Is Investing in Condos Near the Green Line(Bearing-Samut Prakan) Worth It?

If you are a real estate investor, whether experienced or new, looking at a map of Bangkok reveals that the areas available for developing land into condominium residences in the city center are dwindling, with the existing ones priced quite high. However, the advantage of urban expansion, especially in areas where the subway runs, is that those neighborhoods or nearby areas begin to change. The most noticeable change is in “housing”, where we see that zones connecting major urban areas near Bangkok, such as Samut Prakan and Chonburi, are becoming increasingly attractive. Previously, these areas focused on developing housing projects ranging from super luxury villages to mid-range townhomes, but now, the majority of land developers are looking to develop condominiums to meet the needs of new families or working individuals seeking their first affordable home, as well as investors looking for new opportunities in growth areas.

Therefore, if you are considering a residence or investing in newly developed condominiums in urban connection areas like Samut Prakan,

how should you decide? “Origin” has some recommendations.

+ Completeness of the Area

To better visualize the growth of the Green Line (Bearing – Samut Prakan), you should imagine On Nut before the first subway line (Mo Chit-On Nut) arrived or during the early days of the extension of the Sukhumvit line (On Nut-Bearing) in 2011, when that area was still largely a traditional community, and land prices had not yet risen significantly. As the inner city expanded along the subway line, it was clear that residential changes led to the popularity of condominiums to accommodate office spaces, schools, hospitals, and numerous shopping centers to meet the increasing population in those areas.

In the future, when the Green Line (Bearing-Samut Prakan) project is completed and fully operational in 2018, the vibrancy of the Samut Prakan area where the subway runs will intensify competition and economic growth, especially in real estate investment, including houses, dormitories, condos, community malls, shopping centers, hospitals, and educational institutions to support future international demand as a large employment hub, similar to On Nut and Udom Suk ten years ago.

The extension route from Bearing to Samut Prakan consists of 9 stations, starting from Samrong, where changes in housing are already underway, with several developers securing land for condominiums. “Origin” has introduced the modern resort condominium The Cabana and continues with Pu Chao Saming Phrai Station, Erawan Elephant Museum Station, Naval Academy Station, Samut Prakan Station, Srinakarin Station, and Praksa Station, another strategic point for “Origin”, the Wire Station, and Kheha Samut Prakan Station in order.

Considering the readiness of the location where the subway extension runs through, it resembles the past areas of On Nut and Udom Suk, which are well-connected for transportation, have a traditional community feel, and offer a complete range of food and basic utilities. Currently, Samut Prakan is considered a well-rounded location as a large employment hub, namely the Bang Pu Industrial Estate in Samut Prakan, which spans over 1,200 rai, houses nearly 2,500 businesses, and employs over 150,000 people. According to the Industrial Estate Authority of Thailand in 2014, it was the province with the third-highest GPP in the country (excluding Bangkok).

Thus, choosing to invest in a condo located in a significant economic area just behind Bangkok, with high potential to support continuous future growth like Samut Prakan, should be a top consideration for condo investors.

Being outside the economic zone means living is not congested. For this reason, “Origin Property Public Company Limited” or Origin, a forward-thinking real estate developer, has established another condo along the Green Line, selecting the location of “Praksa BTS Station” for the project Notting Hill Sukhumvit Praksa, which Origin emphasizes as a perfect location that connects all aspects of life at an affordable price.

In addition to being the most valuable location on Praksa Road, Notting Hill condominium also offers residents convenient and quick travel with the Green Line, Praksa Station (E21), just 650 meters from the project, allowing travel to the heart of Bangkok at Asoke Station in just 30 minutes and to Siam Station in 40 minutes.

Additionally, it is surrounded by tourist attractions and important places such as Ancient City, Bang Pu Recreation Area, Erawan Elephant Museum, international schools, and shopping and lifestyle venues, including community malls, Robinson Department Store, Big C, and Paolo Hospital.

+ Transportation Connectivity

Since Samut Prakan is in the metropolitan area and is an industrial estate location, the advantage of this area is that traffic is not congested. Whether it’s land transportation, residents here rarely face heavy traffic issues, and there is also water transportation with boats navigating the Chao Phraya River.

Many experts predict that various condo development projects will begin to invest more once the subway is completed. When comparing condo investments to townhouses in the same area, the advantages are lower prices and more convenient travel with public transport into the city center, allowing for quick exits from the city for leisure trips to nearby economic provinces. This means they can be rented out to foreign workers or families in nearby provinces like Chonburi, Rayong, or Chachoengsao.

In the future, traveling by car will become much more convenient, not only because it is close to the Kanchanaphisek Expressway, but also because there will be a project to expand Praksa Road from 2 lanes to 6 lanes, alleviating traffic congestion concerns, especially since the location of the Notting Hill Sukhumvit Praksa project is at the beginning of Praksa Road near BTS Praksa Station, a ready-to-move-in condo located close to the intersection with Sukhumvit Road, making this area relatively new for condos, thus making Origin's project stand out the most in this area.

Moreover, regarding water transportation, there are plans to build a ferry terminal connecting travel to the Gulf of Thailand between three famous resort towns: Hua Hin, Pattaya, and Samut Prakan, to stimulate the economy and tourism, while also reducing travel time. Once the terminal is established, living in Samut Prakan will become a new lifestyle area closest to Bangkok.

+ Future Return Opportunities

Since the selling points of various projects all present their own advantages, Origin presents Notting Hill Sukhumvit Praksa as the first and tallest high-rise condominium on Praksa Road, a 35-story high-rise condo with 980 units on a 3-rai plot, along with a 9-story parking building and a 2-story commercial building from Origin Property, emphasizing its uniqueness with a design concept of "London Iconic", perfectly blending classic, modern, and luxurious elements with the concept of "Modern Classic Luxury", catering to the unique lifestyle of working individuals.

The highlight of being the only high-rise building on Praksa Road is that Notting Hill condominium can offer beautiful 360-degree views of the sea, river, and sky, aligning perfectly with the project’s concept of “Live Differently, Live Excellently”. The common areas of Notting Hill Sukhumvit-Praksa include a lobby, swimming pool, co-working space, fitness center, and rooftop garden.

The types and sizes of rooms in the project range from studio apartments to 1-bedroom Plus units as follows:

  • 1 Bedroom B1 size 23-23.50 square meters
  • 1 Bedroom B Plus 1 size 35 square meters
  • 1 Bedroom B Plus 2 size 39.50 square meters
  • 1 Bedroom B Plus 3 size 40 square meters

Beyond modern luxury, “Origin” recognizes that choosing a residence as an investor also means considering future value.

Investing in condos near the Green Line is an interesting long-term profit investment, targeting tenants who are employees in industrial estates. It will be worthwhile to rent out the condo at a price suitable for the area and target group. Purchasing a condo with a size not too large, around 23-23.50 square meters for singles or 35-40 square meters for small families or those starting a family, is advisable. Additionally, condos priced under 2 million baht will make it easier to rent out at a price that tenants find valuable, while owners also receive good returns.

When comparing the price per square meter of the Green Line, which averages less than 50,000 baht per square meter, to the prices of condominiums along the subway in the city center, which can soar to 200,000 - 300,000 baht per square meter, it is clear that in the future, the prices of condominiums along the developing Green Line are likely to rise significantly.

In the Praksa area, the average rent for a room is about 5,000 baht/month, while the launch price of the Notting Hill Sukhumvit Praksa project starts at just over 1 million baht. Assuming the average room value across the project is 1.2 million baht, the average rent for units in the Notting Hill project is around 8,000 baht/month, equating to an annual rental income of 96,000 baht, which translates to a return percentage of over 8 percent, with a trend of continuous increase. This makes it a worthwhile investment decision, providing a solution for investors and residents working in this area.

However, for those looking to buy a condo near the Green Line for personal residence, this area is suitable for those who prefer a peaceful lifestyle, not crowded, in a good environment, with convenient access to travel to provinces or into Bangkok. “Notting Hill Sukhumvit-Praksa” meets the needs for both investment and living.

For inquiries, call Center 020-300-000 or register for special privileges at https://bit.ly/2v2J962

Thank you for the information from http://nottinghill.origin.co.th