Launched shortly before the military coup on September 19, The Station at Charoenkrung Soi 65 in Bang Rak has had little trouble finding buyers.

"In the first two days after the coup, there was no activity," said developer Sombat Saengratkarnchanasin. "When it became clearer that all was well, they charged back quickly."

While foreign residents who were ignorant about local culture panicked, many locals had no qualms about putting down money to book units at The Station.

New residences in Bangkok's Bang Rak district are hard to come by as available land is limited, said Sombat. Granted the area is dingy when compared with high-end zones like Sukhumvit, but the site is acceptable for workers who earn humble wages.

"Today half the 452 units available in the first building are sold," he said. The first tower rises 17 floors and is closer to the road. A second building with 21 floors, housing 271 units, will be launched about six months from now.

"Most of our buyers are office staff employed at companies located in Silom and Sathorn," he said. "They need affordable places that allow them to store away some of their savings."

"Charoenkrung is also a historical road where Bangkok began to modernise," said Sombat. Running parallel to the Chao Phya River, it connects Chinatown to Silom and beyond.

While the recent land boom had largely ignored this congested part of town, due to its narrow lanes and overcrowding, recent oil shocks and the business slump have revived the area as an alternative zone to the trendy suburbs.

Even the outer suburbs have become so expensive to live, he said. The chaos created by Suvarnabhumi Airport's opening alone has sparked an exodus from an increasingly hazardous zone, running from outer Sukhumvit to Bang Na.

"What The Station offers is affordable units in the inner city, where residents don't need a car to commute as they can use the mass-transit systems linking this area," he added.

"Relocating to Charoenkrung allows buyers to do without a car. You immediately save between Bt500,000 and Bt2 million by not buying a car," he said. "When you cut out having to pay for petrol, annual insurance fees and state taxes, you save a huge amount of cash annually." Such savings will, at some point, sink into the minds of locals, said Sombat.

The Station's prices start from Bt41,600 a square metre for apartments that lack views.

As the four-rai land plot is narrow at the front and long at the side, many units will face the tall court building that runs along one side of the project, obstructing views, he said.

"For these units, we don't charge a premium," he said. The cheapest 30-square-metre studio goes for Bt1.25 million.

A mock-up unit is on display at the sales office. All the units are freehold.

Itthi C Tan

The Nation