PEOPLE from neighboring countries are increasingly investing in condominiums in Ratchadapisek area because they see this zone’s potential of turning into Bangkok’s new central business district especially when Southeast Asia’s tallest skyscraper Super Tower is completed in 2019, Phanom Kanjanathiemthao, managing director of Knight Frank Thailand said yesterday.
Aside from Thai investors, this area is currently attracting property buyers from China, Singapore, Malaysia and Hong Kong who see the added value should it turn into the new CBD as it already has several grade A office buildings.
Standing 615 meters tall with a total of 125 floors, Super Tower is being developed by Grand Canal Land Plc and is within its Grand Rama 9 mixed-use site.
Once completed Southeast Asia’s tallest skyscraper will certainly dwarf the others in Bangkok such as 314-meter MahaNakhorn with 77 floors, 304-meter Baiyoke II Tower with 85 floors, 258-meter River South Tower with 74 floors and 227-meter Empire Tower with 62 floors.
“Ratchadapisek is the new CBD, which has developed a connection with the Sukhumvit area. It is an area that garners much attention because the prices are not very high compared to the Sukhumvit area.
“It also provides convenient transportation options via multiple transport modes, including connection to the MRT station of Sukhumvit Road, which is just a few stations away.
“It is considered to be a new and important business district with high growth expectations, home of many offices, good infrastructure and a complete range of services.
“The prices of condos in Ratchada increases at a rate averaging 5% per year, up from 98,000 baht in 2011 to 127,000 baht in the current year; however, there are some projects that are priced up to 150,000 baht per square meter,” Mr Phanom said.
There have been very few launches in Ratchadapisek area with only three projects introduced in 2015 with a total of 2,280 units while this year just two have been unveiled with altogether 592 units.
“This stems from a lack of available land for development. The land supply is scarce and the current price of land on Ratchadapisek Road is expensive, costing more than 600,000 baht per square wah,” he added.
However Amaranta Development Company yesterday launched a new premium grade low-rise condominium, Amaranta Residence, on 1.2 rai of land in Ratchada-Huay Kwang area with there being a single eight-storey building with altogether 159 units. There are 117 one-bedroom units of around 30 square meters and 42 two-bedroom units covering 55 square meters.
TOP: An artist’s rendering of Super Tower which will be the tallest building in Southeast Asia when completed. Photo: Grandcanalland.com
BELOW: Mr Phanom says Ratchada is the new CBD.
By Thai Residents reporters