The Krung Thon Buri-Wong Wian Yai area is a new rising star in the condominium market thanks to its peaceful atmosphere and proximity to Bangkok's central business district (CBD).
Plus Property Co, a full-service management agency, called the expansion of public transport and railway networks a major driving force behind the emergence of new hotspots for residential property development.
The area that centres on Krung Thon Buri Road and Wong Wian Yai has become a new destination for high-rise development, with an absorption rate of 90% last year, while average condominium sales prices and rental rates have risen by 15% and 32%, respectively.
Poomipak Julmanichoti, managing director of Plus Property, said the expansion of public transport systems to connect various parts of the city had pushed potential property buyers to seek out condominiums situated close to skytrain routes for extra convenience and lower commuting expenses.
This has led to the emergence of new residential property hotspots throughout the city.
Plus Property research shows the Krung Thon Buri-Wong Wian Yai area now possesses significant potential for future high-rise development.
"In terms of demand, we're seeing higher interest in condominium development in this area. Market surveys found the average take-up rate in the second half of 2014 was as high as 79% of 9,691 available units. On the supply front, the number of available units also grew by 37% year-on-year in the same time frame, in line with the 38% growth in demand," Mr Poomipak said.
"Additionally, new projects continue to be introduced into the market. These new arrivals appear to have enjoyed an excellent reception, as our latest survey showed an absorption rate of 90%. This reflects a continuing trend in high-rise residential property growth and increasing demand for condominium projects in this zone."
And the higher demand has driven up prices.
In the second half of last year, average condominium prices increased by 15% from 2012 to 100,780 baht a square metre.
The bank of the Chao Phraya River along Krung Thon Buri Road to Wong Wian Yai now boasts an average price of 116,013 baht per sq m, while rental rates last year rose by 32% from 2013 to 441 baht per sq m or between 15,000 and 25,000 baht a month for a one-bedroom unit.
These factors essentially guarantee high demand for the area.
Krung Thon Buri-Wong Wian Yai is a long-standing commercial zone on the Thon Buri side of the river. Packed full of residents and communities, the zone is close to the heart of the city and offers convenient commuting to CBD areas such as Silom and Sathon roads.
Areas along the Silom skytrain route, which links Phra Nakhon and Thon Buri districts, enjoy particularly high growth in residential high-rises.
Growth is especially high in Wong Wian Yai, itself a business and transport hub with easy CBD access via Wong Wian Yai and Krung Thon Buri skytrain stations.
The area is also a meeting point of four major roads connecting Bangkok to upcountry or the Old Town area in Phra Nakhon.
The zone's peaceful atmosphere, proximity to the river and booming retail hub of Charoen Nakhon Road have caught the eye of those looking for urban properties along skytrain routes in Thon Buri.