Property Focus column
Condominium market around On nut station started around the year 2005. At the time, On Nut was a BTS terminal station. The land price was not too expensive, less than 100,000 baht per square meter, so this area attracts many project developers.
From the survey of condominiums opened for sale in the area around On Nut station by Colliers International Thailand Research Department, currently there are approximately 10,717 condominium units in this area, but approximately 9,700 units or 90.5% have been sold. There are units that are on sale, and there are only about 1,000 units left for sale.
Besides, in the second half of this year, there will be a new condominium project for sale in this area with more than 1,700 units and a total investment value of more than 5,000 million baht. The Base Sukhumvit 50 which Sansiri PLC. joint ventures with Tokyu corporation in the Condo Chamber On Nut station project from SC asset corporation In addition, there is a preparation to invest for the first time in this area of Assetwise Co., Ltd. The project is named the Modiz Sukhumvit 50.
The project launching price in 2017 starts at 1.3 hundred thousand baht per square meter for projects located on adjacent Sukhumvit road. The other projects located in various soi (sub-district) start at more than 7 thousand baht per square meter. The selling price in this area has increased approximately 7-8% per year. Moreover, there is the estimation that the projects’ price close to On-nut station will increase higher than the arounded areas. The price of the station has increased considerably, and there is not much land left to develop at the present. Thus, most new projects launched in the past 1-2 years are located in soi that are separated from Sukhumvit road because the land prices are still low. Currently, the price near On – nut station is high as 7-8 hundred thousand baht per square wah (square two meters), and the price will gradually decrease in farther areas. It is another location that gives a relatively high return on rent which is approximately 5-7%.