Colliers International Thailand, a property consultant, said that the residential condominium sector in Greater Bangkok is expected to grow because of the increase in demand especially in areas that are close to the mass transit lines. The supply will most likely be concentrated in provinces of Samut Prakan and Nonthaburi. New condominiums might grace the hotel near Asok since the area is known for being business oriented.
Colliers Thailand’s director of research, SurachetKongcheep, said that those two provinces will be able to take advantage of the boom in the condo market brought about by the expansion of the mass transit lines.
Mr. Surachet said that the rate of condo sales in Nonthaburi is considered to be at a good level of 71 per cent but it cannot be denied that there are still a high number, approximately 13,800, of condo units that are waiting to be sold. This is the highest among the five provinces that are close to Bangkok.
For the first six months of 2017, there are 437 condo projects that were completed in Bangkok and five of its neighbor provinces. In total, there are 242,852 condo units available but up until now there are 63,658 that remain to be unsold. The numbers were based on the report provided by the REIC or Real Estate Information Center.
The five provinces near Bangkok included in the report are Samut Sakhon, Nonthaburi, Nakhon Pathom, PathumThani and Samut Prakan.
The highest number of condo units that remain unsold is located in Bangkok with a total of 34,199. Second on the line is Nonthaburi with 13,866 unsold units, third is Samut Prakan with 8,725, and fourth is PathumThani with 5,434 units while the last is Nakhon Pathom with 1,036 unsold condo units.
It is expected that new condominiums will be developed in a hotel near Asok since the area is close to the mass transit line which is attractive to many buyers. It is also expected that there will be expansion in the market of townhouses and single houses. One developer quoted that Samut Prakan has a lot of potential when it comes to development because it is close to the BTS Skytrain as well as the Sukhumvit Road.