The St. John Group, owner of Salan Development Co., Ltd., continues to expand in the market, developing a prime property of almost 6 rai in northern Bangkok for their Poly Place Condo @ Phahol Yothin 23. Under the concept of “a fusion of urban living,” the project is located on a prime piece of downtown Bangkok land, the last of its kind in the northern part of the city. It is adjacent to SCB Park on Paholyothin 23, affording convenience in travel with easy access to the Green Line and Red Line trains as well as the Don Mueang Tollway. The project is ready to launch its sales phase on 4-5 March 2017 at the sales office of Ploy Place Condo. Pre-Sale prices start from 1.8 million baht*, with expectations of good feedback, given its superior product specifications and location, compared to its competitors (on 27 February at Centara Ladprao).
Chainarong Monthienvichienchai, Chairman of Salan Development Co., Ltd., said, “Currently, the price of land in the Paholyothin area, from the 5-way Ladprao intersection which is a transportation hub of northern Bangkok, has soared higher. Also, progress in the construction of the Green Line has enlivened and brought a surge of growth to the area, especially the stretch of road to Major Paholyothin. It can be clearly seen that the area is shifting from residential spaces to more commercial areas. The Company, located in the area, has accumulated land as assets, which are growing in value each day. Recently, we decided to go ahead with the development of Poly Place Condo @ Pahol Yothin 23. The concept design of the project is based on the need to make Poly Place Condo more than just a residence. Every day should be relaxing. We have given priority to common areas, with more than one rai of greenery in the Urban Tropical Garden. Also, a Club House offers facilities that meet the needs of a new generation of residents. The target buyers are working professionals in the Ratchayothin, Phaholyothin, Vipavadee and Ladprao area who desire a first home of their own, as well as people looking for a condo for investment purposes.”
Following the concept of The Urban Harmony that allows you to experience the blend of city life and nature, Poly Place Condo @ Pahol Yothin 23 comprises three 8-storey buildings, with a total of 553 units. With an investment of more than 800 million baht, unit sizes start at 29 to 58 square metres, and full amenities include a saltwater Infinity Edge swimming pool and a well equipped gym amidst a lush garden setting of over 1 rai. The latter is a project highlight that meets the needs of residents. Location and facilities are unrivalled in the area, compared to other low-rise buildings. There are two access points to the property, Vipavadee 32 and Paholyothin 23, plus close proximity to the Paholyothin Station 24: BTS Green Line (which is the train extension from Chatuchak). With prices starting at just 1.8 million baht, this project offers great value, compared to others in the market.
Moreover, the executive also revealed, “As we know, in the future, the neighborhood will house the Central Station Complex of Bang Sue, a huge transport hub that is likely to become the new CBD. This demonstrates the very high potential of the area. Knight Frank Charter (Thailand) represents us in the management of sales and marketing. At first, before the presale phase, we sold units to internal customers and we only promoted the project at booths in various locations. Nonetheless, the market reception has been very good, with sales of over 40%. And we will launch the PRE-SALE on March 4 to 5 at the offices of Poly Place condo where we expect a very good response.”
Mr. Phanom Kanjanathiemthao, Managing Director, Knight Frank Thailand Co., Ltd., revealed that the real estate market in the Ladprao – Chatuchak – Kaset – Paholyothin area has the liklihood of positive growth. The existing supply in the market is small, and there is little left to sell. This is because few projects were launched last year. In 2016, the new supply consisted of only 570 units, which added to the existing available supply of around 2,000 units and around 2,000 to 3,000 resale units. At the end of 2016, the supply in the area was about 24,900 units. There were approximately 22,800 units already sold, representing a cumulative sales rate of 91.5 per cent, which is considered to be high. This is likely a result of the public transportation development of the Green Line Extension of Mochit-Khukhot that is expected to launch a trial service at the beginning of 2020.
Figure 1: Supply and New Supply of Condominium Market in Ladprao – Chatuchak – Kaset – Paholyothin – Vipavadee Area, 2009-2016
Source: Knight Frank Thailand
Figure 2: Supply – Accumulated Demand and Sales Rate of Condominiums in Ladprao – Chatuchak – Kaset – Paholyothin – Vipavadee Area
Source: Knight Frank Thailand
It was found that, at present, the price of a newly launched condominium in the area had an average sales price of 118,146 baht per square metre. When looking at projects launched within the past three years, the average sales prices increased every year. This is due to the fact that more Grade A condominiums were launched in the vicinity of Chatuchak Park.
Figure 3: Price Levels of Newly Launch Condominiums in Ladprao – Chatuchak – Kaset – Paholyothin – Vipavadee Area (Baht per Square Metre)
Source: Knight Frank Thailand
Mr. Phanom added that the potential of the area lies with the promising development and expansion of commercial projects such as the current Metro Green Line Extension project. In addition, there is the development of State Railway of Thailand land in the Nikom Rotfai Km. 11 area, which will see a mixed use project comprising office buildings and a new conference and international exhibition centre, Thailand’s largest such facility, as well as the Treasury Department’s commercial land development project in the Mo Chit Skytrain station area. The latter is in the process of contract re-negotiations with the concessionaire, with plans to further develop the area. And the area of 30 rai opposite to Dan Neramitr is to be developed by Grand Canal Land Public Company Limited and BTS Group Holdings Public Company Limited. All such endeavours result in the great potential for the residential real estate market. Coupled with a market with a small supply as well as limited available land for development, there is an opportunity for investors to buy units in the area for investment and for residential purposes. The pricing trend is likely to continue to increase in the future.
