10 Reasons Why Asoke-Rama 9 is a Complete Lifestyle Location

The Asoke-Rama 9 Area is frequently discussed, and for good reason. Everyone knows that this location has high potential, making it hard not to mention. It's natural for people to want to admire something good. This time, TerraBKK Research will revisit the Asoke-Rama 9 area, focusing on its convenience for living. Besides its high real estate potential, this area offers a comprehensive lifestyle for all residents, whether they are early birds or night owls.

Especially with modern developers like Ananda Development preparing to launch a new project at the Asoke-Rama 9 intersection under the brand ASHTON Asoke-Rama9, along with the famous coffee brand Dean & Deluca opening a flagship store, this area is set to become a destination for modern lifestyle enthusiasts. This makes Asoke-Rama 9 a location worth revisiting for its comprehensive lifestyle offerings.

1. A Popular Location for Chinese Businesspeople

Due to the economic cooperation between Thailand and China, we are seeing an increase in Chinese investments in Thailand. In real estate, Chinese investors often choose to invest in condominiums, which are properties that foreigners can purchase. Thailand ranks sixth among countries where Chinese people prefer to buy condominiums, and in the past year, Thailand's popularity among Chinese investors increased by 180%, surpassing the previous five countries significantly. Additionally, data from the Foreign Workers Administration shows that Chinese businesspeople are the second largest group working in Thailand, after Japanese, with an average growth of 13% per year. The Asoke-Rama 9 area is particularly favored by Chinese businesspeople, as it houses important locations such as the Chinese Embassy, Bank of China, and Duty Free for Chinese Tours (next to Unilever building). Thus, it’s no surprise that “Asoke-Rama 9” is a business hub for the Chinese.

2. Traffic Volume on the Roads

What’s good about traffic jams? Everyone wants to avoid congested roads. However, before we focus solely on road issues, let’s consider another perspective: a road with heavy traffic indicates a location that supports a large number of activities. The volume of cars on the road reflects the traffic of many people utilizing the area.

According to data from 2015, the five busiest roads in Bangkok show that Ratchadapisek Road has the highest traffic volume at 438,657 vehicles per day, while Rama 9 Road ranks fourth with 313,663 vehicles per day. Both roads are major thoroughfares in the Asoke-Rama 9 area, reflecting a traffic volume of over 700,000 vehicles per day, which is quite dense and significant.

3. MRT Ridership by Station

In addition to road congestion, the Asoke-Rama 9 area also has access to public transportation, specifically the Blue Line MRT, which runs along Ratchadapisek Road and has a consistently high ridership throughout the day. This indicates the area's potential and accessibility, not just by car.

According to traffic statistics from 2015, the highest ridership on the Blue Line MRT was at Sukhumvit Station, due to its proximity to major workplaces and shopping centers. However, an interesting statistic is that Rama 9 Station ranks second in ridership, followed by Silom, Phetchaburi, and Huai Khwang stations, all of which are near the area, demonstrating the density of traffic from residents and workers in the vicinity. The total number of MRT users entering and exiting the Asoke-Rama 9 area from Sukhumvit-Phetchaburi-Rama 9-Cultural Center-Huai Khwang-Sutthisan-Ratchadapisek stations is 3,969,325 people per month or 47,631,900 people per year, accounting for about 50% of the total MRT ridership across all stations.

4. Number of Companies and Office Buildings

As is well known, the Asoke-Rama 9 area extending to Ratchada is considered a NEW CBD, or a new business center in Bangkok. We are currently seeing an increase in the number of office buildings in this area, especially along Ratchadapisek Road, where many new and under-construction offices are visible. It’s starting to resemble Silom more and more. If we look closely at the office space and rental prices, we can see some developments. The Asoke-Phetchaburi-Rama 9 area appears to be the densest in terms of office space and also has high rental prices.

Particularly, Rama 9 Station currently has an office supply of over 600,000 square meters, which is advantageous since there is currently a shortage of office supply, while the demand for rental office space continues to rise, especially for offices near the MRT, which are becoming increasingly scarce. According to Colliers International Thailand, the occupancy rate of offices in the Ratchadapisek area is about 90%, which is comparable to Silom, where the occupancy rate is approximately 95%.

5. Markets and Shopping Venues Available at All Times

The vibrancy of this area is unmatched, as the Asoke-Rama 9 area has shopping venues catering to all levels and times, from shopping malls to fresh markets and street vendors. This is due to the large population living and circulating in this area.

• Ratchada 4 Wealth Market - A weekday market catering to employees from various companies in the area, divided into clothing, miscellaneous, and food zones, open Monday to Friday from 5:00 AM to 2:00 PM, offering fresh vegetables, fruits, and organic produce for cooking or breakfast.
• Rama 9 Market - A large market favored by employees from the GMM Grammy building and Srinakharinwirot University (SWU), covering over 5 rai with a variety of products such as clothing, bags, shoes, cosmetics, and food, with over 500 shops. Located near the Rama 9 MRT station, open from 5:00 AM to 8:00 PM.
• Wongwanit Market (Rama 9 Market) - Another market catering to office workers, open during the same hours as company employees, offering a variety of products including food, clothing, and various items, located along Rama 9 Road next to the Worasan building, near the AIT intersection, open from 5:00 AM to 2:00 PM.
• GMM Grammy Market (Phet Asoke Market) - A favorite market for Asoke residents, located next to Srinakharinwirot University (SWU) and the GMM Grammy building, often frequented by locals. The market is divided into two zones: a market zone selling fashion and cosmetics, and a food court with around 30 shops, providing seating for 400-500 people. Located at Sukhumvit 23, open Monday to Friday from 5:00 AM to 2:00 PM.

6. Number of New Shopping Malls and Centers

The Asoke-Rama 9 area has experienced rapid growth. Since the opening of the Green Line and Blue Line MRT from 1999 to 2004, new projects have continuously emerged in this area. We can see changes in the Asoke-Rama 9 area every year. After the Blue Line MRT opened for two years, Esplanade Ratchada opened, followed by several shopping centers along the Blue Line in subsequent years, including Terminal 21, Central Plaza Grand Rama 9, Central Embassy, The District Em, The Shoppes Grand Rama 9, The Street, and Show DC, all established between 2006 and 2016, in just 10 years.

7. Volume of Shoppers in Shopping Malls and Centers

The opening of various shopping centers, as mentioned in point 6, has increased the vibrancy of the Asoke-Rama 9 area. Let’s delve into the number of visitors each shopping center can accommodate and their target audience.

The figures for major shopping centers include Esplanade Ratchada, Terminal 21, Central Plaza Grand Rama 9, Central Embassy, The District Em, The Street, and Show DC, which collectively target 454,000 visitors per day. This indicates a high volume of customer traffic. The total area of these four shopping centers is approximately 1,507,900 square meters, with The District Em being the largest, targeting 150,000 visitors per day.

8. Number of High-Rise Buildings in Asoke-Rama 9

One statistic that many may overlook is the number of high-rise buildings in this area, which demonstrates its potential for maximizing urban planning and economic benefits. When TerraBKK Research compiled data on both high-rise and low-rise condominiums, the graph below shows that high-rise condominiums (those over 8 stories) tend to cluster from the Cultural Center onward.

9. Rising Launch Prices of Condominiums Each Year by 15%

Now we come to the most important figure: everyone wants to know how much condominium values increase each year. TerraBKK Research looks back to 10 years ago, when in 2006, condominiums launched at only 40,000-50,000 THB per square meter. Today, new condominiums in this area are launching at over 200,000 THB per square meter! Furthermore, when we compiled data on prices and unit numbers, we found that the growth of both is inversely related: prices continue to rise by 15% per year, while the number of units launched decreases by -8% per year. This means that the supply in the market is dwindling while prices are increasing.

10. Mega Projects Emerging from Both Public and Private Sectors

This area has seen continuous real estate development since the Blue Line MRT opened, including projects such as AIA Capital Center, the new Stock Exchange of Thailand building, Unilever Tower (Unilever Headquarters), The Ninth Tower, G Tower, and Show DC. There are also several ongoing and yet-to-be-constructed projects, including Bumrungrad Hospital branch on New Phetchaburi Road (new branch), an international hospital project valued at over 8.2 billion THB, and Singha Complex Mixed-use Development, which will include office buildings, retail space, hotels, and a concert hall.

Additionally, there are future projects from both public and private sectors that, once completed, will further enhance the vibrancy of this area. These projects include Makkasan Complex, where the State Railway of Thailand will allow private sectors to develop 497 rai of land, the Orange Line MRT project from Taling Chan to Cultural Center, which will connect the western and eastern sides of Bangkok, with an interchange at the Cultural Center station currently under proposal to the Cabinet, the development plan for the maintenance center of the MRT Huai Khwang on Rama 9 Road, and The Super Tower – Mixed-use Development, which will reach a height of 615 meters and become the tallest building in Thailand, replacing the Mahanakhon.