Anyone who has wondered at the massive construction taking to the skies that will be the Bangsue Central station will understand how important it will become in terms of northern Bangkok’s future development.
The connectivity of the MRT’s Blue Line between Bangsue and Tao Poon Stations happened during August 2017, and positively impacted the rail transportation infrastructure of Bangkok’s northern suburbs.
It has a direct link between the Blue Line and the Purple Line at Tao Poon Station, and has already boosted transport efficiency and the residential appeal of the area.
This is coupled with development plans for land surrounding Bangsue station by the State Railway of Thailand which controls roughly 2,325 rai (3.72 million sqm).
Thailand’s Ministry of Transport and Communications also plans to develop the area to become a mixed-use development, and ultimately the area will become a hub of activity for urban dwellers.
According to real estate firm Knight Frank, when the area around the station has been developed, there will be a significant number of residential developments around the station and in its vicinity to meet heightened demand for residential spaces.
From studies by the firm’s research department, other countries which embarked on Transit Oriented Development (TOD) were successful in raising values of land and property around their own large-scale mass transit stations.
In the United States values of land and property increased by 150 percent.
Knight Frank noted that any rise in value will vary from place to place, depending on environment laws, city planning, and the level of connectivity provided by the mass-transit system.
Transit Oriented Developments do mark one approach to urban development which eventually impacts ongoing real estate development.
In Thailand, plans for the commercial development of Bangsue Central Station (Phaholyothin Transportation Centre) cover 300 rai.
There will be up to four rail lines meeting, namely, the Blue Line, Purple Line, Dark Red Line, and Light Red Line. All four lines will shuttle massive amounts of people to and from Bangsue (Phaholyothin Transportation Centre), which will bring about huge changes and revitalise the immediate and surrounding areas.
Knight Frank noted that the development of Bangsue station (Phaholyothin Transportation Centre) will not only transform the Tao Poon – Bangsue cityscape, which was formerly a community residential area, but it will propel Bangsue into a very important role as a catalyst that will change the framework of property development in northern Bangkok and its surrounding areas.
Bangsue Central Station (Phaholyothin Transportation Centre) is expected to open in 2020.
It will be the largest transportation centre in Thailand as well as a trade and business hub in Bangkok.
The station will serve as a model, when appropriate, for Transit Oriented Development (TOD) for areas located around high-speed railway stations.
According to the real estate agency, many private parties feel confident about the project and have invested in the Tao Poon – Bangsue area and its vicinity.
Given the project connects the Blue Line and Purple Line, along with its future prospects as Thailand’s largest transportation centre and Bangkok’s business hub, the Bangsue area has attracted real estate projects that are currently under construction by large-scale developers, including condos and commercial projects such as Gateway Bangsue from TCC Land Asset World.
The latter is 650 metres from Tao Poon Station and has an investment value of more than THB 4 billion. When opening later this year it will boast more than 40,000 sqm of retail space.
Bangsue – Tao Poon, at least according to Knight Frank, is an area that’s worth watching from both the property investor and owner standpoints.