NEW PHETCHABURI BOOMS WITH AIRPORT LINK

       Bangkok property firm Fragrant Property says a survey of property and land prices on New Phetchaburi Road has shown that prices there have risen steadily, thanks to the development of public utilities and transport.
       It says the increases have resulted from the expansion of real estate business away from Sukhumvit and Sathorn roads, which are considered to be Bangkok's central business district, because property prices have soared in these areas despite the economic crisis.
       CEO James Duan said land prices in the central business district had been sharply adjusted upwards with no tendency to decline despite the economic conditions. The amount of available land is rather limited and most of it is held by private owners who will not rush to sell until the price is high enough.
       Therefore, project-development expansion has moved into neighbouring places, especially those with convenient transportation. For example, the price of land on Makkasan Road stood at Bt200,000 per square wah in 2006 and has now risen to Bt300,000 per square wah. In some places, particularly near Airport Rail Link stations, the price is even higher.
       The company's survey found that five condominiums, together worth Bt13 million, will be built on New Phetchaburi Road between the Makkasan intersection and Klong Tan intersection. Some have already been launched and others are in the development process and are expected to be completed before the end of 2012.
       The projects will offer a total of 2,755 units with prices starting at Bt1.8 million. The price per square metre ranges from Bt79,000 to Bt110,000.
       Earlier, property experts and analysts revealed that demand for land along the Airport Rail Link route was very active, resulting in rising land prices, particularly on New Phetchaburi Road between the Makkasan intersection and the Asoke-New Phetchaburi intersection.
       Developments in this area are not restricted to residential projects, but include hotel projects serving tourists and investors. Negotiations are in progress for several land plots and it is believed that there will be at least 1,500 residential units developed in the area in the next one or two years.
       "Regarding condominium prices in this area, it was found that projects near to train stations, Makkasan station and Asoke intersection, have higher prices than others," Duan said.
       "Although some people remark that New Phetchaburi Road is full of old commercial buildings and entertainment clubs, it should be pointed out that five new projects are aimed at high-end customers and the response to project launches has been good.
       "Therefore, we expect that the image of New Phetchaburi Road will change, especially when the Airport Rail Link opens in the middle of next year," he said.