"Park Origin Thonglor" and a turning point egg yolk location in the middle of the city When the condo supply shrinks, the land is out of hand, keep an eye on it for 2-3 years, the condo price soars. new trend 'Rent for life' compared to Singapore, Hong Kong

February 6, 2023 - 'Thonglor' 1 in 10 prime locations in the city with an appraised price The most expensive land in Thailand, in 2023, the Treasury Department announced the average official price of 500,000/square wa. But buying and selling real land (market price) is known to real estate developers that

The price in this area is difficult to catch because the land area is limited and it is a business egg yolk area or CBD with a source of work, eating, drinking, traveling, and convenient transportation. making it a luxury lifestyle hub in the middle of the city that everyone wants to touch, live

by 'Thonglor' or Sukhumvit Soi 55 is an important destination. of developers of luxury condominium projects, hotels, and serviced apartments From the past to the present, because this location is not just fragrant meat among upper-class Thai people only.

On the other hand, it will support the purchasing power for living and long-term rental investment among foreigners as well. Before the spread of COVID-19 will make the heat of the real estate market This zone has decreased a lot.

Recently, in the launch of a big project, the TOP segment of major real estate developers by Origin Property Public Company Limited with the project "Park Origin Thonglor” luxury condominium worth up to 12,000 million baht, which the construction was completed

On a legendary piece of land, a large plot, in the heart of Thonglor. Which used to be the location of "Arena 10", a source of restaurants, bars, nightclubs, activity areas, with "Tan Passakornnatee" as the owner before transferring hands 10 years ago

Than Sethakit joined an interview with Mr. Siripong Srisawangwong, Chief Executive Officer of Park Luxury Co., Ltd. (Origin's subsidiary), providing interesting information about the Thonglor area and real estate market trends. find In such a location that ...

Land in the Thonglor area. still has the top price in Bangkok always The latest appraisal price of the Department of Lands that has just been announced for the year 2023 in the area of Thonglor Road (Soi Sukhumvit 55) is approximately 240,000-500,000 baht per square meter, if compared to the highest price It is considered that land prices in Thong Lor have increased more than twice in the past 15 years, not counting the current land purchase price. How much higher than appraisal price?

But the difference between other top locations and Thonglor That is, Thonglor still has a tendency for prices to go up a lot. From the development of the Gray Line electric train project There is a Thonglor 10 station nearby the project and can also connect to various electric train lines. many more lines by counting only the Watcharapol-Thonglor period already connected to the green, orange, pink and brown lines

At the same time, Thonglor will continue to be a major hangout area. It is the source of the Japanese community in Thailand. is an important source of work Close to the offices of many leading companies new supply at the price per level Similar square meters will be harder to find, resulting in real estate in this area being a target project that is suitable for both buying and living. and buy for long-term investment Whether investing, renting Or hope to continue selling from Capital Gain in the future

Park Origin executives admitted that during the past COVID-19 epidemic, the real estate market for high-end condos in this area slowed down considerably. due to economic problems and the decrease of foreigners entering Thailand because in part Property in this area is related to investment in renting to foreigners. multiple investors Renting a condo that cannot be occupied

In addition, there is no supply for new projects and no new 'land' purchases have occurred during the past 2 years because no one of the landowners has willingly reduced the selling price. make further purchases It's difficult to develop into a project because 'land' is an important cost if it's very expensive. It will be very expensive and difficult to touch. But it was found that the absorption of the same condos still occurred, causing the supply to begin to be in shortage now.

However, from the saturation of the market that 'new things are difficult to enter. The old stuff is gradually being extinguished, 'may stay for another 2-3 years before entering a new 'cycle' again, which will see a clear picture after 2024 when the economy has a good picture of GDP recovery. and the upper-class population has more money

" Thonglor is a high-end market. Thai people are now quite saturated, but the trend will recover according to the population income or the country's GDP because this market is not stimulated by the government at all, which, when combined with the LTV rule, therefore has less purchasing power. down but estimates Thonglor in the next 2-3 years when the supply runs out A new market cycle will occur and come with buying-selling prices per unit. shocking jump from the cost of new land."

Mr. Siriphong explained that in the future, 'Thonglor' will enter another type of real estate buying-selling, a picture similar to what happened in the location of Wireless Road, Silom, Siam, Phrom Phong and Ploenchit. Leasehold (Term Freehold Leasehold) because new land is scarce and too expensive to develop for sale as stated above.

Originally saw a new project in the Thonglor area every year. But in the future, the frequency will be reduced, for example, 3 years / project or 5 years / project under the demand of upper class people and main tenants who are foreigners who are more likely to have heavy pockets.

The trend of land development in the middle of the city in such a way. Comes with the trend of new generation that is not attached to the ownership Like major real estate cities around the world such as Singapore, Hong Kong, Korea or Japan that ... 'Who wants to live in the middle of the city? Must rent for life ' because there are no new projects entering the market. Origin expects this trend to occur in Thonglor, Phayathai, Asoke, Wireless, Ploenchit, Phrom Phong and early Sukhumvit zones.

"It's a concept of a new generation, no cars, focusing on reducing time. Thai real estate will soon follow foreigners. Lifelong rentals are not uncommon because in the future, some locations, small buyers probably won't have access at all because the price is too expensive to touch."

"Park Origin Thonglor" starting price 10.9 million

For the project "Park Origin Thonglor" (Park Origin Thonglor) is a joint venture between Origin and Nomura Real Estate Development Co., Ltd. (real estate giant from Japan. ) 1098 rooms

At present, 70% of the sales have been made and it is in the process of transferring ownership. Located on a plot of land of 5 rai 3 ngan 90.9 square wa in the heart of Sukhumvit 55 Road in Soi Thonglor 10, the entrance is opposite Donki Mall Thonglor.

The project consists of 3 condominium buildings with 1,098 residential units, divided into Building A, 39-storey building, 375 units, Building B, 53-storey building, 394 units and Building C, 59-storey building, 329 units, with a link between Building A to Building B and Building B to Building C.

Room types range from 1 bedroom to 3 bedroom penthouse style. Room sizes range from 30.00-99.50 sq m. The height from floor to ceiling (Floor to Ceiling) is 3 meters. At the same time, there is a room type that is Duo Space, which is a highlight of the projects in the Origin group. that gives a ceiling height of 4.2 meters with more than 50 central items

The average selling price is 2.8-3 hundred thousand baht per square meter. The highlight is that Building A is opened to the ORIGIN INVESTMENT PROPERTY investment program managed by HAMPTON MANAGEMENT, guaranteeing a 5% return in the first 3 years, combining between 5-star hotel services and Monthly rental like a condo Which is currently being accepted by foreign tenants. like the Japanese, Hong Kong, China as well

Source:https://www.thansettakij.com/real-estate/555354

Date 6/2/2023