Another week, and another so-called Bangkok hotspot has been “revealed” by one of the Kingdom’s real estate agency.
On this occasion it’s the Petchburi, Asoke and Rama 9 areas that have come under the spotlight of real estate firm Knight Frank Thailand.
I have to say that the same firm was extolling the virtues of this Bangkok hotspot as long ago as April 2015, so investors looking at this area should understand that they will not be the first into this location.
If investment in buy-to-let properties they will also be competing against many existing units.
That said, Phanom Kanjanathiemthao, the Managing Director of Knight Frank Thailand, said yesterday that the future of the Petchburi, Asoke and Ratchada-Rama 9 area will see a large change from the many mega-projects in the area.
Knight Frank has long maintained this area will emerge as Bangkok’s new central business district.
Phoman said Grand Rama 9 Square, a mixed-use development, on the corner of Ratchada-Rama 1 Road, is reported to be the tallest building in Thailand when completed at 615 metres tall. It will have a total of 320,000 sqm of space.
The project encompasses G Tower, The 9th Towers, Unilever House, Belle Grand Rama 9 and Central Plaza Grand Rama 9 – making it one of Bangkok’s biggest mixed-used developments at the moment.
The Asoke-Petchburi intersection houses the Singha Complex, another big mixed-use complex with office space, shops and retail area of 120,000 sqm, as well as a residential condominium, The Esse, which commands average prices of THB 275,000 per sqm.
The Airport Link station area will witness Bangkok’s largest inner-city development in the future. The Makkasan Complex, which sits on more than 300 rai, will include offices, a condominium, 3- to 5 star-hotels, retail spaces, a conference centre, hospital, an international school and a railway museum.
The Airport Link station has also been designated as the gateway for the EEC (Eastern Economic Corridor) and connect to three airports – Don Muang, Suvarnabhumi and U-Tapao.
The area across from the Makkasan Complex will house the Expressway Authority of Thailand’s new offices, while Ratchadapisek Road serves as home to AIA Tower and the new Stock Exchange of Thailand headquarters.
The Ratchada-Rama 9-Asoke-Din Daeng areas provide more office and residential complexes.
In conclusion, Knight Frank said the Petchburi-Asoke-Ratchada-Rama 9 area an area worth watching in terms of its commercial and residential developments. That’s pretty much what they were saying about this Bangkok hotspot 2 ½ years ago too.