Locations along mass transit lines under construction are expected to remain popular with condo buyers and developers in 2015, led by Nonthaburi and Thon Buri, where the Purple Line and Blue Line will be up and running within the next two years.
Samma Kitsin, director-general of the Real Estate Information Center (REIC), said Nonthaburi would continue to be the most popular location for condo supply and demand among Bangkok’s five neighbouring provinces.
A key driver is attributed mainly to the Purple Line linking Bang Sue to Bang Yai, with construction 96% complete and a test run scheduled by August.
By mid-2015, the CentralWestGate shopping centre developed by CPN will open on a 100-rai site in Bang Yai.
“Condos are more popular among homebuyers because unit prices are more affordable than low-rise units in the same location and they are usually located closer to mass transit stations,” Mr Samma said.
He predicted the number of condos being launched in 2015 will total more than 70,000 units, up from around 68,000 in 2014, as there will be more mass transit lines.
As of the end of June 2014, Nonthaburi had the second-largest condo supply with 29,848 units from 45 projects worth a combined 63 billion baht, behind Bangkok with 130,754 units from 272 projects worth a combined 455.65 billion baht.
Of the units in Nonthaburi, 8,906 units worth 18.9 billion baht remained for sale — a sales rate of 70%. The province’s Muang district recorded the largest number of condo supply with 18,813 units.
Bangkok’s Thon Buri district has great potential as the Blue Line from Hua Lamphong and Bang Sue to Tha Pra and Bang Kae will boost locations such as Phetkasem Road.
In 2014, Thon Buri was ranked 14th for condo supply with 5,486 units. However, it recorded the fourth-largest number of unsold units at 2,699.
Despite some locations in Thon Buri already being served by the skytrain, overall sales near stations remained low at only 38%, with the largest number at Wutthakat station.
Two years ago, REIC warned of oversupply in Bangkok’s Huai Khwang district, but the retail sector helped absorb condo supply.
Surachet Kongcheep, associate director of research at property consultant Colliers International Thailand, said locations along Ratchadaphisek Road were expected to become bustling because very few projects have been launched in recent years.