Tiwanon could be the next Bangkok property hotspot if the latest report from a real estate firm is to be believed.
We have written before about the potential of nearby Taopoon as a long-term “gamble” for property investors.
We sat “gamble” because the potential is reliant on growing infrastructure, and anyone familiar with the cancellation of the High Speed Rail link between Singapore and Kuala Lumpur will know that nothing is certain in life.
Many thousands of property investors, mostly from Singapore, invested in Johor Bahra and Iskandar in Southern Malaysia on the promise of the rail line, which was cancelled following the recent general election in Malausia.
Back to Thailand, and Phanom Kanjanathiemthao, Managing Director of Knight Frank Thailand, said that the launch of the Purple Line train service in 2016 has already strengthened the Tiwanon area, making it more attractive.
Along with the increased connectivity of the Purple Line and Blue Line in August 2017, the Tiwanon area has emergied as a transportation hub, giving even more convenience for commuters traveling to and from Bangkok and Nonthaburi.
Eventual connectivity between the Purple Line, Pink Line and Brown Line to the Bang Sue Central Station project is also key to the future potential of the area.
Tiwanon has already transformed into an attractive area for many real estate developers targetting consumers looking for condos near the city, as well as investors who wish to gain rental income or resale profits.
The Knight Frank study looked at the Tiwanon-Bang Sue from Ngam Wong Wan Soi 17 to the Nonthaburi Government Centre, Liang Muang Nonthaburi Road, Pibulsongkram Road, Pracharaj Sai 1 Road, Pracharaj Sai 2 Road, and ending at Prachachun Road.
It found the supply for condos in Tiwanon and Bang Sue back during 2009 was just 976 units, and this has increased steadily.
At the end of the 1st quarter in 2018, accumulated supply stood at 35,400 units.
The greatest increase in supply was seen in 2014, which 9,425 coming to the market. Since then, new supply decreased steadily due to lower demand and a lack of mass-transit connectivity.
Knight Frank said that from January until May 2018, the condo market in this area bounced back/
It said there were 2,029 units entering the study area, from two large scale developments.
These were Niche Pride Tao Poon-Interchange, marketed by Knight Frank with 742 units, and Sansiri’s The Line Wong Sawang with 1,287 units.
According to Knight Frank, average sales rates for both projects is now at 50 percent.
As for pricing, Knight Frank reported average asking prices in the area were THB 112,500 baht per sqm.
In its summary, Knight Frank said that Tiwanon is an area that is expected to have even more potential in the future due to the development of transport systems.
“Tiwanon is a good choice for those who wish to invest for the future. It is also a solid option for those wishing to reside near the city with accessible and convenient transportation modes,” it concluded.