Increase in land prices sees Bangkok’s Mo Chit district heat up

Thailand 21 May 2015
Increase in land prices sees Bangkok’s Mo Chit district heat up

Land in Bangkok is getting more expensive, prompting developers to check out areas surrounding Thailand’s capital – such as Mo Chit, considered the new transportation hub as several mass transit lines will go through it.

Sansiri, one of the top three developers in the country, responded timely by launching its latest project in Mo Chit.

Uthai Uthaisangsuk, the company’s senior executive vice president, said the Mass Rapid Transit extension is now under construction from Mo Chit in the Chatuchak district, to Bearing in the Bang Na district of the city.

With the existing Skytrain line running through Mo Chit, the area will become another central business district next to Bangkok’s downtown in the next few years.

“Location is everything,” Uthai said.

With more foreign investors parking money in Thailand’s residential property market, Sansiri is seeking to expose itself more to these buyers by launching its new project simultaneously in three locations – Hong Kong, Singapore and Bangkok.

“We used to launch our projects in Thailand first,” said Sansiri chief executive Apichart Chutrakul.

“But this time, we hope clients from Hong Kong and Singapore can have the same opportunities to pick their favorable units just as the Thai buyers.”

He said his firm is looking to boost the proportion of foreign buyers to 10 percent over the next few years, from just 2 percent a couple of years ago.

Apichart said buying condominiums in Thailand is easy, as purchasers don’t

have to worry much about ownership and other issues.

 

“Foreigners are technically prohibited from owing land in Thailand under their own names,” Apichart said.

“However, under the Condominium Act, 49 percent of the livable square meterage of a condominium building can be owned by foreigners.”

The LINE Jatujak-Mochit is a 43-story residential tower offering 841 apartments. It is located about 350 meters from the Bangkok Mass Transit System and Metropolitan Rapid Transit stations, and just a 10-minute walk to three of Bangkok’s largest parks.

Chatujak Weekend Market is one kilometer from the development.

Prices range from 4 million baht (HK$921,029) to 20 million baht, for flats varying in size from 272 square feet to 1,138 sq ft. The project, valued at HK$1.32 billion, is set to be launched on May 30 and 31.

 

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