Land prices jump in Nonthaburi

The planned extension of the MRT Purple Line from Bang Sue to Bang Yai, scheduled for completion by 2016, is driving demand for homes in the area, Kree Dejchai, chief operating officer of SC Asset Corporation, told a seminar yesterday.
The seminar, “Residential Market in Nonthaburi Province”, was held by the Real Estate Information Centre (REIC).
SC Asset has developed three residential projects worth more than Bt5 billion on Wong Sawang and Ratchaphruek roads. Sales in this location were Bt500 million last year. The company also plans to launch a detached-house project in this area in the current third quarter.
Atip Bichanond, managing director of Supalai, said that although land prices on Rattanathibet Road had risen by more than 50 per cent in three years, they were still lower than in some locations in Bangkok. This provides the opportunity to develop projects that offer lower prices than in Bangkok but also offer easy access to the city, which will be only one hour away by train when the route is complete.
Supalai has developed seven condominium projects worth more than Bt10 billion in Nonthaburi province and plans three more worth more than Bt3 billion this year.
Sirirat Subpaiboon, an official with the province’s Land Department, said appraisals around the proposed MRT route were rising higher than in other locations in Nonthaburi.
Meanwhile, Arporn Sanewong Na Ayudhaya, a city planning officer for the province, said that the new city plan of Nonthaburi province that is going on the revise process by change the location of Prakred district and Muang district, which locate to close with Bangkok, from yellow colour, which is low density residence, to be brown colour, which is high density residence. This will drive land price in the both district will rising following the number of residential projects launch in this area.
The REIC survey shows that as of the end of last year, there were 181 residential projects in Nonthaburi province with 45,822 units worth Bt147.41 billion. They are separate to be low-rise residence the both single detached house and townhouse 16 projects that combine 34,271 units worth totally Bt126.31 billion in the year 2011, as the next 21 projects that combines 11,551 units or worth Bt21.10 billion. They have succeeded to sale worth Bt79.72 billion. There was an inventory of 19,600 units for sale worth Bt67.7 billion. The REIC estimated it would take 20-30 months to sell them all if no new projects were launched this year.
However, the survey shows that 23 projects were launched in the first half of this year, 15 projects of total is low-rise residence the both single detached house and townhouse that combine for a total of 2,355 low-rise units worth nearly Bt10 billion . As the next 8 projects are condominium projects that combine and 6,230 condo units.
REIC director-general Samma Kitsin said more than 70 per cent of the homes sold in Nonthaburi were priced at between Bt1 million and Bt5 million.