Property developer J.W. Real Estate Co plans to launch a new condo project worth 700 million baht in Bangkok's Don Muang district to tap strong demand from aviation industry staff.
Since Don Mueang airport resumed international flights in 2012, the residential market in the Song Prapha area opposite the airport has bounced back, said J.W. president Wisit Korworrakul.
"Don Muang district was bearish after the airport closed in 2006 following the opening of Suvarnabhumi airport," he said. "Opportunities for housing supply will be larger as there will be at least 10 low-cost airlines landing at Don Mueang airport this year."
Last year, passenger traffic at Don Mueang airport doubled from 2013. Some 7,000 people work for aviation-related businesses centred on the airport.
Those people have spurred demand for housing near the airport as a second home. Heavy traffic and scarce car parking at the airport are issues.
The new condo project on four rai in the Song Prapha area will be launched by the end of the year, on the heels of the first project called JW Condo@Donmuang.
The property investment boom is shifting to Bangkok's northern zone, Mr Wisit said, with locations in the east, west and south filling in along mass transit lines.
"The northern zone is attractive for investment, as increases in property prices in this location are not as high as in the other three zones," he said.
Land prices in the Song Prapha area rose by 30% year-on-year to nearly 100,000 baht per square wah late last year.
Launched yesterday, JW Condo@Donmuang was sold out with 80% of the buyers working in aviation careers, said Mr Wisit, 41, the youngest son of Suchart Korworrakul, who was a shareholder in Nirun Group, a veteran property developer more than three decades ago.
The complex will sit on a five-rai site on Song Prapha Road with six eight-storey buildings and 673 units sized from 24.2 square metres and priced starting at 1.2 million baht a unit.
Founded in 2003 with registered capital of 30 million baht, J.W. has developed eight projects worth a combined 3 billion baht over the past 12 years.