railway transportation hub.