Proposed link boosts land prices.

One of the condominiums, devel¬oped by Siamnuwat and worth about Bt3 billion, is expected to be launched at this location in the last quarter.

A source at the State Railway of Thailand said many property developers, domestic and overseas investors, had expressed strong inter¬est in developing residential projects and commercial buildings around the Airport Rail Link. The cumulative worth of these investments, to be made starting next year until 2010, is expected to be about Bt200 billion.

Harrison chief executive Alan Lin said the completion of the Airport Rail Link would stoke the growth of a new community around the project, especially between the Makkasan junction and Asoke junction.

Consequently, a number of devel¬opers are expanding their investment at this location, with a special focus on condominium projects for the middle to luxurycondominium market, at prices starting from Bt2 million to Bt20 billion a unit, he said.

The completion of the project around Airport Rail Link would dou¬ble land prices, Lin said.

Land prices in the stretch from Makkasan junction to Asoke junction have already increased from an average of Bt100,000 a square wah recorded two years ago to between Bt200,000 and Bt300,000 a square wah this year, he said.

LPN Development managing director Opas Sripayak, who recently launched a condominium project on Rama IX, located close to the Airport Rail Link, said demand for residential units at this location had shown strong growth.

Just one month after the launch of Lumpini Place Rama IX, the com¬pany has succeeded in selling up to 80 per cent of the project value of Bt5 billion.