Land sales in Bangkok are on the rise this year with the Chidlom and Ploenchit areas commanding the most interest and highest prices. Developers in particular continue to eye land in this area for luxury and superluxury condominiums which are in high demand.
Century 21 CEO; Tony during a press conference
Kitisak Jampathipphong, chief executive of Century 21 Realty Affiliates Thailand, told local media that they have recorded THB6 billion in land sales during the first half of the year. This is a significant increase from 2015 when the company only sold THB8 billion worth of land during the entire year.
The company sold five plots of land in central Bangkok where land prices are the highest. Kitisak told the Bangkok Post that the skyrocketing prices in this area are due to a scarcity of land available.
At the moment, only a few plots of land are on the market. These include a large plot near Central Chidlom, which is owned by the Sukosol family and is currently being used as a parking lot. There is also a plot close to Central Embassy as well as one by Noble Ploenchit.
The highest price per sq. wah for a land transaction was the THB1.9 billion SC Asset paid for a plot on Chidlom Road. That deal was the beginning of the trend, which has seen prices for similar land plots jump to THB2.4 billion. Other popular locations for land purchases are along the Blue Line MRT and the extension of BTS Sukhumvit Line from Mor Chit to Saphan Mai.
“Land investment had slowed down since 2014 due to economic sentiment,” Kitisak told the newspaper. “Many developers and land purchasers also waited for prices to decrease or cool down after prices skyrocketed a few years ago.”
Some developers have focused on building low-rise projects on small streets in central Bangkok in order to avoid having to spend the billions required to secure these large plots in prime locations.