Bangkok real estate is on the right track with new rapid transit line
Bangkok real estate is on the right track with new rapid transit line
Thousands of units to emerge along future Orange Line
A new growth area is shaping up in Bangkok as the Thai government prepares to receive bidders for a new rapid transit line next year.
Bid materials are due this month for the Orange Line, a new mass transit route linking the Thailand Cultural Centre and Min Buri, reported Bangkok Post. The line, stretching for 39 kilometres over 30 stations, covers Rama IX Road, an increasingly busy area in the Thai capital.
Residential supply in the area has blossomed in anticipation, with 2,080 units launched in the third quarter of 2016 alone, Bangkok Post reported. “The Rama IX area is booming after the introduction of new office supply over the past several years,” All Inspire Development Co chief executive Thanakorn Thanawarith told the Post.
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Units with a price range below THB2 million (USD57,000) will be especially in demand, since more than half of workers in the Rama IX area have monthly wages of up to THB45,000 (USD1,300), he reported.
“Rama IX is a thriving location with office spaces, retail areas and residential projects,” Tritecha Tangmatitham, managing director of developer Supalai Plc, told the Post. “The Orange Line will drive dramatic changes in the area,” although available land plots for new developments are limited.
The Thai government plans to open a new mass transit route every year until 2020 and is studying the feasibility of 10 more in the Greater Bangkok area.
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Source: Property Report