About 6,000 condominiums worth Bt10 billion are being built along the Skytrain's proposed Green Line from Sathorn to the Tha Phra area.

Property Perfect Plc, Asian Property Development Plc, LPN Development Plc and Plus Property Co Ltd are all developing projects to take advantage of demand for residences along mass-transit lines.

Property Perfect's director, Teerachon Manomaiphibul, said that after the Bangkok Metropolitan Authority decided to expand the Skytrain from Sathorn Road to Tha Phra, the entire area became a prime location for land developers wanting to build new condos.

"Demand for new condominiums will grow and follow the mass-transit system, especially the Green Line from Sathorn to Tha Phra, which will be completed and start operating next June. As a result, the Sathorn-Tha Phra area will be a new prime location for land developers," he said.

Property Perfect yesterday started selling units in the second phase of its Metro Park Sathorn, after the company sold out its Bt1.5-billion first phase. The first phase was completely sold out eight months, while the Bt1.46-billion second phase saw 70 of its 760 units sold yesterday.

The second phase is located near the first phase and the planned new Skytrain route. Teerachon said his company would launch the next six phases, worth up to Bt6 billion, in the same area over the next two years.

Asian Property Development yesterday started selling units in its Bt1.1-billion Life@BTS Thapra condo project, at the Tha Phra Intersection.

Plus Property will start selling units its latest condominium project in the same area this quarter.

Finally, LPN Development Plc, a leader in the middle segment of the condo market, in May started selling units in its new Lumpini Place Ratchada-Tha Phra, worth up to Bt1.6 billion. The project is targeted at the middle market, with units priced from Bt1.1 million to Bt3 million each.

LPN has sold 30 per cent of the 580 units in the Lumpini Place development.

Teerachon said Property Perfect expected revenue of up to Bt600 million this quarter from early sales of Metro Park Sathorn's second phase. He predicted it would completely sell out this year.

Property Perfect estimates it will take in Bt8 billion in sales this year, 80 per cent of which will come from detached homes and 20 per cent from condominiums.

Somluck Srimalee

The Nation