Chaeng Wattana becomes new development hub

Many Bangkok property developers are turning their eyes to the vicinity of Rattanathibet and Chaeng Wattana roads, as the imminent opening of the new Bangkok Government Centre is making the area a focus for urban growth.

A survey by The Nation found that property firms believe there will be strong demand for residences in the area after the new government centre begins operations. Many of them are launching new projects there.

Sansiri, for instance, has launched its latest detachedhouse project, Burasiri, on Chaeng Wattana Road. With only 184 units on offer for prices starting at Bt5.14 million, the project has a market value of Bt1.2 billion.

The University of the Thai Chamber of Commerce also plans to open a new branch in Chaeng Wattana Road.

The new Bangkok Government Centre is a Bt19billion civil service complex on Chaeng Wattana Road that is currently more than 80percent complete.

The scale of the Chaeng Wattana project is now drawing a flurry of residential developments, including condominiums as well as detached housing.

Quality Houses has introduced two detached housing projects, together worth Bt4.51 billion. They include Laddarom at ChaipreukChaeng Wattana Road, worth Bt2.01 billion, and Casa Ville, worth Bt2.5 billion, on RatchaphreukChaeng Wattana Road.

Vilailux Development is planning a condominium project worth Bt1 billion on a 10rai plot on Chaeng Wattana Road next year, its execu¬tive vice president Oraphan Laoprapassorn said.

Preuksa Real Estate has already launched condominium projects under its brand The Seed in the Chaeng Wattana area. The buildings will be of eight storeys and will offer three types of apartments with floor space of between 22.5 and 64 square metres.

The Bt200million project will also offer 60 units of 200 square metres.

Preuksa director and chief business officer Prasert Taedullayasatit said The Seed at Chaeng Wattana Road was now fetching Bt63,000 per square metre, a rise of 16.6 per cent over the first quarter of 2008.

Meanwhile, a number of retailers have opened new branches in the area. Central Department Store opened a new branch on Chaeng Wattana Road last month, following the earlier example of Tesco Lotus, Carrefour, Big C Supercentre and Makro.