Surging land value sends price of new Bangkok condos soaring
Soaring land prices in Bangkok’s central business district have resulted in record high prices for new high-end condos, real estate consultant Property DNA said on Monday.
“This year we have seen more new condo projects opening at more than a quarter million baht per square metre, while back in 2019 this kind of price was rare,” said Surachet Kongcheep, the firm’s managing director.
These ultra-luxury condo projects are located in areas such as Rama I, Phloen Chit, Wireless Road, Silom, Sathorn, Rama IV, certain sections of Sukhumvit Road, and by the Chao Phraya River, he said.
Buyers are snapping up these units quickly despite the high prices, with some projects reporting 65-85% bookings, he added.
High-rise condos located near Lumpini Park are especially popular thanks to rare views of the city’s oasis, while a lack of nearby train stations is not a dealbreaker as many buyers prefer privacy over convenience.
Surachet also predicted top prices for new luxury condos will soon rise to 600 million baht per unit, as giant developers pay record prices for empty plots in prime CBD locations.
One example is Sansiri Plc’s 2020 purchase of 1 rai (1,600sqm) on Sarasin Road at 1.56 billion baht, setting the record for the most expensive land in Thailand. The company is planning to build a high-end condo on the plot.
Property DNA also predicted that affluent buyers will snap up luxury condos in mixed-use projects such as One Bangkok on Wireless Road and Dusit Central Park on Rama IV Road.
“Thai and foreign buyers have already shown interest in these projects despite the sales not officially starting yet,” he said. “Developers have also teamed up with operators of five-star hotels in supervising the projects, thus further increasing their value and prices.”
