PLUS Property, a property and facility management agency, is counting on increased demand for housing stemming from the rapid population growth in Bangkok’s outer areas fuelled by an expansion in the rail network.
Land prices along the Purple Line mass transit route have risen by more than 40 per cent over the past five years. Homes near Bang Yai, Tao Pun and Wong Sawang stations have been highlighted as being the most attractive.
Anukul Ratpitaksanti, managing director of Plus Property, said the company – based on the population growth statistics for Bangkok and its surrounding areas, has found that the population in Bangkok itself grew by just 1 per cent during the 20 years from 1997. But the population in Bangkok’s vicinity grew 21 per cent, Anukul said.
The most noticeable growth was in Pathumthani province, with a 40 per cent expansion, while Nonthaburi’s population grew 21 per cent and Samut Sakhon’s by 19 per cent. Factors that contributed to this population growth include the locations not being far from Bangkok, prices that have held steady, and the ease of commuting into Bangkok for work.
Homes in Bangkok’s outer areas will become increasingly attractive, especially for condominiums along the Purple Line electric train route. These properties are located near junction points for Bangkok’s transport loops. Meanwhile, commuters from the Blue Line electric train service will use the Purple Line (Bang Sue-Hua Lamphong) for greater reach, when they take the train from Tao Pun station along the Bangkok-Nonthaburi Road, Tiwanon Road and Rattanathibet Road, before reaching the terminal station on Kanchanaphisek Road in Bang Yai district, the company said.
Anukul said that considering that the Blue Line electric train route is undergoing expansion from Bang Sue to Tha Phra and from Hua Lamphong to Bang Khae, the area along the Purple Line will soon become part of an important loop that links important locations together. Consequently, those living near the Purple Line train route will have access to increased transport coverage as well as greater convenience. From the Purple Line, commuters can transit to three other electric train lines. At Bang Son station, they can switch to the Light Red line (Taling Chan-Bang Sue).
At Tao Pun station, passengers can switch to the Blue Line’s Bang Sue-Tha Phra section. At the Tao Pun-Ratchaburana section they can also switch to the South Purple Line. Although the Purple Line was not very popular with commuters when it began service in 2016, the number of users has risen after the proper station link with the Blue Line was completed in August 2017, Anukul said. According to the Mass Rapid Transit Authority of Thailand, around 48,000 people use the Purple Line trains each day, and this number is expected to grow to 100,000 within 2018.
Regarding residential properties along the Purple Line electric train route, 69,761 units at 56 condominium projects were on sale in 2017. Of this number, 91 per cent have already been sold – the rapid selling having resulted from developers boosting their promotions after the government completed the linking of Bang Sue (Blue Line) and Tao Pun (Purple Line) stations. Projects that buyers find attractive are usually located no more than 500 metres from a Purple Line station. Plus Property believes the prospects are bright for such residences during this year and next.
The company has also found that land prices and condominium selling prices along the Purple Line train route have risen by an average of 41 per cent from 2013 to 2017. However, prices of units at condominiums near the three most popular Purple Line stations – Tao Pun, Bang Sue and Wong Sawang stations – have risen only between 15-29 per cent; this is determined to have resulted from developers’ pricing strategies.
Therefore, now is a good opportunity for buyers and investors to purchase Purple Line condominiums, the company said.
“Transit points will be very important for those choosing to live in condominiums and travel by electric trains,” Anukul said. “The three stations nearest Bang Sue station, namely Tao Pun, Bang Son and Wong Sawang, stand to receive many benefits in the future.