Mr. Phanom Kanjanathiemthao, Managing Director of Knight Frank Thailand, revealed that Taopoon-Bangsue is transforming into the largest mass transit hub in Thailand, which is expected to be completed in 2020. It will also become a new business centre in Bangkok, especially as it connects the MRT Blue Line at Bangsue Station with the Purple Line at Taopoon Station since the end of 2017. This has greatly boosted the attractiveness of the residential area in Taopoon-Bangsue, further augmented with plans to develop over 300 rai around the station into a Transit Oriented Development (TOD) that encompasses mixed-use developments. In the future, there will be up to four train lines that connect at Bangsue Station: Blue Line, Purple Line, Dark Red Line, and Light Red Line. In addition to these four train lines, Bangsue Central Station will also be the originating station for two high speed rail lines: Bangkok-Chiang Mai (670 km.) and Bangkok-Nong Khai (615 km.); it will also serve as a connecting point for five Airport Rail Link stations, from Phaya Thai Station to Don Muang Airport and Suvarnabhumi Airport. In addition to the mass transportation development, there will also be the development of a new parliament building, which will bring about further infrastructural developments in the future such as a new bridge crossing the Chao Phraya River, roadway expansions, and new roads. Also, the area will benefit from the development of a new shopping complex, “Gateway Bangsue”, which is just 650 metres from Taopoon Station. Expected to open this year, the complex boasts an investment value of 4 billion baht and 40,000 square metres of retail space.
Bangsue Central Station (Paholyothin Transportation Centre) will also be developed as a Smart City, comprising a range of amenities, digital infrastructure, and energy-related infrastructure. At present, the Office of the National Economic and Social Development Board (NESDB) has assigned ministries and other related government agencies as well as domestic and international private enterprises to support the Smart City endeavour. This would enable the improvement of the quality of life for Bangkok residents. In terms of the development of condominiums in Taopoon-Bangsue, from 2009 to the end of the 4th quarter of 2017, there were 30,200 units in the total accumulated supply, which had an accumulated take-up rate of 90%.
Table 1: Demand, Supply and Take-Up Rate of Condominiums in Taopoon-Bangsue Area
Source : Knight Frank Thailand
Presently, the average selling price per square metre for grade A condominiums that launched in the Taopoon-Bangsue area is approximately 117,000 baht. The highest average selling price was up to 134,000 baht per square metre. Each project is situated within 300 metres from the Taopoon train station. Such condominiums offer buyers another residential choice apart from the grade A condo offerings in the nearby lower Paholyothin to Ratchayothin areas; condominiums in the latter currently command an average selling price of around 162,000 baht per square metre, with the highest price being 218,000 baht per square metre. This represents a price that is up to 40% higher than those in the Taopoon-Bangsue area.
Table 2: Average Selling Prices per Sqm of Grade A-B Condominiums in Taopoon-Bangsue and Paholyothin-Ratchayothin
Source : Knight Frank Thailand
The condominium market in Taopoon-Bangsue will benefit greatly from many positive attributes from the development of Bangsue Central Station, Smart City, and Transit Oriented Development (TOD) in the future. The integrated transportation network that connects many train lines enables convenience in travel into the city. The trend is that prices are likely to increase significantly in line with steadily increasing demand for condominiums as well as rising land prices.
The “Niche Pride Taopoon-Interchange” project is a distinct development in the area, created to stand out. The units are fully furnished per standard specifications from Japan. The furniture is of the GEO Fit+ design, which has been specially designed to maximize functionality of every square inch in the unit. Moreover, the design allows for flexibility in changing the functionality, transforming the space into a Working Zone or Relaxing Zone to best align with the needs of the resident (My Select Area). Overall, the development features great value and best aligns to the qualities of the immediate area, a centre of future prosperity. Pre-sales prices begin at just 3.2 million baht. Also, register and receive an instant discount of 200,000 baht at the pre-sales event taking place on 10 March 2018 at Niche Pride Taopoon-Interchange.
