Nexus Property Marketing Company Limited points out Phoholyothin-Pradipat, the classic location, has become the latest potential area for development. The offering price is lower than nearby areas on Phaholyotin Road, while the travelling time and the environment are not different.
Mrs. Nalinrat Chareonsuphong, Managing Director of Nexus Property Marketing Company Limited, said Praditpat area is the new location with high potential. The overall picture of Phaholyothin-Pradipat area remains classic as it gathers old community, hotels, shops and famous restaurants which operate in the 3 to 4-storey commercial buildings along Pradipat Road. The urban growth over the past years has increased the property development’s potential in this area. Currently, the land price in the market on this road is around 600,000-800,000 baht per square wah. The land in nearby areas such as small alleys in Ari, Phaholyothin Road from Chatuchak to BTS Saphan Khwai, and from BTS Saphan Khwai to Victory Monument, cost around 600,000-800,000 baht per square wah, 900,000-1 million baht, and 1.2 million-1.5 million baht, respectively.
The average condominium price in Phaholyothin-Pradipat area currently costs around 170,000 baht per square meter, lower than the average price at 218,000 baht per square meter on the main Phaholyothin road from BTS Saphan Khwai to the Victory Monument. Nonetheless, both locations have similar environment in terms of road size, transportation and infrastructure.
For condominiums in nearby areas such as Ari and Chatuchak, the average prices per square meter are 154,000 baht and 166,000 baht, respectively. Although these two locations are not far from Phaholyothin-Pradipat, the average condominium price per square meter is lower because most projects in Ari are low-rise condominium. In addition, those projects in Chatuchak is off to the center of Bangkok than other locations mentioned above.
Nearby locations with the same environment
The Phaholyothin-Pradipat location can be accessed via several routes and several transportations. It takes around 5-10 minutes by car or 10-15 minutes on foot to the main Phaholyothin and Rama 6 Road. It’s also connected to the Ari area by using shortcuts. The distance to nearest BTS stations which are Saphan Khwai and Ari are the same when comparing to the project located between the BTS stations. In addition, there are the expressways to the inner circle of Bangkok, Northern Bangkok or outer ring within a 2-kilometer radius.
The surrounding areas have all public utilities, over 10 department stores and community malls, two large schools, six hospitals, seven government agencies, office buildings, restaurants, cafes, and convenience stores. Comparing to the nearby locations, we will find that the environment is hardly different.
Locations with a continuous development plan
It was almost 20 years since BTS’s green line operated. This first skytrain line has linked up the northern Bangkok (Chatuchak), the inner circle of Bangkok, and the eastern side (Bearing). The city plan has been changed according to the growth of the urban area. Most of the areas are brown and partly red, citing that this zone has high potential for development. It can be developed into horizontal and vertical residences or commercial buildings such as hotels and office buildings.
Currently, there are three projects under construction set to be completed and operated in 2020. The transportation project is the red line mass transit system laying along with Kampangpet 5 Road. The nearest station is Pradipat which makes it more convenient to travel in the future. For the building development, there are two projects: 1. The Rice by Srisuparat, the mixed-use project of Srisuparat Group which includes office, retail and a 4-star hotel, and 2. Vimutti Hospital by Pruksa Holding PCL located on the 7-rai of land. Besides, other large developments, which planned to operate in 5-15 years, comprise two mixed-use projects: 1. The Unicorn by BTS Group Holdings is planned to comprise the sports complex, retail and office buildings, and 2. Bangkok Terminal which will include offices, hotels, serviced apartments, parking lots and transportation hub. The other project is the development of Bangsue Grand Station on the land of 218 rai, being built according to the Transit Oriented Development Plan to make it become ASEAN’s new railway transportation hub.
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