LAND NEAR MASS TRANSIT HOLDING UP

       The price of land in inner Bangkok and located close to the mass-transit system comes in at Bt400,000 to Bt600,000 per square wah, nearly the same as last year, says research by property developer and agency Aquarius Estate.
       One square wah equals 4 square metres.
       The Agency for Real Estate Affairs (AREA) reported land prices on Rama I Road (Siam Paragon area) as being higher than other inner-city locations at Bt1 million per square wah.
       The AREA's research ranked Silom as the second most-expensive location, at Bt850,000 per square wah, up from Bt500,000 in 2000.
       Meanwhile, land on Leab Klong 13 in Pathum Thani's Lam Luk Ka district recorded the lowest price in the greater Bangkok area: Bt2,000 per square wah.
       The research showed land prices had risen significantly from 2005-07, since which time they had stabilised.
       Sukhumvit Road (Times Square Building area) recorded the strongest growth, from an average of Bt400,000 per square wah in 2005 to Bt750,000 now - up nearly 97 per cent. This was followed by Sukhumvit (Ekamai area), with the average price rising 89 per cent to Bt500,000 per square wah.
       However, prices in some areas of Bangkok and its suburbs have recorded drops in the same period, such as land on Rat Uthit Road in Nong Chok district, where prices have fallen 11-13 per cent, the research said.
       Aquarius Estate CEO Yongyutt Chaipromprasith yesterday told a press conference demand for grades A and B+ condominium projects located close to the mass-transit system had continued to grow when compared with grades B and C condo projects in the same areas.
       The company defines grade-A condominiums as starting at Bt120,000 per square metre, grade B+ at between Bt90,000 and Bt120,000, grade B at Bt60,000 to Bt90,000 and grade C at Bt30,000 to Bt60,000.
       Company research showed new condominium projects launching this year would total 65, with 20,000 units, down 7 per cent from 70 projects and 22,000 units last year. Lower supply will force strong demand for residences in the remainder of the year, it said.
       Aquarius Estate said 38 condo projects with 12,800 units had been launched in the first half. Sathorn Road had seven new projects, followed by the Chidlom-Ekamai with five.
       However, projects locate in the Phya Thai-Ratchathewi area had presales of more than 77 per cent for projects launched in the first half.
       The research said the condominium inventory in the market was 173 projects with 25,500 units that would take one to two years to sell.
       However, some located more than 500 metres from the mass-transit system could take more than five years to sell out, Yongyutt said.