Thonglor-Ekamai draws a dream run of new projects
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).