Thon­glor-Eka­mai draws a dream run of new projects

The Phnom Penh Post - - BUSINESS - Som­luck Sri­malee

T HE POPUL A R I T Y of t he Thon­glor-Eka­mai area among home­buy­ers has drawn a slew of new pro­jec t s a s wel l a s i ndiv idua ls buy i ng ex ist i ng res­i­dent ia l u nit s for resa le amid ris­ing prices.

Va s i n Ma h a p h o n , 3 6 , re­ceived an of fer of 12.5 mill ion ba ht ( $ 380, 234) for a 104sqm tow n house he had bought in Eka­mai Soi 28 for f ive mil­lion baht in 2012 – a surge of over 100 per cent in si x yea rs. The proper t y was ren­o­vated at a cost of one mil­lion baht.

“I moved to Eka­mai Soi 12 from Non­thaburi prov­ince six years ago af­ter pur­chas­ing a 140sqm tow n house for 5. 2 mil lion ba ht plus a ren­o­va­tion cost of 400,000 baht, said Vasi n i n a n i nter v iew wit h The Na­tion.

T he st rong dema nd f or homes in t he area later led to the idea of buy­ing and ren­o­vat­ing ex ist­ing prop­er­ties for sa le, he said, adding t hat he had worked in Thon­glor for 15 yea rs be­fore mov i ng to t he lo­ca­tion.

Vasin be­gan wit h t he pur­chase of a 140sqm twin­house for 8.2 mil­lion baht, fol­lowed by a 400,000 baht ren­o­va­tion. A yea r later, t he house was sold for 12.5 mil­lion baht – a 45 per cent price in­crease in 12 months.

As t he r ise i n res­i­dent ia l pr i c e s c o nt i nue d , Va s i n t u r ned to rent i ng out h i s proper t ies. Two unit s have now been taken up by ten­ants for monthly renta ls of 60,000 baht and 70,000 baht.

“Rents rise in line with mar­ket pr ices. Be­sides, t he sa le price of my units will a lso be much higher,” he added.

“The Thon­glor-Eka­mai area of­fers a range of fa­cil­i­ties t hat sit wel l wit h my l i fest yle. It of f e r s ma ny c om merc i a l prem i s e s, a v ibr a nt n ig ht scene and easy ac­cess to the cen­tra l busi­ness dis­trict. The area is usu­ally quiet on week­ends when I jog with my dog in t he morn­ings,” Vasin said.

Grow­ing de­mand

In view of grow­ing de­mand, de­vel­op­ers a re launch­ing a slew of projects in t he a rea, i nc l ud i ng c on­dom i n iu ms and low-rise res­i­dences (sing le de­tached houses, t win­hou s e s a nd tow n hou s e s ) of fer­ing a tota l of 4,431 units at a combi ned i nvest ment cost of 46.09 bi l lion ba ht in t he sec­ond half of t he year.

A study by Col­lier In­ter­na­tiona l (Thaila nd) shows t he launches of 7,440 con­do­minium units in the lo­ca­tion from 2009 to t he end of last year. The num­ber would r ise to 11,871 when the new projects are com­pleted in 2022.

“We also found that sa les of con­do­minium units launched last year have now ex­ceeded 70 per c ent of t hei r t ot a l project va lue, in­clud­ing t he sell-out of The Reser ve Thon­glor by Pruksa Real Es­tate Plc a nd W- S h i nw a C o L t d’s Runesu Thon­glor, fol­lowed by 95 per cent of Sa nsi r i Plc’s Taka Hause Eka­mai 12.

“Those post­ing 70 per cent s a les i n proje c t v a lue a re Ma r u E k a ma i 2 by Ma­jor De­vel­op­ment Plc ; Ide o Q Su k hu mv it 53 by A na nda De­vel­op­ment Plc; Chalermnit Art De Mai­son Suk humvit 53 by Areeya Prop­ert y Plc; and The Esse Su k humv it 36 by Singha Es­tate Plc,” said Phat­tarachai Tawee­wong, se­nior man­ager at Col lier In­ter nat iona l ( Tha i la nd) re­sea rch de­part­ment.

There will be a tota l of 3,286 con­domi niu m u nits wor t h over 50 bil­lion baht launched in the area by the end of the year, t he high­est in a decade. As for t he 14 ex ist­ing projects of fer­ing 3,139 units, up to 78 per cent, or 2,436 units, have a lready been sold, ac­cord­ing to t he Col­lier sur vey.

Sale prices for con­do­minium units at Thon­glor-Eka­mai aver a ge 220,0 0 0 ba ht per s q u a r e me t r e , b e t w e e n 30 0,0 0 0 ba ht a nd 18 0,0 0 0 baht per square me­tre in the two sois re­spec­tively.

Che­wathai Plc launched its lat­est con­do­minium project, t he 950 mi l l ion-ba ht Che­wat hai Res­i­dence Thon­glor, la st mont h i n re­sponse to mar­ket de­mand.

“T he loc at ion i s popu la r wit h home­buy­ers, it is in t he prox imit y of Ma­jor Eka­mai, Gate­way Eka mai, J Av­enue Thon­glor and K Vil­lage shop­ping malls as well as just 500 me­tres to Camil­lian Hospita l and 2km away from Bangkok Hospit a l,” s a id ma nag i ng di­rec­tor Boon Choon Kiat.

L a nd pr ices i n T hong lorE k a ma i h av e be en r i s i ng since 2013 wit h plots suit­able for con­domi n iu m project s, close to t he main road, now cost­ing over 500,000 baht per squa re met re i n T hong lor a nd more t han 200,000 ba ht per s qua re met re i n E k amai.

Driven by high in­vest­ments in land pur­chases, the prices of new con­do­minium units have surged to be­tween 250,000 baht and 300,000 baht per square me­tre in Thon­glor and 140,000 baht to 180,000 baht per square me­tre in Eka­mai, ac­cord­ing to the Col­lier sur­vey.

K n ig ht Fra n k ( T ha i la nd) recorded an in­ven­tory of 6,112 units, av­er­ag­ing 248,000 baht per square me­tre in Thon­glor as of June 30.

“Thon­glor-Eka­mai of­fers high-end liv­ing in the city with a wide range of modern fa­cil­i­ties such as com­mu­nity malls, spa, fit­ness, co-work­ing space, art gallery, food res­tau­rants, school, and ed­u­ca­tion cen­tres. Parks can also be found, away from the main sois. It is an ideal lo­ca­tion for both Thais and for­eign res­i­dents,” said Phanom Kan­janathiemthao, man­ag­ing di­rec­tor of Knight Frank ( Thai­land).

THE NA­TION (THAI­LAND)

Bangkok’s Thon­glor-Eka­mai area is see­ing an in­flux of new projects.

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