For Nonthaburi, the neighboring province of Bangkok, it has become a popular area for residential investment, especially since the construction of the Purple Line Skytrain began in 2012. The service officially started in August 2016, but the initial usage was not very strong as it was not yet connected to the Blue Line. However, after the connection was established at Tao Poon station in August 2017, the number of daily users increased by 50% to over 48,000. By September, the Purple Line saw its highest usage since opening, with 59,431 users per day, proving that many Nonthaburi residents work in Bangkok and rely on the Skytrain for their commute.

The convenience of transportation makes condominiums near the Skytrain stations in Nonthaburi an excellent choice for locals looking to establish their own families without moving far from their hometowns. Notably, condominiums in this area are priced below 2 million baht, particularly around the Tiwanon Intersection.

Potential of the Tiwanon Area

The Tiwanon area mentioned here is located near Khlong Bang Khen 9, which serves as the boundary between Nonthaburi and Bangkok. The Tiwanon Intersection station is the first Skytrain station upon entering Nonthaburi, offering a price advantage for condominiums compared to those in Bangkok along the Purple Line, with only a slight difference in distance.

For those traveling by car, the Bangkok-Nonthaburi road is the main route connecting to Pracharat and Tiwanon roads at the Tiwanon Intersection, allowing access to both Nakhon In and Ngamwongwan roads, which also connect to the Si Rat Expressway.

Growth of the Tiwanon Area

TerraBKK Research utilized aerial images from Google Earth to compare the growth in the Tiwanon area, looking back to 2011, before the construction of the Purple Line began. It was found that buildings were dense only along the Bangkok-Nonthaburi and Tiwanon roads, while many alleys remained undeveloped. By 2012, when construction of the Purple Line had started, there was little change, but some land began transitioning from developed to vacant. By May 2018, the density of buildings in the Tiwanon area had increased significantly, especially around the Tiwanon Skytrain station, where no vacant land remained, and 4-5 condominium projects had emerged.

Nonthaburi City Plan Draft No. 2 for the Tiwanon Area

The urban planning potential of the Tiwanon area is classified as commercial (red zone) and medium-density residential (yellow zone). The most promising area is within a 500-meter radius of the Skytrain station, where condominiums priced below 2 million baht can still be found.

Additionally, the announcement of the Nonthaburi city plan draft has generated significant interest due to several restrictions on land development. Currently, the draft is undergoing revisions, but it is expected to remain similar to the second draft. Key points include reduced FAR requirements and stipulations that condominium buildings (over 10,000 sq.m.) must be located on roads of at least 30 meters wide, making it increasingly difficult to find condominiums priced below 2 million baht due to land scarcity.

Facilities in the Tiwanon Area

The Tiwanon area offers easy access to important nearby shopping areas. Residents can reach The Mall Ngamwongwan, HomePro, Tesco Lotus Ngamwongwan, Central Plaza Rattanathibet, Esplanade Rattanathibet, Tesco Lotus Rattanathibet, Big C Tiwanon, and Big C Wongsawang. Nearby employment hubs include The Ministry of Public Health, Nonthaburi Government Center, King Mongkut's University of Technology North Bangkok, and Kasemrad Hospital.

In the future, the area will also connect to the Red Line at Bangsue Station, and there are plans for the development of the Bang Sue Grand Station, which will be the largest rail transport hub in Thailand, covering over 2,235 rai, creating a new business center for Bangkok.

The Condominium Market at Tiwanon Intersection

The Tiwanon Intersection area is considered a new location for condominiums, benefiting from the Purple Line's connection to the Blue Line (MRT). Developers are increasingly interested in Nonthaburi and areas with extended Skytrain lines. Previously, we discussed Wongsawang, where condominium prices range from around 1 million baht to 3 million baht. Today, TerraBKK Research focuses on the nearby Tiwanon Intersection, where we are beginning to see Economy Segment condominiums that are worth the commute to the city, priced below 2 million baht.

Growth of Second-Hand Condominium Prices by 3-6% Annually

While current prices are not very high, looking back at the buying and selling of second-hand condominiums reveals surprising trends, with prices increasing by 3-6% annually. Despite previous reports of oversupply in the Purple Line area, the rise in second-hand condominium prices is a positive sign for this location.

New Projects with Limited Supply

When the TerraBKK Research team surveyed available projects in this area, they found limited units left for sale. The cheapest project is UNIO H Tiwanon, currently starting at 1.59 million baht, located about 100 meters from the Skytrain station. Next is Supalai Vista Tiwanon Intersection, which is nearing completion, starting at 2.19 million baht, followed by Amber Tiwanon, starting at 2.59 million baht. Currently, only three projects remain for sale at the Tiwanon Intersection.

Ranking of Projects:

1. Price: UNIO H Tiwanon offers the lowest starting price at 1.59 million baht.

2. Proximity to Tiwanon Station: UNIO H Tiwanon is the closest, just 100 meters away.

3. Parking Ratio: Supalai Vista Tiwanon offers a high parking ratio of 60%.

4. Facilities: UNIO H Tiwanon has the most extensive facilities in the Tiwanon Intersection area.

Overall, UNIO H Tiwanon stands out as the most attractive project in the Tiwanon area, with lower prices, closer proximity to the Skytrain, and the most facilities. The UNIO H brand is comparable to the Ideo brand, with prices accessible at around 60,000 baht/sq.m.

In conclusion, the Tiwanon Intersection area is ideal for those from Nonthaburi looking to escape the traffic of the city or Khae Rai intersection, moving closer to the Skytrain for easier access to the city. Moreover, the condominium prices in this area remain affordable for the average worker, with options available for under 2 million baht.

Article by: TerraBKK Knowledge Base

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