Punnawithi is Bangkok’s condo hotspot
The vicinity of the BMA Skytrain’s Punnawithi station on the lower Sukhumvit line has been the hottest place in Bangkok to open condominiums in the last 10 years due to the area’s potential to continue growing at a rapid pace, says an executive at Colliers International Thailand.
Associate research director Phattarachai Taweewong said this week that condo prices there had jumped by more than 70 per cent in that time, pulling up property values as well.
The price of land in that area of Phra Khanong district now averages Bt1 million per square wa, up from Bt250,000 a decade ago.
“The Punnawithi boom is partly due to True Digital Park, the mixed-use building developed by Magnolia Quality Development Corp,” Phattarachai said. “It has residences, working space and leisure areas and is near the BTS station. It’s been a magnet in promoting both land and residential units in the area.”
LPN Development, Sena Development, Sansiri, Pruksa Real Estate and MBK Real Estate have all undertaken low-rise condo projects around Punnawithi in response to buyer demand for affordable dwellings with convenient transportation.
Colliers has identified seven condo projects under development there with a total of 3,118 units and Bt16.44 billion in value.
“Of those, 66 per cent – 2,047 units – have been sold,” Phattarachai said.