More than 3,000 new condominium units near the Airport Rail Link line, worth over Bt30 billion, are slated for completion and transfer to owners by the end of the year.
Popular locations around the Airport Rail Link (Suvarnabhumi-Makkasan) include Asoke, Phetchaburi, Ratchapralop and Makkasan.
Most developers launched residential projects to cater to demand for units in these areas over the past two years. The projects include the 547-unit The Complete Ratchapralop by Prinsiri, worth Bt1 billion; the 447-unit Ideo Verb Ratchapralop by Ananda Development, worth Bt1.5 billion; and the 329-unit Chiwathai Ratchapralop, worth Bt1.3 billion.
Fragrant Property Group launched The Circle condominium project, worth Bt4 billion with 901 units, last year. The project is 90 per cent sold.
Equity Residential launched the My Resort condominium project, with more than 200 units, on Phetchaburi Road last year. Pool Asset has also launched a condominium project, the 470-unit True Thonglor.
With the Airport Rail Link's construction already complete and test-runs planned for December, two more developers recently launched new projects in the rail line's vicinity, worth Bt6.3 billion in total.
Asian Property Development's latest luxury condominium, the Address Asoke-Petchaburi, is worth Bt3.3 billion. This project has 574 units at a starting price Bt5.23 million each.
TCC Capital Land, a joint venture between Singapore-based CapitaLand Group and TCC Land, which is owned by beverage tycoon Charoen Sirivadhanabhakdi, has introduced a condominium project, Villa Asoke, worth Bt3 billion. This project has 525 units at a starting price Bt2.99 million.
Harrison CEO Alan Lin said locations near the Airport Rail Link are sought-after. The company is negotiating with developers who own four plots and plan to develop residential projects in the area next year, to manage the projects, which are worth nearly Bt5 billion.
"We expect more than five new projects to be launched near the Aiport Rail Link, with a combined 4,400 units, by 2011," he said.
Condominium prices in these locations start at Bt75,000 per square metre and go as high as Bt150,000, he said.
Asian Property Development managing director Pichet Vipavasuphakorn said the company launched The Address project on Asoke-Phetchaburi because of its proximity to the Airport Rail Link.
Meanwhile, land prices near the rail line are still lower than those on Sukhumvit, Sathorn and Silom roads, but locations near the link can easily access these areas, he said.
Agency For Real Estate Affairs managing director Wasan Kongchan said demand for residences around mass-transit systems had continued to grow despite the recent slump. The most significant change in home-buyers' behaviour had been a change in preference from detached houses to condominiums, Wasan said.
Land suitable for development around Sukhumvit, Silom and Sathorn is becoming harder to find, sometimes costing more than Bt100,000 per square metre. As a result, locations such as those near the Airport Rail Link are good value, he said.
"We believe this is a good time to buy residences around the Airport Rail Link, before land prices and condominium prices soar," he said.
He added that when the link starts to operate, land and residential prices in nearby areas are expected to increase by between 10 and 20 per cent, depending on supply.
