International real estate consultant CBRE believes demand will soar this year for land in previously overlooked areas of Greater Bangkok, Thailand, singling out Charoen Nakhon Road on the Thonburi side of the Chao Phraya river.
It predicts that area will become a real estate “hotspot” on a par with the central business district (CBD).
CBRE Thailand managing director Aliwassa Pathnadabutr cited several key factors, such as the availability of large amenities and utilities and the opening of the Iconsiam shopping complex.
Charoen Nakhon is also close to the Sathorn and Silom CBD, and will soon have the added connectivity of the BTS Gold Line (Krung Thon Buri-Khlong San District Office-Saphan Phut), while the Saphan Taksin BTS station will be renovated with two platforms and a double track.
The main attraction of the Charoen Nakhon area is the prices of its high-rise, high-end residential projects – less than half those of similar projects in the CBD, Aliwassa noted. The average selling price is in the range of 100,000-150,000 baht ($3,200-$4,900) per square metre.
A CBRE survey found that buyers would prefer to live close to nature and those living in small units want open views.
A river view thus adds value to high-rise residential developments in the area, as do the local communities with old culture and temples and the street food.
Another factor making Charoen Nakhon a hotspot is the relocation of the Ministry of Interior to the riverside on Charoen Nakhon Road, which suggests a trend in residential development on the road in the next three to five years.
Aliwassa pointed out that Charoen Nakhon does not have an oversupply of high-rise residences, and that convenience is steadily improving with the addition of the Gold Line and more transportation routes by car, rail and boat. The Phra Buddha Yod Fa Bridge, Taksin Bridge and Krung Thep Bridge crossing the river are close by.
“Charoen Nakhon is a new location for condominium investment since prices are likely to rise further. We have seen price increases in many condominiums previously launched in the area.
“It is expected that the competition in this location will be intense from the beginning of this year onwards,” she said.
THE NATION (THAILAND)/ASIA NEWS NETWORK