Transit extensions boost land price
Prices of residential land along Sukhumvit Road from On Nut to Bearing are showing record growth of 14.9 per cent to between Bt800,000 and Bt1 million per square wah this year thanks to the completion of the Skytrain extension, the Agency for Real Estate
The second-biggest year-on-year rise is 14 per cent along the Blue Line extension of the MRT, now under construction, from Hua Lamphong to Bang Khae, followed by 11.5 per cent along the Purple Line from Bang Sue to Bang Yai. Land along Rama I Road from Siam Square to Ploenchit Road still shows high prices averaging Bt1.5 million per square wah (Bt375,000 per square metre), followed by Wireless Road to the head of Sukhumvit from Soi 1 to Soi 21 at Bt1.3 million per square wah and Silom Road to Rajdamri Road at Bt1.25 million per square wah.
Sopon Pornchokchai, president of the agency, said yesterday that land prices in Greater Bangkok were up 3.7 per cent this year because of the start of construction late last year on the Purple and Blue lines. The agency’s survey also found that land prices around existing rail routes – the Skytrain and the MRT – are also climbing.
For example, land on Silom, Ratchada-Rama III and Ratchada-Huai Khwang increased by 9.6 per cent this year to between Bt800,000 and Bt1.25 million per square wah.
Next was Lat Phrao-Bang Kapi at 5.2 per cent. Buddha Mondhol and Phasi Charoen were close at 5 per cent. Even flood-prone locations such as Rangsit saw land prices edge up 2.6 per cent. Land prices on Leab Klong 13 Road recorded lower sales at Bt2,500 per square wah or about Bt1 million per rai. That was a drop of 28 per cent from the average price of Bt3,500 per square wah last year.