Analysis of land value and condominium prices along the Southern Purple Line following the expropriation of the train, driving up land prices on the Thonburi region

Share on facebook
Share on twitter
Share on linkedin
Thonburi-region

InvestMan would like to introduce our readers to the Southern Purple Line Train Project, from Tao Poon – Rat Burana. The royal decree has been announced 6 August, 2020 late last year and is currently a subject of debate among affected people – between people who currently live in the area subjected for expropriation and are forced to relocate and those who live in the neighborhood which will benefit from better public transportation and the increasing property values. particularly Thonburi regions.

Nevertheless, we would like to put this issue aside and go into detail of this project which is set to go ahead. Also analyze the trend of land’s prices along the train stations for this project. 

The project is expected to begin construction in August 2021 and launch by 2026. 

 Project details

Project route –

      The route of this Purple Line Project will start at the MRT’s interchange, Chalong Ratchatham at Tao Poon Station which is an elevated road along Kor.8 road across Bang Sue canal then continue into an underground structure under the Army Ordnance Department. The route then leads to the right onto Military Road passing through Kiakkai intersection, then entering Samsen Road. The route will turn left onto Phra Sumen Road through Bowon Niwet Temple and Ratchadamnoen Road before entering Mahachai Road. The route then leads under the Chao Phraya River near Phra Prajadhipok Bridge before entering Prajadhipok Road which leads under Wong-wian-Yai Intersection. The line will then lead back to above the ground elevated structure running along the middle of Suksawat Road through Dao Khanong intersection, then cross the bridge over Rama 2 intersection, passing through Pracha Uthit intersection. The path will cross the Chalerm Mahanakorn Expressway and end at Khru Nai.

Total project distance of 23.6 kilometers:

  •        12.6 kilometers underground structure
  •        11 kilometers above elevated structure

Stations: 

10 underground stations –

  • Ratthasapa Station
  • Si Yan Station
  • Wachira Payaban Station
  • National Library Station
  • Bang Khun Phrom Station
  • Pan Fah Station
  • Sam Yot Station
  • Saphan Phutt Station
  • Wongwian Yai Station
  • Samre Station

7 elevated stations –

  • Dao Khanong Station
  • Bang Pakaeo Station
  • Bang Pakok Station
  • Rama 9 Bridge Station
  • Rat Burana Station
  • Phra Pradaeng Station
  • Khru Nai Station

Train garage

        Located adjacent to Kanchanaphisek Road next to Bang Phli-Suksawat toll gate on the inbound side

Parking building

      “Park and Ride” buildings located at Bang Pakok Station and Rat Burana Station, accommodating the total of 3,850 cars

Our team had conducted a survey in the several areas we had determined the estimated prices of land in 2017-2019.

Rise in land prices

       Our team had conducted a survey in the several areas we had determined the estimated prices of land in 2017-2019 before the official announcement of the project. By selecting the 3 stations that we have data to analyze and compare before and after the announcement of the project. Let’s see how much prices have gone up.

Land prices around the station:

– Bang Pa Kaew station (adjacent to Suksawat Road), land price as appraised in 2017, 115,000 baht / square wa. Currently, the price is 140,000-170,000 baht / square wa. Value appreciated by 22%-28%.

– Bang Pa Kok station (adjacent to Suksawat Road), land price as appraised in 2017, 120,000 baht / square wa. Currently, the price is 150,000-180,000 baht / square wa. Value appreciated by 25%-42%.

– Bang Kru Nai station(adjacent to Suksawat Road), land price as appraised in 2017, 70,000 baht / square wa. Currently, the price is 80,000-100,000 baht / square wa. Value appreciated by 5.7%-6.7%.

Overall, land prices have increased by 32% over the past three years, or at a rate of 11% per year, which is considered to be a significant growth in values.

         From the survey, it is found that new condominiums within the area of the 3 analyzed stations which are set to be launched for sale as per below.

– Dao Ka Nong station (new project), land price as appraised in 2017, 67,000-69,000 baht / square meter. Currently, the price is 70,000-75,000 baht / square meter. Value appreciated by 4.5%-8.7%.

– Bang Pa Kaew Nong station, land price as appraised in 2017, 63,000-67,000 baht / square meter. Currently, the price is 67,000-70,000 baht / square meter. Value appreciated by 4.4%-6.3%.

– Bang Pa Kok station, land price as appraised in 2017, 70,000-75,000 baht / square meter.

Currently, the price is 74,000-80,000 baht / square meter. Value appreciated by 5.7%-6.7%.

         As you can see, the difference in prices for land and condominium is as significant, which is largely due to the announcement of this upcoming project.

Thonburi region

Credit to news and information sources : Mass Rapid Transit Authority of Thailand

Related services

Independent Valuation Company Thailand

We provide property valuation services listed on the stock exchange and all banking institutions. We thrive to maintain performance standards and continually develop the property appraisal profession in Thailand to match that of the international level while upholding etical practices in which we instilled in our appraisers.

Other articles

Follow Us

Prospec Appraisal

Top
Subscribe To Our Newsletter

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!