MO CHIT – Northern Bangkok arouses Investors
The Center of Bangkok is known for its dynamism and frantic rhythm, but also for its multiple investment opportunities. What about the North of the city?
A vast ground located just next to the BTS station Mo Chit was proposed to accommodate Bangkok’s latest vertiginous project: a mixed skyscraper that would serve as shops and offices, as well as apartments and hotels with a luxurious rooftop pool.
The « New Mo Chit Complex » has been officially approached by the Deputy Director General of the Tresor Department, Mr Amornrat Klamplob, at PBS – Thai TV channel.
« An ambitious project estimated at more than 26 billion of thai baht … »
The project, for the moment, is only a fairly ambitious model. Indeed, the proposal is currently under discussion and will be submitted in the upcoming weeks. If the project gets a green light, it will be developed by the real estate company Bangkok Terminal, for an estimated cost of more than 26 billion Thai baht, so about 694 million euros. Its construction should begin in 2019 and finish around 2023.
« This new project would lead to significant congestion of traffic? »
The biggest fear of Bangkok inhabitants is the reduction of parking spaces in this area. Indeed, part of this land was until now free parking that many users of the BTS could use. For many of them, relocating or removing this car park is not an option, and would result in a significant congestion problem.
A gigantic construction site has been taking place for several months on the side of the Bang Sue railway station, which will soon become the largest railway station in Southeast Asia, placing itself in front of the Grand Sentral of Kuala Lumpur.
« Numbers? 26 rails of 600 meters each for 260 000 sqm. »
Bang Sue station is now one of the busiest resorts in Thailand, but is aiming for a much more ambitious title: a true railway hub by becoming the largest ASEAN station. On the program, 26 rails of 600 meters each, for a total area of 260,000 sqm and a rank of main station in front of the current Hua Lamphong.
4 floors under construction:
- The basement will be reserved for parking and will accommodate up to 1624 vehicles.
- The 1st floor will be the entrance with ATMs, restaurants, cafés and other shops.
- The 2nd floor will have 12 rails; 8 for the diesel trains and 4 for the electric trains.
- The 3rd and last floor will be reserved for the high speed trains lines.
« An investment of more than 91,5 billion of thai baht … »
The new Bang Sue railway station represents an investment of more than 91.5 billion Thai baht, or about 2.4 billion euros, and is planned for 2020. Right now, 50% of the work has already been completed.
According to the latest information, the station will serve as a connection point between the Airport Link line connecting Suvarnabhumi International Airport to the city center, the three MRT lines and the high-speed train lines.
Mo Chit is one of the few meeting points of the main transports of the Thai capital. Indeed, with the BTS line and the MRT line, you can move around all areas of the city quickly. In addition, Northern Mo Chit is the Mo Chit Terminal Bus Station serving the cities of Northern and Eastern Thailand. The possibilities of movement are therefore infinite.
« Real estate prices 40% cheaper than in the centre. »
Already well served, Mo Chit will benefit directly from the development of MRT and BTS lines. These are indeed at the center of one of the biggest transport expansion projects in the city. In order to facilitate access to all Bangkok, a total of 555 kms has been planned across the capital. Once this plan is realized, the network would be wider than those of New York and London.
All these benefits have not been ignored by investors who understand the attractiveness of Mo Chit.
“We are seeing a growing demand in this neighborhood and surrounding area, especially from Asian clients. Prices are about 40% cheaper than in the center, and the potential, including the numerous corporate and government offices, as well as the ease of transport boost the appeal of this neighborhood, which is actually not far from the Chatuchak Park known for its market but also as one of the largest park in Bangkok.” Thibaut Marhuenda, Marketing Director of Vauban Real Estate.
Mo Chit is just one of the three parts – with Chatuchak and Ladprao – of one of the most dynamic hubs of the capital: the district of Phahon Yothin. A haven for real estate investments, Phahon Yothin has a growing population of more than 284,000 people and a strategic geographic position – at the intersection of Phahon Yothin Road and Ladprao Road arteries – which allow it to be the North Heart of Bangkok.
Many companies have also understood the value of this advantageous location and have decided to locate their headquarters there; including PTT, the SCBC bank or Thai Airways International, which makes it one of the most attractive economic zones of the capital.
Tourist activity is also significant in this part of the city thanks to the Chatuchak district and its market known worldwide as the largest in Asia. A real institution for Thais, you can find absolutely everything: clothes, accessories, decorations, souvenirs, spices, open-air restaurants …
Besides Chatuchak Market, Phahon Yothin is also home to many shopping malls including Central Plaza,
one of Thailand’s largest international groups. You can take advantage of Major Cineplex’s cinema and stroll along Ratchayothin Avenue with its many cafés and other international restaurants.
« 30 200 new apartments during the last 8 years. »
Bangkok, the most visited city in the world according to the MasterCard 2018 ranking, is constantly changing at an impressive speed, and does not intend to stop there – see 10 projects that will make Bangkok THE place to be. Nevertheless, this evolution does not only affect the center of the capital.
Bangkok’s North Region is already an attractive economic hub and will not stop being energized any time soon. In addition to the new infrastructures planned to reinforce the life of the district, 30 200 dwellings have already appeared in the last 8 years.
More recently, projects such as the Mo Chit Complex or Bang Sue Train Station are the promise of a rich future. In addition to generating significant economic growth for the territory, they are also job creators and appreciate the overall attractiveness of it.
In addition, the Thai real estate market is benefiting directly from this evolution. Bangkok North, with its new projects, has gained value and now attracts many investors who have been able to detect the real potential of the neighborhood.
« A growth of 100% in 3 years for the real estate in Bangkok. »
Since 2015, there has been an impressive rise in residential real estate – more than 100%. In the 4th quarter of 2017, condominium prices climbed 54% over the same period in 2015. Of the neighborhoods analyzed, Chatuchak recorded the largest increase rate with 5% growth, and Lad Prao the one who proposed the most important offer of houses.
Following the projects mentioned above and the increasing investments in these neighborhoods …
… the real estate market has a bright future ahead in this part of the Thai capital.
Source – Thai PBS News
Source – Think of Living
Source – Coconut