Land prices in Bangkok Continuously soaring Especially in the central business district or CBD (Central Business District), land prices are too high to be developed into any type of real estate project other than just a condominium project! Because the return on investment is “not worth it” or even condominiums will be very expensive. Selling price more than 250,000 baht per square meter or more.
Surachet Kongcheep Managing Director of Property DNA Company Limited said that condominiums have a selling price of more than 250,000 baht per square meter or more. or not less than 8 million baht per unit. New openings for sale have “decreased” since 2019, with condominiums with a selling price of more than 250,000 baht per square meter and above in Bangkok. If you count sales openings from 2017 to the present, there are 8,570 units with a sales rate of 70%, so there may not be much left for sale in the market. Because there are not many new projects for sale.
However, in 2024, new projects starting to be priced at more than 250,000 baht per square meter and above will officially open for sale. While some projects are quietly open for sale. gone before which received a good response Most of the projects are in the CBD area, such as around Lumpini Park. Areas of Rama 1 Road, Ploenchit, Witthayu, Silom, Sathorn, Rama 4 and some sections of Sukhumvit. Including areas along the Chao Phraya River.
“There may be some areas outside the CBD where expensive condominiums have been launched recently. But there are not many. and may receive less attention. The condominiums have the highest selling prices of more than 250,000 baht per square meter. Located along Sukhumvit Road, no further than Soi Sukhumvit 57. Open for sale since 2017, approximately 4,720 units, approximately 65% sold.”
As well as the area around Lumphini Park. It covers Wireless Road, Lang Suan, Ratchadamri, Rama 1, Ploenchit, Chidlom, and Rama 4. In some parts, there are quite a few condominiums at this price level open for sale, with 1,560 units, 85% of which have already been sold.
“This location has received quite a lot of interest from buyers. Because the location characteristics are different. Even though it is far from the train station But I got peace. Some projects may have a view of Lumpini Park. This location therefore has a higher sales rate than other locations.”
Surachet expects that in 2024 we will begin to see more projects opening for sale at the price level of 250,000 baht per square meter. After developers snapped up several plots of land, such as a plot of land over 8 rai on Witthayu Road that was in the news, Swire Properties Co., Ltd. acquired a 40% stake together with City Realty Co., Ltd. to develop a project on this plot of land
Given the location of the land, it is certain that it will only be developed into an expensive project! Some of the plots had been traded for 2-3 years previously at record high prices and began to see movement, such as land that was an office building on Sarasin Road, which “Sansiri” bought for 3.9 million baht per square wa.
Of course, you will probably see condominium projects starting at more than 600,000 baht per square meter. Or an average of 600 million baht per room! Some projects that were previously open for sale have prices. 500,000-600,000 baht per square meter or more, so this selling price is not impossible.
There are also some mixed-use projects developed on long-term leasehold land, such as One Bangkok and Dusit Central Park. There is also a condominium section, and both projects received a good response. Even though it hasn’t officially opened for sale yet.
Especially “One Bangkok”, with the format of both projects and their attractive locations, they are in demand from both Thai and foreign buyers. In addition, a partner or project manager is selected as a 5-star hotel to create additional value for the project.
Tags: cost land Bangkok high Watch Sansiri Sarasin location breaks record million room
