Luxury condos change the face of Sathorn Road in Bangkok

by Somluck Srimalee, The Nation

From Sathorn junction to Taksin Bridge, the riverside section of Sathorn Road has been transformed from a strip of shophouses to luxury residential condos in a gentrification that added 8,000 new apartments to the area. As well, the businesses have shifted to a more modern trade to replace the traditional trades.

With the market trend, listed and non-listed property firms are parading to launch their new condominium projects in Sathorn district, the central business district of Bangkok. Launches totalling more than 31 billion baht have been made from mid-2018 through the first half of this year, according to the recent Nation survey.

Supalai Icon Sathorn, worth 20 billion baht, is the latest project launched to market by Supalai. It is priced at 175,000 baht per square metre with a starting price of 8.2 million baht per unit.

Supalai’s CEO Prateep Tangmatitham said the mixed-use project would feature residential along with offices, shops and complete facilities on a 12,600 sqm plot, 56 floors high. The combined total of 780 residential will offer a functional area of approximately 150,000 sqm.

Meanwhile, other property firms are also launching their condo projects on Sathorn Road.

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For example, in the middle of last year Pruksa Real Estate introduced the Reserve Sathorn worth 2.59 billion baht – it has already sold out. The project offered a 280,000 baht per sqm starting price, or 13 million baht per unit. The project will be completed and transferred to customers in 2022.

Sathaporn Estate last September introduced its 1.3-billion baht Shade Sathorn condominium project at a 135,000 baht per sqm price, or 3.69 million baht per unit. The project is to be completed and transferred to its customers in 2021 or 2022.

The latest condo project is the 3.4 billion baht Anil Sathorn by Grand Unity Development. It goes for 260,000 baht per sqm, or a starting price of 11 million baht per unit.

From 2003 through 2018, a total of 8,002 condominium unite, valued at over 40 billion baht, were launched for sale on Sathorn Road. Up to 95% were successfully sold, according to research by property agency Colliers International Thailand.

Their research also found an average condominium price on Sathorn was at 250,000 baht per sqm.

Most property firms that launched sales for over 40 billion baht worth of condos on Sathorn Road in 2018 through the first half of this year have successfully sold out, Colliers local research director Pattarachai Taweewong said.

For example, Reserve Sathorn launched mid-year and has managed to already sell out. Reflecting the demand, condominium prices also increased from the pre-booking 280,000- 300,000 baht per sqm.

Sansiri in 2017 launched the Line Sathorn worth 4 billion baht. The project combines 327 units at Bt270,000 per sqm and a starting price of 7.9 baht million. The project sold out within a day of opening up to booking. Those units now enjoy an average resale price of 285,000 baht per sqm.

Raimon Land last October introduced its 4.2 billion baht Tait 12 project on Sathorn Soi 12. At 264,000 baht per sqm, it offers a starting price 7.6 million baht per unit, and reached sales of 70% for the sales launched.

Sathorn Road is a prime location for residential property, says Pruksa Real Estate’s chief executive director of premium units. Prasert Taedullayasatit pointed to the locations many lifestyle-oriented facilities, including a hospital, university, primary school, secondary school and shopping centre.

The location also boasts both MRT and BTS transit lines, giving an added boost to demand for residential projects in the area. Meanwhile, the area’s limited availability of land for building residential drives up the price of land there, he said.

For 2018, land price around Sathorn Road were recorded at an average 2 million baht per square wah. Already, the price has jumped 10 per cent, while demand for residential in the location enjoys continuing strong growth, he said.

SOURCE: The Nation