The prices of land along the Purple mass transit line is going up with the areas near its terminal at Tao Pun topping the rise.
The Agency for Real Estate Affairs (AREA), a research and consultancy firm, said in its latest report that the Purple Line from Tao Pun to Bang Yai had pushed up land prices along the 23km route by almost 10% on average last year.
The area around Tao Pun station saw the most expensive price tag with the market price of 250,000 baht per square wah last year, a 15% jump from 2014.
The cheapest plots were at the end of the line near Khlong Bang Phai station in Bang Yai district in Nonthaburi, with the average price per sq w at 85,000 baht last year, still increasing almost 10% from a year ago.
Land prices near Bang Rak Yai station saw the smallest increase, by 8.5% to 99,000 baht per sq w.
Property developers are building estates and condominiums on expectations that the Purple Line will lure new buyers to the areas where the train passes.
The Purple Line, owned by the Mass Rapid Transit Authority of Thailand (MRTA), will officially launch its service on Aug 12 this year to celebrate the birthday of Her Majesty the Queen. Free ride is planned for June and July during the trial run.
It will directly connect the underground train to Hua Lamphong if the rail link between Bang Sue of the underground train and Tao Pun of the Purple Line completes.
Ticket prices for the Purline Line start from 14 to 42 baht. The MRTA will charge 70 baht for riders who go all the way from Bang Yai to Hua Lamphong.
AREA president Sopon Pornchokchai warned buyers of condominiums along the Purple Line to be cautious because the high commuting cost and a long distance to central Bangkok could make the locations less attractive.
But the Purple Line will urbanise the areas with business potential in the longer term, he added.