The Royal Thai Government, jumping on the bandwagon with many real estate agencies and developers, has highlighted the Bang Sue area of Bangkok as being one to watch for potential investors.
Agencies and developers shine the spotlight on new investment destinations on a weekly basis, however for a government to extoll the investment virtues of one particular area is uncommon.
Whilst property developers are already launching projects in the vicinity, the government said the first phase of a central transportation hub at Bang Sue (pictured) is to be open for private investment later this year.
Minister of Transport, Arkhom Termpittayapaisit, talking at the “New Bangkok: Real Estate and the Changing Bangkok” seminar, made known that a central transportation hub that is to be the nation’s largest is planned in the Bang Sue area.
The hub, set on a site of more than 2,000-rai, will be a prototype “Smart City” development with amenities built on a digital platform, and with modern power and transportation systems.
Construction of the hub will start in its Zone A, a 32-rai plot in its southern section where a logistics management office, retail center and a conference and accommodation building will stand.
The zone will address business and tourism needs to be met by the hub. The auction to invest in the project will take place at the end of this year.
The second phase, consisting of a department store, and the third phase, which is to be a commercial zone, will follow at a later date.
The area’s green zone and Chatuchak Market will be maintained with visitors expected to grow five-fold over the next 10 years.
With substantial growth in mind, some developers have been accused of forward pricing their current developments.
Prices at recently-launched projects close to the Bang Sue hub are now equal to mid-market prices in more central locations of the city.
Bang Sue will be a 40-minute MRT ride from Asoke and central Bangkok.