In this topic we will talk about the improvement of the city.
City real estate news
You may be aware that many people choose to buy condominiums because they are a less expensive way of entering the property market, as compared to investing in landed houses. A condominium is ideal for a small family and a low-maintenance downsizing option for senior citizens. Whether you’re renting or buying, a top-quality condo with ample facilities and amenities is one of the most convenient ways to live comfortably and in style.
However, not all condominiums are the same, so it is essential that you choose the right one. Time and privacy are precious luxuries of the well-heeled, and living in a condo offers both — having such a property allows you to indulge in an array of pleasures without having to leave home. Most condos are minimalist in design and usually offer only amenities like a swimming pool, gym, barbeque deck and a few other basic facilities. What if your choice of condo could double as a mobile office, complete with a conference room? Or had a dedicated private tea lounge where you can enjoy personal quiet time, afternoon tea and casual appointments?
One of the best and most desirable condos available on the Bangkok property market is "98 Wireless". This flagship property of Sansiri Public Co. Ltd defines lavish and ultra-luxury living. (Coconuts Bangkok 11/01/22).
By the way, Wireless 98 is among the TOP 10 most expensive residential real estate projects in the capital of the kingdom. In this condominium only 77 apartments are available for sale in January 2022.
#Improvement of the city
Chong Nonsi khlong
The park project is ultimately planned to run all 4.5 kilometers of canal sandwiched by Naradhiwas Rajanagarindra Road, from Surawong Road to the river. The whole thing is expected to cost taxpayers just shy of a billion baht, or THB980 million (US$29 million).
In the final days left to finish, workers were seen pouring concrete and installing plants along the boardwalk of overlapping arches over the canal.
Since it was announced, City Hall and project supporters have likened it to the Holy Grail of New Urbanism: Seoul’s Cheonggyecheon Stream Project, a favorite example of “daylighting” paved-over waterways since it was completed 15 years ago.
Niramon says that comparison is feel-good baloney. She says it has no redeeming ecological qualities and couldn’t be in a worse location.
While she may be the loudest, she isn’t the only one criticizing the project.
Netiwit Chotiphatphaisal, a famed student activist and rights campaigner who has championed small community causes, told Coconuts Bangkok that he agrees the project amounts to “greenwashing.”
This urban project has both supporters and opponents. Supporters believe that the improvement of the canal will get rid of stagnant water with an unpleasant smell. It is also an opportunity to make the canal accessible to boats cruising along the canal. This is a great alternative to not standing in traffic jams during rush hours. Green spaces and fresh water will also have a positive effect on the health of residents of the district. The channel can become an attractive place for office workers during lunch. In the future, the channel can become a new tourist "magnet" of the capital of Thailand.
Opponents of this project consider it impractical to build a park among urban traffic. Opponents also note the high cost of the project. Activists call the "violation of the river balance" the third factor against the construction of the canal.
And what do you think-what are the prospects for Khlong Chong Nonsi?
Major players in the capital's real estate market are optimistic about the near future.
SET-listed developers Noble Development and SC Asset Corporation are upbeat about their business prospects and overall market sentiment this year, with both planning record property launches.
In 2022, Noble plans to launch 18 new projects worth a combined 47.7 billion baht, while SC Asset has lined up 27 new projects worth a total of 38.9 billion baht.
Noble chairman and co-chief executive Thongchai Busrapan said the property market has rebounded and will recover this year, as the pandemic could end in 2022.
Last year it launched eight projects worth a combined 9.73 billion baht and recorded 21.8 billion in presales, growth of 31% from 2020. The key driver was low-rise houses, which posted 17.4 billion baht, up 18%.
Single detached houses priced 10 million baht and above were the best sellers with 12.3 billion baht in presales, accounting for 71% of total presales from low-rise houses, up 33% from 2020.
Condo presales last year totalled 4.43 billion baht, up 140% year-on-year. A key reason was super-luxury condos, which accounted for 83%.
SC Asset also closed sales of two luxury projects: Saladaeng One and Beatniq Sukhumvit 23.
In 2021, the company spent 10 billion baht buying new plots for residential development in 2022-25, covering all price ranges and condos under a new brand to target Gen Y buyers. (Bangkok Post)
Noble and Asset announce plans to build projects of various price segments.
By the way, Bangkok already has a number of interesting low-rise projects. For example, [email protected] or Chambers On Nut. These projects are interesting not only as housing, but also great for investment, with a good prospect. The advantages of such projects are the low price of entry into the real estate market of the capital of Thailand, a good location, convenient accommodation with a good set of facilities and so on.
Today, the Bangkok Metropolitan Region (BMR) has 525,889 vacant housing units which are mostly sold but does not have any residents. This situation indicates a bad sign. Dr.Sopon Pornchokchai recommends reusing these vacant housing units to prevent economic loss.
Dr.Sopon Pornchokchai, President of research and property valuation center in Thailand, Agency for Real Estate Affairs (www.area.co.th), in the name of President, Thai Appraisal and Estate Agents Foundation was supported by Metropolitan Electricity Authority (MEA) to evaluate a number of vacant housing units. Vacant housing units (Every type of housing units) are housing units which use less electricity than 15 units per month which indicates that there is almost no use.
The number of vacant housing units is crucial for both the government and the private sector. The government needs to develop housing policies and development plans, while the Metropolitan Electricity Authority (MEA) needs to install electricity meters to match residential demands. Private sectors, especially real estate developers, need to avoid developing projects in the over-supply area as these vacant housing units might become competitors. Theses information is also crucial for financial institutes, investors, and home buyers.
The latest surveys found 525,889 empty housing units (including condominiums, detached houses, semi-detached houses, townhouses, and shophouses) in the Bangkok Metropolitan Region (BMR). There are 110,000-120,000 units of new housing developments every year in the BMR. It means that these vacant housing units could still be in the market even without any new developments for 4 and a half years. This number indicates that we have a significant amount of vacant housing units, although it does not signal great danger.
These 525,889 vacant housing units make 10.3% of the 5,097,815 total housing units in the BMR, which means that there is 1 vacant unit in every 10 housing units. This ratio was lower than the situation during the Tom Yam Goong crisis, 20 years ago. In 1995, Dr.Sopon Pornchochai founded 14.5% of vacant housing units from the total housing units in the market. Then in 1998, the ratio of vacant housing units reduced to 12.0% of the total housing units in the market.
9.2% of the total low-rise housing units are empty (there is 1 empty unit in every 11 low-rise housing units). While 13.9% of the total condominiums are empty (there is 1 empty unit in every 7 condominium units). As condominiums are mostly used for an investment purpose while low-rise housing units are mostly used for residential purpose. Investors should invest in condominium carefully during this situation.
I believe there would be fewer vacant living spaces if attractive programs were created for both Thais and foreigners. Perhaps, for this, bankers, lawyers, representatives of the city administration and the government of the kingdom will have to sit down at the "negotiating table". The influx of investments into the city budget, in my opinion, contributed to the development of a particular district and the city as a whole.
Which area of the city in your opinion has good prospects for development?