While we’re conditioned to believe Sukhumvit is the only true warrior in the quest for real estate dominance among Bangkok’s neighbourhoods, we’ve been proven wrong.
Knight Frank Thailand have their sights set on Taopoon-Bangson in Bangsue, which now boasts the hottest real estate potential in Bangkok, reports Dot Property.
Condo developments are popping up left, right and centre in the area with total supply currently standing just below 11,000 units – over 80 percent of these have already been sold as buyers are recognising the potential of the area and snapping them up.
Bangsue is destined to become one of Bangkok’s biggest hubs for transportation, with future transit plans seeing it taking a central position as a BTS and MRT station, as well as an important terminal for the high speed rail links to Chiang Mai, Hua Hin and Nong Kai.
It’s not just transportation that’s behind the growth of the area either; Phanom Kanjanathiemthao, managing director of Knight Frank, believes there’s plenty of scope for business expansion in the Taopoon area with a large plot around Bangsue Grand Station prime for attractive development.
The plan right now for the 305.5 Rai plot is a multi-purpose development comprising a hotel and restaurant zone, a commercial zone and a residential zone, as well as serving as a connection point between the BTS, MRT and Bangsue Grand Station.
Average selling prices of condo units in Taopoon have risen from ฿66,363 (US$1,850) per square metre in 2011 to ฿88,000 (US$2,470) today, with prices continuing to rise. When the transportation projects are slated to complete in 2019, Knight Frank expect average prices to reach anywhere between ฿120,000 to ฿150,000 (US$3,360 to US$4,200) per square metre.
And the Taopoon, Bangsue area is just one of the locations along transportation lines that is getting set for a growth spurt: The Nation have found that almost 50,000 condo units will be built along the new purple line from Bang Sue to Bang Yai between 2015 and 2018, worth over ฿100 billion (US$2.8 billion) in total.
Featured image is a rendering of the future Bangsue Grand Station and is via Unique Engineering and Construction