Bangkok sees continued boom along Red Line route

PROPERTY developers are expanding their commercial and residential investments by more than 200 billion baht ($6.1 billion) around the Red Line route under construction from Bang Sue to Rangsit, expected to open in 2021, according to a recent survey.

For example, Central Group plans to open a shopping complex at a cost of 13.7 billion baht on a 98ha plot of land that was previously occupied by the Thai Melon Polyester plant.

PTT Plc also owns land located close to the Thung Song Hong Station on the Red Line route. A source at PTT said the company has proposed to the State Railway of Thailand (SRT) to build a skywalk linking its future project to Thung Song Hong Station.

Grand Canal Development Plc, now owned by Central Pattana Plc, has three land plots around the Red Line route with a combined 26.56ha. Before Central Pattana’s acquisition, the company had planned to develop condominium projects worth over 10 billion baht on the three plots.

Since SRT began construction of the 26km Red Line from Bang Sue to Rangsit in 2015, there has been a surge of inter- est among developers as they plan commercial and residential projects along the route.

For example, Rangsit Plaza, owner and operator of Future Park Rangsit, has invested 5.8 billion baht to renovate the complex into ZPELL@ Futurepark, expanding the retail space from 500,000 to 600,000sqm.

Meanwhile, projects covering the full range of residences – single and detached houses, townhouses, twin houses and condominiums – have been launched along the route between Bang Sue and Rangsit.

The latest survey by The Nation found that 100-billionbaht worth of projects – single detached houses, townhouses, twin houses, and condominium – were launched since 2015.

For example, Grand Unity Development launched Condo U Delight Ratchavibha, at a cost of two billion baht, opposite the future Samian Nari Station on the Red Line route.

That demand for both residential and commercial buildings along the route has boosted nearby land prices by 24.1 per cent since SRT began construction of the 26km Red Line in 2014, according to a survey by the Real Estate Information Centre of Government Housing Bank.