Knight Frank Thailand revealed that the average price of Grade-A condominiums located on the riverside and Charoen Krung Road shot up to 145,977 baht per square metre in the past nine months of 2015, while condominium sales in the Rama 3 area was at 86.5 per cent, with only 1,365 units remaining for sale. Miss Risinee Sarikaputra, Director and Head of Research and Consultancy, Knight Frank (Chartered) Co., Ltd., said that, as of the third quarter of 2015, the number of condominium units sold in this area amounted to 8,781 units from 10,146 units, with a sold rate of 86.5 per cent. The number of units left to be sold included only 1,365 units with average sales of 1,200 to 1,500 units per year. During the 9 month period in 2015, there were sales of just 652 units. As such, the average selling price of condominiums located on Rama 3 was around 83,000 baht per square metre, which reflects an increase of 3.7 per cent per year. For condos on the Chao Phraya riverside or on Charoen Krung Road, prices are relatively high; they are mostly Grade-A units, with an average price of 145,977 baht per square metre, said Miss Risinee.
Miss Risinee further explained that as of Q3 2015, it was discovered that there was a total supply of 10,146 condominium units in the Rama 3 area, with approximately 901 units constituting new supply. The year 2010 witnessed the highest supply of new units for sale at 4,118 units; these were condos from two large projects. Mainly, condominiums in Rama 3 are small units with one bedroom, and a sales price in the range of approximately 1.7 to 2.5 million baht per unit.
The buyers of such condominiums are mostly employees working in the central business district, who purchase the units for residential purposes. In addition, there are also a group of buyers who are Thais of Chinese descent who live in the Chan Road, Charoen Krung Road and Sathupradit Road areas who purchase condos for their children and future expanded families. Moreover, there are investors who buy condos in this area and rent them out, said Miss Risinee.
Rama 3 is an interesting neighbourhood. It is located close to business centres such as Sathorn and Silom Roads. Rama 3 also boasts the advantages of being the home of large buildings, such as Bank of Ayudhya, the support centre of Bangkok Bank and the headquarters of Kasikorn Bank, which are located opposite to Rama 3 on the riverside. The price of land in this area is not very high; it is around 350,000 – 450,000 baht per talang wah. In addition, Rama 3 affords convenient travel by car to various parts of Bangkok, including Suksawat Road, Prapadaeng district, Samut Prakarn, Samut Sakorn, Poochaosamingprai, Theparat or Bangna – Trad Road. It also allows easy access to Bhumibol Bridge 1 and Bhumibol Bridge 2 across the Chao Phraya River. Moreover, Rama 3 is close to the Bangkajao area, surrounded by a very natural and green environment. It is considered to be a good source of ozone production, dubbed the lungs of Bangkok, and thus provides health benefits, Miss Risinee concluded.
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Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Knight Frank, operate from 417 offices, in 58 countries, across six continents. More than 13,000 professionals handle in excess of US$1 trillion worth of commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit www.knightfrank.com.
