Mass-transit lines keep up development

Mass-transit lines keep up development

Locations near existing and new mass-transit lines will continue attracting residential demand next year despite a sluggish economy and weak property market in the middle and low-end segments.

Phanom Kanjanathiemthao, managing director of property consultancy Knight Frank Chartered (Thailand), said demand remained strong in the inner city and locations along the current and new mass-transit lines thanks to limited land supply for new development.

"But unit prices should be affordable for target demand," he said.

One location with much condo supply remaining is along the Purple Line, with some 30,000 unsold units in a market of 100,000 units.

"If no new supply is added in the next two years, these unsold units will eventually sell," Mr Phanom said.

Chalermchai Wongwaiwit, chief executive of developer Metropolis Properties Co, said his company would next year launch a project in Samut Prakan's Pak Nam area, as the skytrain extension from Bearing station was nearly completed. The new project will be located on 16 rai and have a total sales value of 8 billion baht.

After launching The Metropolis Samrong Interchange and recording 80% sales in the first phase, the company's second phase will have 550 units worth 2 billion baht opening late next year as the two new skytrain stations start operation.

Seeing strong demand for low-rise units, Metropolis will launch the last phase of Villa the Nakarin single-house project in the On Nut-Ring Road area with 40 units priced above 10 million baht. Knight Frank reported 2,000 single houses priced 10 million baht or more launched in this area from 2011-15, with only 254 unsold.

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