Ramkhamheang Identified As Upcoming Area For Condo Investments According To Knight Frank Thailand
The Bangkapi- Ramkhamhaeng area is a new potential location for the growth of residential condominium development projects as it is supported by several factors that will support this trend including the construction of three MRT lines: the Orange Line (East) Project from the Cultural Centre-Min Buri (Suwinthawong); the Yellow Line Project from Lat Phrao-Samrong; and the Ramkhamhaeng area, which is served by the Airport Link train route at Ramkhamhaeng Station. This will cumulatively provide easy access for individuals wanting to travel to the city or even to Suvarnabhumi Airport, according to Mr,Phanom Kanjaatheimthao, MD of Knight Frank Thailand, a leading property agency.
The area is flush with hospitals, universities, schools and also several shopping malls. The Mall Ramkhamhaeng 2 is also undergoing renovations and expansions and once completed in late 2021, it will have 200,000 sqm of retail and entertainment space. There are also a couple of new office towers and also new mixed projects coming in the area.
The condominium supply in the Ramkhamhaeng area in the middle of 2019 stood at 14,750 units, according to Knight Frank Thailand research. Since the approval of the various train projects, a lot of new projects started developing in the area. By 2017, the new supply of condominiums launched for sale was up to 3,658 units. In 2018, the new supply launched for sale included 2,661 units, and as of the first half of 2019, there has been around 2,236 new units launched for sale and by year end that figure would top to 6,000 units.
In the middle of 2019, the cumulative number of condominiums units sold in the Ramkhamhaeng area reached as high as 12,370 units out of 14,750 units available for sale, representing a sales rate of 83.9 percent. There are about 2,380 condominium units left for sale. The number of condominium units sold over the past 2 to 3 years has been about 2,500 units per year, as the area has shown much potential. Besides Thais, foreigners, from China and also Singapore are interested in buying condominiums in this area, as the units still have affordable prices when compared to projects on Ratchadapisek Road, which have a selling price of up to Bt 190,000 per sqm. Once the Orange Line is completed, travelling from Ramkhamhaeng to Ratchadaphisek at the Thailand Cultural Centre station will be convenient. It is anticipated that the prices of condominiums in Ramkhamhaeng will skyrocket in the future.
he selling price of condominiums in Ramkhamhaeng has continuously increased. As of mid-2019, the average selling price of Grade B condominiums was 98,323 baht per square metre, increasing from 2014’s average price of 74,292 baht per square metre. The average rise of condominium prices from the 2014 to mid-2019, a 5-year period, has a compound annual growth rate (CAGR) of 7.2 percent per year.
Niche MONO Ramkhamhaeng
One of the condominium projects that Knight Frank Thailand is advocating investors to buy is the Niche MONO Ramkhamhaeng,
which is a project that addresses every lifestyle need. It caters to a new generation of urban dwellers whose lifestyles change in every aspect of life. Stretched over 6 and a half rai of land, the project features a complete array of facilities. The unit design has also been configured for the greatest functionality. Prices are starting at only Bt 1.99 million and prices are expected to appreciate greatly over the next few months despite the global economic situation.