Weekly Thailand Property News Update , EP 9 , 2023

BY Kittipong Kongthanarung

1.The Yellow-Pink metro line has pushed up urban land prices!”

“The Yellow-Pink metro line has driven up urban land prices! Sri Nakarin-Samrong has surged by 140% at a rate of 600,000 baht per square wah, while Ladprao has increased by 60% at 800,000 baht per square wah. Nonthaburi, Ram Inthra, and Min Buri are also booming locations.

The Yellow metro line (Ladprao-Samrong) has partially opened with 13 stations in operation as of June 3rd. As for the Pink line (Khae Rai-Min Buri), construction progress is nearly 100% complete, and it is expected to be operational in 2023. Both of these light rail transit lines are not the large-scale metro lines commonly known, but they will serve as feeder lines connecting various areas to the main mass transit lines, such as the Green line, Blue line, and future Orange line. Both lines will have shared stations with the aforementioned lines.

The Yellow metro line is connected to multiple other metro lines, such as the Blue line at Ladprao Station, the Orange line at Lam Salee Station, the Airport Link at Hua Mak Station, and the Green line at Samrong Station. The Yellow metro line also traverses important roads in Bangkok, namely Ladprao Road and Sri Nakarin Road. Almost 100% of this line is elevated above these two roads.

If the extension from Ladprao Station along Ratchadaphisek Road is connected, there will be two additional stations and a connection to the Green line at Ratchayothin Station. However, these two stations are still unclear and awaiting further confirmation. In addition, Lam Salee Station may become a shared station with the Brown line, and Ladprao 83 Station may become a shared station with the Gray line in the future. Furthermore, there is a possibility that the Silver line will have shared stations with the Yellow line if it is constructed.”

More info :https://www.thansettakij.com/real-estate/567435

2.Large companies worldwide are downsizing office space in the next three years.

“KnightFrank,” a global real estate management company, has revealed the results of a survey indicating that nearly half of large international companies are planning to reduce office space over the next three years, following the shift to remote work due to the COVID-19 pandemic. However, most small-sized companies are planning to expand their office space.

According to KnightFrank’s survey of 350 real estate executives responsible for a total of 10 million employees worldwide, among large companies that are actively reducing carbon emissions, they have set targets to decrease office space by 10-20%.

Lee Elliott, KnightFrank’s global head of commercial research, stated, “Using less space, but in a better way, should be the baseline for large organizations. It is not the death of the real estate market, as what we are seeing is a shortage of supply and an increase in the rent of versatile and functional buildings.”

Nevertheless, the opportunity for large companies to further reduce office space raises concerns about the future of older and less desirable buildings. At the same time, the commercial real estate market is facing a significant downturn due to rising interest rates.

Lee Elliott added that many companies have temporarily suspended real estate decision-making in the past three years to assess post-COVID-19 work patterns. While some are waiting for lease agreements to expire before making changes.

More info :https://www.thansettakij.com/real-estate/567303

3.Improving land planning in Bangkok to enhance socio-cultural values and quality of life.

Bangkok places great importance on land planning as it believes that effective land planning can lead to a better urban layout and long-term benefits in land utilization. However, implementing ideal land planning practices may not be easy in practice.

This is because the public may not fully understand and may be concerned about the division of land for development and public utilities. They may also be unsure if the remaining land after division will truly generate added value. Additionally, living together as a community on the same piece of land may pose challenges in the future.

Despite the challenges, proper land planning can address issues such as land congestion and lack of access, as well as increase the value of land.

Mr. Chatchakit Sitthiphan, the Governor of Bangkok, revealed after chairing a meeting of the Land Planning Committee for the development of Bangkok that during the meeting, the committee members expressed their views on the benefits of land planning, particularly in addressing the issues of land congestion and land with no access.

Land planning is considered crucial for both economic and social reasons. It is a means to develop land throughout the city, leading to overall benefits for the country, an increase in land value, and an improvement in the quality of life for its residents. However, it is necessary to obtain consent from both public and private landowners before implementing the land planning process.

The progress report presented during the meeting focused on the potential development of three areas: the vicinity of the Bangkok Mass Transit Authority Office in Phra Khanong District, the area behind Bumrung Ratchonni 79 Alley in Thonburi District, and the area around Bang Waek 38-40 Alley in Phasi Charoen District. Additionally, the meeting informed about the proposed development of the coastal areas of Bangkok, from the Loong Canal to the Kadee Saob Canal in Bang Khun Thian District, which is an area severely affected by coastal erosion. Currently, a total of 4,361 private land plots, covering 269 rai, have been eroded. The Department of Drainage and Sewerage is undertaking a project to build stone revetments to mitigate erosion and to increase coastal protection and mangrove forest areas.

In terms of development approaches, the City Planning Department has drawn inspiration from case studies in other countries such as the Netherlands and China. The focus is on preserving the existing environment to maximize the coexistence of people and nature. The committee has proposed that relevant agencies explain the benefits of land planning to landowners and take measures to prevent further coastal erosion. If necessary, alternative areas will be explored if the development cannot be carried out in the mentioned areas.

The Governor stated, “Bangkok aims to transform the eastern region into a new city or develop projects near mass transit systems into new cities. The committee will consider these recommendations to ensure fairness and benefits. Additionally, more frequent meetings will be held to facilitate progress in our work.”

More info :https://www.thansettakij.com/real-estate/567128

Share This Article

Back to Archive

Privacy Overview

Necessary

Non-Necessary

Weekly Thailand Property News Update , EP 9 , 2023

Thank You

Privacy Policy