The title "Rama 9 is a location that never stops moving" might even seem understated. Looking back over the past decade, the Rama 9 area has never ceased to develop. This year, we have witnessed a surge in land acquisitions by various developers, leading us to predict that Rama 9 will undoubtedly continue to “advance”.

Rama 9 has been continuously “advancing” for nearly a decade

The key factor driving the rapid development of Rama 9 is the influx of rental office buildings. Not only is Rama 9 easily accessible via the Blue Line subway, but it also provides quick access to the CBD. This momentum began with GLAND's development of CentralPlaza Grand Rama 9 in 2011, followed by a wave of B+ to A-grade office buildings such as AIA Capital Center, Unilever Headquarters and The Ninth Tower in 2014, coinciding with a shortage of rental office supply. This has put Rama 9 in the spotlight as a potential New CBD, with land still available for further development. From 2011 to 2017, private sector investments in shopping centers and office buildings in the Rama 9 area exceeded 1 million square meters within just six years.

As of 2017, Bangkok had a total rental office supply of 8.7 million square meters, mostly concentrated in the Silom-Sathorn and early Sukhumvit areas. However, in the vicinity of the subway stations Rama 9-Cultural Center-Huai Khwang, which share similar connectivity, there is already over 1 million square meters of rental office space. Specifically, the Rama 9 station alone has approximately 320,000 square meters of rental office space, with an estimated workforce based on a 60% occupancy rate amounting to around 19,000 people.

According to Colliers International Thailand, the occupancy rate of office buildings in the Ratchada-Rama 9 area is as high as 90%, nearly on par with Silom-Sathorn, which has an occupancy rate of about 95%. If we estimate the workforce based on this 90% occupancy rate, it amounts to over 28,000 people. Once the Super Tower is completed, the workforce in the area could increase to approximately 57,000 people.

Facilities that enhance the area's potential are indispensable, particularly shopping centers. The Rama 9 area boasts over 474,900 square meters of shopping center space. Notably, in 2016, two new shopping centers opened within the same year: The Street and Show DC, allowing the total shopping centers in Rama 9 to accommodate up to 254,000 visitors daily. This indicates a high density of people in the Rama 9 area, making it one of the most diverse shopping districts.

Rama 9: A location that serves as both an Origin & Destination for urban dwellers

          Another indicator of the potential of the Rama 9 area is the volume of commuters, which includes traffic on the roads and the number of users of the Blue Line subway. According to traffic statistics from 2015, the traffic at the Rama 9 intersection (2014) reached 110,434 vehicles per day, comprising 45,183 vehicles from Ratchadapisek Road, 26,874 from Rama 9 Road, and 38,377 from Asoke-Dindaeng Road, demonstrating the density of users in the Rama 9 area.

          The number of users of the Blue Line subway at Rama 9 station is also noteworthy. In 2015, the station recorded the second-highest number of users, totaling 8.7 million annually, averaging about 24,000 people per day, following Sukhumvit station, which had the highest usage at 13 million annually, averaging about 37,500 per day. Recently, after the connection between the Blue Line and Purple Line, the number of Blue Line users increased by 50%, indicating a significant influx of users, with estimates suggesting nearly 36,000 people per day at Rama 9 station.

          Traveling by subway from Rama 9 station is not only convenient as a destination but also allows easy access to other business districts in Bangkok, such as Silom-Sathorn, early Sukhumvit, Siam, Phahonyothin, or Ari, all within 45 minutes. This makes Rama 9 a strong contender for the New CBD, as it provides easy access to all major locations in Bangkok, whether by private car or public transport.

 

          Additionally, there are rumors that a plot of land adjacent to the Chinese Embassy (next to SNOP Ratchada Soi 4), currently a parking lot, is set to become the Somerset Rama IX Bangkok hotel, which is currently in the EIA application process. Not far from there, GLAND is also planning the New World Grand Rama 9, Bangkok Hotel, which is also in the EIA application stage, along with several other awaited projects such as The Super Tower, Bumrungraj International Hospital Phase 2, Makkasan Complex, and the land development plan for the MRT maintenance center.

          Various projects in the Rama 9 area, including hotels, international hospitals, shopping centers, subways, and condominiums, suggest that in the near future, the Rama 9 area or New CBD will not only accommodate office workers but also attract foreign investment for rental opportunities.

The Investment Potential of Rama 9 Condominiums

         

The Rama 9 area is worth purchasing both for personal use and investment purposes. Many are already aware of its convenience, being close to the city, subway, and major shopping centers like Central Grand Rama 9. For investment, it has been widely discussed how lucrative it is, especially with Chinese clients and the yield being worthwhile. This time, TerraBKK Research will delve deeper into the investment aspect, exploring why it is considered a good investment and which specific areas of Rama 9 are most promising. TerraBKK Research will find the answers for you.

Occupancy Rate Close to 100% Year-Round

          Wow... an occupancy rate close to 100% or nearly full rental throughout the year. When asked where TerraBKK gets this confidence, it's clear that this figure is not just made up. From a survey of available rental units listed in the past 1-2 months, we found that less than 10% of units were vacant, and typically, listings are rented out within just a few days.

            But do all projects have tenants throughout the year? The honest answer is, “not every project does.” So, which areas have the best rental potential?

The Closer to Rama 9 Intersection, the Better

          Since the MRT Rama 9 station is very close to the Rama 9 intersection, we will group them together for clarity. Our team surveyed the rental market in this area and found that condominiums that can command high rental prices and are rented out quickly are “those located near the Rama 9 intersection (on Rama 9 Road) within a radius of 500 meters”, especially projects on the same side as the MRT, making it easier for tenants to access the Rama 9 MRT station. Projects within this 500-meter radius, such as Aspire Rama 9, Ideo Mobi Rama 9, and Condolette Midst Rama 9, are easy to rent out and can fetch prices of 500-700 baht per square meter. For a 1-bedroom unit, this translates to a rental price of approximately 18,000-22,000 baht per month (depending on the unit's location).

New Condominiums Near Rama 9 Intersection

  • One 9 Five Asoke-Rama 9 has been revamped into a more luxurious version.

Many may be familiar with the name TC Royal Rama 9, eagerly awaiting its sale. No need to wait any longer, as the One 9 Five Asoke-Rama 9 project will be the first to launch in Rama 9 this year. Moreover, it will debut in a completely new look, enhancing its luxury appeal under the concept: “Luxury Life Curator.”

 

The uniqueness of the One 9 Five Asoke-Rama 9 project lies in the collaboration with leading partners on over 11 rai of land, comprising 1,911 units. This project features a massive landscape design by Shma, covering over 7-8 rai with the concept of Fruit Forest - Sky Hill, which has never been seen before. LEOINTER designed the facilities and common areas, while PIA designed the space distribution within the units, ensuring that most units are corner units.

For those interested in the Rama 9 area, this project should not be missed, as it launches at a price of only 2.89 million baht, or just 113,000 baht per square meter, while offering specifications comparable to luxury and super-luxury condominiums.

  • A New Surprise from Sansiri with the Land Behind Unilever

The land behind Unilever, adjacent to One9Five, has been fenced off and is over 6 rai in size. Currently, there is not much information available, but documents from EIA indicate that it is likely to be a 52-story condominium project with 1,189 units. Those passing by may have seen the Sansiri logo alongside BTS, but many speculate (and hope) that it will be a new brand, as it is not far from The Line Asoke-Ratchada. As for the anticipated pricing, patience is required, as TerraBKK estimates that Sansiri plans to launch this project next year, but it is certain that the pricing will be extraordinary.

  • Ananda is also marking its territory with the Ideo brand in Rama 9

On the opposite side, Ananda is returning with the Ideo Rama 9-Asoke project. The challenge for this plot seems to be the canal dividing it, but Ananda has purchased land on both sides of the canal. This is another project to watch closely for its design plans. However, it is certain that Ideo Rama 9-Asoke will launch at a starting price close to One 9 Five, starting at 2.99 million baht.

All of this reinforces the vibrancy of the Rama 9 area once again. It can be said that this location is immortal, as it may have quiet periods but never truly disappears. Indeed, the Rama 9 area continues to surprise us, regardless of how many years pass.