Sukhumvit condos still sizzling

Sukhumvit condos still sizzling

Phrom Phong, Thong Lor luxury locales

Real estate on Sukhumvit Road near Phrom Phong and Thong Lor skytrain stations look set to experience another boom.

At least 10 new high-end condo projects with unit prices of more than 170,000 baht a square metre are scheduled to be launched there this year.

Nalinrat Chareonsuphong, managing director of property consultant Nexus Property Marketing Co, said the most popular location for large developers this year would be near Phrom Phong station.

"With limited demand, luxury properties must have a unique character, privacy and a super-prime location," she said.

At least five luxury condo projects from four SET-listed developers and a non-listed firm are planned including Noble Development's building on Sukhumvit Soi 33 and SC Asset's on Soi 30.

Three projects will be located on Sukhumvit Soi 39 including a relaunch by AP (Thailand), one from Ananda Development Plc and Diplomat 39 from KPN Group. They have unit prices of 15-185 million baht or up to 400,000 baht per sq m and will be launched from Feb 6.

One duplex near Thong Lor will be called 749 Residence, with only seven units in each of twin seven-storey buildings on Sukhumvit Soi 49 and a usable area of 700 sq m, priced from 60 million baht.

Condo prices in Phrom Phong and Thong Lor average 220,000 baht per sq m on Sukhumvit Road and 150,000 baht in the sois. Prices for new projects here will surpass 250,000 and 170,000 baht, respectively.

Company research puts average condo prices in the central business district (CBD) at 142,700 baht per sq m, while the average for all Bangkok condos is 95,400 baht per sq m, up 4.5% from 2013.

Mrs Nalinrat estimates an increase of 8% per year to 180,000 baht per sq m for CBD condos and 116,950 baht per sq m for the overall condo market in 2017, up by 6-7% per year.

On the city's fringes, condo prices last year averaged 80,500 baht per sq m and will rise 10% a year to 97,626 baht in 2017. In suburban areas, the average was 63,500 baht and will increase 5% a year to 73,509 baht in 2017 due to a surplus of plots.

Other hot condo investment locations in 2015 will be Sala Daeng-Sathon-Lang Suan, the early sois of Phahon Yothin, Phetkasem-Tha Phra and Ram Intra areas, Mrs Nalinrat said.

"Ram Intra will emerge as a new location for condos, as there's no previous supply. A major driver will be the mass-transit Pink Line," she said.

Bangkok's condo supply totalled 388,000 units last year, with demand at 337,000 units, a take-up rate of 86.9%.

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