Mr. Phanom Kanjanathiemthao, Managing Director, Knight Frank Thailand Co., Ltd., the sole sales and marketing agent for the project, revealed, “Demand for condominiums in the Ratchada – Ladprao area is still high. Project sales rates today are as high as 86%, with cumulative sales accounting for 31,862 units out of 36,803 units, with just 4,861 units remaining on the market. The Ratchadapisek district is located in an area surrounding Bangkok (Fringe Area) that has been the focus of many buyers, both in Thailand and from overseas, such as China, Singapore, Malaysia and Hong Kong. The latter purchase the units as homes as well as investments as they see the added value of the area as a New CBD with Grade-A office buildings, including the 125-storey Super Tower”.
Graph 1
Source: Knight Frank Thailand Co., Ltd
“Ratchadapisek is the New CBD, which has developed a connection with the Sukhumvit area. It is an area that garners much attention because the prices are not very high compared to the Sukhumvit area. It also provides convenient transportation options via multiple transport modes, including connection to the MRT station of Sukhumvit Road, which is just a few stations away. It is considered to a new and important business district with high growth expectations, home of many offices, good infrastructure and a complete range of services. The prices of condos in Ratchada increases at a rate averaging 5% per year, up from 98,000 baht in 2011 to 127,000 baht in the current year; however, there are some projects that are priced up to 150,000 baht per square metre”.
Graph 2
Source: Knight Frank Thailand Co., Ltd
“There are very few launches of new projects in the Ratchadapisek area. In 2015, only three projects were launched with a total of 2,280 units, while in 2016, just two projects have launched with 592 units in total. This stems from a lack of available land for development. The land supply is scarce and the current price of land on Ratchadapisek Road is expensive, costing more than 600,000 baht per square wah.”
