“Lumpini Wisdom” points out that “Chaengwattana-Ratchaphruek-Kanchanaphisek” 3 prime locations for residential development with price ranges starting from 10 million baht, responding to the potential of location, transportation and environment.
Mr. Praphansak Rakchaiwan, Managing Director of Lumpini Wisdom and Solution Co., Ltd., a real estate research and development company affiliated with L.P.N. The price level exceeds 10 million baht, with a continuous growth rate. In 2022, there were 93 housing projects priced over 10 million baht in the Bangkok-perimeter area, amounting to 7,077 units, accounting for 13.7% of the number of open units. new project of all residential homes in the Bangkok-perimeter area, amounting to 51,660 units, or approximately 141,886 million baht in value, accounting for 44% of the total launch value of new residential projects of 322,308 million baht, with an average sales rate on the opening date. The average project 30%”, when compared to the number of project launches and the sales rate of residential houses with a price of 10 million baht or more on the launch date at 30%, which is a higher sales rate than the average of the total housing sales that have The average launch-day sales rate across all price levels of 12% reflects that. The purchasing power of houses priced at 10 million baht and above has a very high proportion compared to houses priced below 10 million baht, “said Mr. Praphansak.
While the launch of a new residential project in January 2023, it was found that there were 6 residential projects launched at the price level from 10 million baht in the Bangkok-perimeter area with a total value of 225 units, worth 4,309 million baht 92% of all launches are detached houses and 8% are townhomes, with an average sale rate on the launch date of the project at 8%. Residential projects at the price range from 10 million baht are attractive, taking into account the factors of transportation routes. facilities and green area Under the concept of living with good hygiene (Wellbeing), it was found that Chaengwattana, Ratchaphruek and Kanchanaphisek Road areas. It is an ideal location for the development of residential projects in the price range from 10 million baht.
Mr. Praphansak said that the Chaengwattana location It is a location with facilities that meet the needs of living. Easy to travel by expressway and the Pink Line Which is expected to open for service in 2023. In addition, Chaengwattana is a new emerging area that is developing rapidly or Emerging Area with office buildings. department stores, hospitals, schools and is the location of the government center causing the demand for a variety of housing types From the survey results, it was found that Chaengwattana has a cumulative number of housing units launched from 2017-2022 at 12,325 units, of which 15% are residential units and 85% are condominiums. There are about 3,000 units left for sale, with a housing sales rate of 3.1% per month and a condominium sales rate of 5% per month. As a result, the land price level has increased 12.5% higher than the appraised value, causing the housing price level in this area to have an average selling price increase of 15-20%. At about 7-8% Currently, Chaengwattana area has a total of 285 units of houses for sale, 213 units have been sold, and only 72 units are left for sale at a price of about 5-7 million baht. seen as a location with high purchasing power especially residential in the form of single-detached houses and townhomes
while the Ratchapruek location It is considered a new business center (New Central Business District) with convenient transportation routes, especially the route of the Purple Line. (Khlong Bang Phai – Tao Poon) that connects to 4 other electric train routes, namely Pink Line (Khae Rai – Min Buri), Light Red Line (Bang Sue – Taling Chan), the Blue Line (Hua Lamphong – Bang Sue), Purple Line Extension (Tao Pun – Rat Burana), including the Si Rat – Ring Road Expressway Chaengwattana Expressway and Srisamarn Expressway In addition, the surrounding environment has facilities that respond to the lifestyle of the new generation, including shopping centers, hospitals, educational institutions, office buildings. The growth of Ratchapruek location As a result, the land price level has continuously increased from the price level of 80,000 baht per square wah. adjusted up to an average of 100,000 baht per square wah The housing price level has been rising steadily over the past 10 years.
from such growth trend The results of the survey of “Lumpini Wisdom” found that there are 9 residential projects priced at 10 million baht or more, totaling 820 units, with a total of 502 units being sold, accounting for 61% of the total sales. The average sales rate is 3.1 units per month per project. From the number of remaining units, it is expected that the selling period will not exceed 13 months, with the best-selling homes priced at 10-30 million baht per unit. While the demand for housing in this location is still high. Therefore, it is an opportunity for real estate developers to develop residential projects with prices ranging from 10 million baht in this location. while the location on Kanchanaphisek Road (West Outer Ring Road) is a location that has grown in the transportation system with the Purple Line electric train. and Kanchanapisek Road It is the main road that connects to the city center of Bangkok. At the same time, there is also a large shopping center in the area. and facilities including hospitals, educational institutions that meet the needs of people of all ages At present, there are 4 residential housing projects with prices starting from 10 million baht, with a total of 432 units available for sale, of which 66 units have been sold, representing 15% of the total number of units sold in that location.
“All 3 locations are locations that have developed transportation systems. and investment in the development of shopping centers office building Including complete facilities. Therefore, it is a location that meets the needs of buyers, especially buyers who are families who live together for many generations, while the land prices in these 3 locations are still adjusted. Not very high compared to the central location. Therefore, it is an opportunity for real estate developers to invest in residential project development and at the same time it is an opportunity for buyers to buy a house at a reasonable price in a potential location,” said Mr. Praphansak.