With the Orange Line project linking Thailand Cultural Centre and Min Buri scheduled to go up for bidding next year, new condo supply on Rama IX Road is surging.
At least two new projects and more than 2,000 units worth a combined 5.3 billion baht are set to be launched in the fourth quarter of this year.
Thanakorn Thanawarith, chief executive of property developer All Inspire Development Co, said bid materials on the Orange Line will be submitted by the end of this month, spurring residential demand in the Rama IX area.
According to the Mass Rapid Transit Authority of Thailand, the 39.6 kilometre long Orange Line will be comprised of two sections -- Thailand Cultural Centre-Min Buri and Taling Chan-Thailand Cultural Centre -- with a total of 30 stations.
"The Rama IX area is booming after the introduction of new office supply over the past several years," said Mr Thanakorn. "On Rama IX Road, there were two new projects launched in the third quarter with 2,080 units and a sales rate of 76%."
He said there will be strong demand for units priced lower than 2 million baht, as more than half of those working in the Rama IX, Ratchadaphisek and Asok areas have monthly salaries of 20,000-45,000 baht.
Next month the company will launch Rise Rama 9, an eight-storey condo project worth 1.3 billion baht. With four buildings, the project's 600 units are sized between 25-70 square metres and priced from 1.69 million baht.
The company by year-end plans to sign a memorandum of understanding with a foreign agent to sell two of the four buildings to foreign buyers from Singapore, Hong Kong, Taiwan and Malaysia.
Tritecha Tangmatitham, managing director of SET-listed developer Supalai Plc, said the mass transit lines would stimulate the property sector and drive demand in locations where the lines will run pass.
"Rama IX is a thriving location with office spaces, retail areas and residential projects, but available land plots for new developments are limited," he said.
"The Orange Line will drive dramatic changes in the area," added Mr Tritecha.