Since 2009, the section of Sathorn Road from Sathorn junction to Taksin bridge has undergone a transformation from a strip of merchant shophouses to a luxury residential area boasting condominiums with over 8,000 units, according to a recent Nation survey.
“I was born in and have stayed at Soi Suan Phlu for 48 years, I have seen many changes to this location since 2009, with more condominiums around the area,” Wipa, who remains a resident of the soi, said.
The lifestyle in this location has also changed as condominiums replaced the previously dominant shophouses. As well, the businesses have shifted to a more modern trade to replace the traditional trades.
“My friend had sold her land at the price of Bt450,000 per square wah,” she said, “and now the price for her [former] land has increased to over Bt2 million per square wah.”
With the market trend, listed and non-listed property firms are parading to launch their new condominium projects in Sathorn district, the central business district of Bangkok. Launches totalling more than Bt31 billion have been made from mid-2018 through the first half of this year, according to the recent Nation survey.
Supalai Icon Sathorn, worth Bt20 billion, is the latest project launched to market by Supalai Plc. It is priced at Bt175,000 per square metre with a starting price of Bt8.2 million per unit.
Supalai Plc’s chief executive officer Prateep Tangmatitham said the mixed-use project would feature residential along with offices, shops and complete facilities on a 12,600sqm plot, 56 floors high. The combined total of 780 residential will offer a functional area of approximately 150,000sqm.
Meanwhile, other property firms are also launching their condo projects on Sathorn Road from Sathorn junction to BTS Sathorn station.
For example, in the middle of last year Pruksa Real Estate Plc introduced the Reserve Sathorn worth Bt2.59 billion – and it has already sold out. The project offered a Bt280,000 per sqm starting price, or Bt13 million per unit. The project will be completed and transferred to customers in 2022.
Sathaporn Estate Co Ltd last September introduced its Bt1.3-billion Shade Sathorn condominium project at a Bt135,000 per sqm price, or Bt3.69 million per unit. The project is to be completed and transferred to its customers in 2021 or 2022.
The latest condo project is the Bt3.4-billion Anil Sathorn by Grand Unity Development Co Ltd. It goes for Bt260,000 per sqm, or a starting price of Bt11 million per unit.
From 2003 through 2018, a total of 8,002 condominium unites, worth over Bt40 billion, were launched for sale on Sathorn Road. Up to 95 per cent were successfully sold, according to research by property agency Colliers International Thailand Co Ltd.
Their research also found an average condominium price on Sathorn was at Bt250,000 per sqm.
Most property firms that launched sales for over Bt40 billion worth of condos on Sathorn Road in 2018 through the first half of this year have successfully sold out, Colliers local research director Pattarachai Taweewong said.
For example, Reserve Sathorn launched mid-year and has managed to already sell out. Reflecting the demand, condominium prices also increased from the pre-booking Bt280,000 per sqm to Bt300,000.
Sansiri Plc in 2017 launched the Line Sathorn worth Bt4 billion. The project combines 327 units at Bt270,000 per sqm and a starting price of Bt7.9 million. The project sold out within a day of opening up to booking. Those units now enjoy an average resale price of Bt285,000 per sqm.
Raimon Land Plc last October introduced its Bt4.2 billion Tait 12 project on Sathorn Soi 12. At Bt264,000 per sqm, it offers a starting price Bt7.6 million per unit, and reached sales of 70 per cent for the sales launched.
Sathorn Road is a prime location for residential, says Pruksa Real Estate Plc’s chief executive director of premium units. Prasert Taedullayasatit pointed to the locations many lifestyle-oriented facilities, including a hospital, university, primary school, secondary school and shopping centre.
The location also boasts both MRT and BTS transit lines, giving an added boost to demand for residential projects in the area. Meanwhile, the area’s limited availability of land for building residential drives up the price of land there, he said.
For 2018, land price around Sathorn Road were recorded at an average Bt2 million per square wah. Already, the price has jumped 10 per cent, while demand for residential in the location enjoys continuing strong growth, he said.