Knight Frank Thailand, a property consultant company in the country, said that the prices of condominium units in the area of Sukhumvit are expected to remain high. This includes those in sois with lower numbers going to Ekamai. This will not affect the prices of accommodations such as Sukhumvit hotel which is the target of many tourists.
The firm started a research study and revealed that the average price of a condo unit for sale for every square meter is currently at 181,800 baht. This covers units from soi 1 going to soi 63 before the end of 2017.
The figure has increased by 15 per cent compared to that recorded in 2016. Prices are increasing in the same rate as the cost of the land plots which is very limited especially those located close to the main road.
Because of this, majority of operators of real estate companies are already eyeing other parts of Sukhumvit particularly those located in the outer fringe. These areas include Samrong and On Nut because the location is excellent, the public utilities available and supporting infrastructure is good and the prices of land is also acceptable.
When looking at the location, places that are closes to the skytrain includes Samrong, On Nut and Bearing. This is why many developers are coming to the area to construct projects intended for mixed-use.
One of the examples is the Bangkok Mall which is a project born out of the partnership between City Realty Co and The Mall Group. The mall will be located on 100 rai of land which is at the Bang Na going to Trat road. The project will include a shopping complex, office buildings, condominiums and serviced apartments. The total land area to be covered by these amenities is 650,000 square meters and construction is expected to be completed by 2022.
Aside from the newly developed Sukhumvit hotel, there is a new office building in the area such as the M Tower with 21 stories for office as well as retail use. The total land area is said to be more than 14,500 square meters which is located close to Sukhumvit Soi 62.