Since the opening of the dark green line extension in 2013, the Bang Wa-Phetkasem area has seen a noticeable growth in condominiums. In the first year of the dark green line's operation, there was a supply of nearly 2,000 condominium units, reflecting the strong demand for housing in the Bang Wa-Phetkasem area. This phenomenon is set to return to the Bang Wa-Phetkasem area once again, as the blue line extension from Hua Lamphong to Bang Khae, which is over 98% complete, is expected to open in 2019.

Why the Blue Line?

            The reason TerraBKK Research emphasizes the upcoming blue line extension in the Bang Wa-Phetkasem area is that the blue line is designed to facilitate urban travel for people in the suburban Thonburi area. The route features a loop system connecting the city center-Thonburi-the suburbs. The introduction of the blue line in the Bang Wa-Phetkasem area will link suburban areas to the urban network, serving as a significant factor in attracting more residential clusters along the rail line, which will not be confined to urban areas alone. This enhances the potential of the outer city areas such as Bang Khae-Phetkasem-Charan Sanitwong, as it allows for convenient access to the city while land and housing prices remain relatively low compared to the city center. Additionally, the blue line extension will further complete the transportation network in the Bang Wa-Phetkasem area, integrating road, boat, and rail transport.

            In summary, the blue line is the most beneficial for Thonburi residents, as its extension passes through all major areas of Thonburi, from Charan Sanitwong and Pinklao to the Phetkasem road. This allows Thonburi residents to significantly reduce their travel time to important urban job centers, from approximately 2 hours by car to just 20-30 minutes by train. This factor is attracting more suburban residents, transforming the area from a “dispersed” housing model to a “clustered” model along the rail line, particularly in the Bang Wa-Phetkasem area, which serves as an interchange for both major rail lines.

Bang Wa-Phetkasem: Shortening Travel Time to Anywhere

            Even though the blue line extension has not yet opened, the Bang Wa-Phetkasem area is already a crucial starting point for Thonburi residents. Particularly, the dark green line extension at Bang Wa Station serves as the main rail route into the CBD for Thonburi residents, allowing them to travel from Bang Wa Station to Siam, which is about 17 km away, in just 25-30 minutes.

            However, once the blue line extension from Hua Lamphong to Bang Khae opens in 2019, the Bang Wa-Phetkasem area will become a fully accessible location in Thonburi, as both the dark green and blue lines from Bang Wa Station will connect to 8 existing interchange stations, enhancing the travel potential that supports connections to the CBD and making it easier to reach the suburbs, including Airport Rail Link (Suvarnabhumi Airport), Chatuchak Park and the Purple Line (Tao Poon-Nonthaburi).

            In the future, if all the various colored rail lines in Bangkok can operate simultaneously, the Bang Wa-Phetkasem area will connect to 22 interchange stations across all future lines. Living in Bang Wa-Phetkasem means no more worries about transportation, as you can access every line throughout Bangkok.

Bang Wa-Phetkasem is the second home for Phetkasem-Thonburi residents

            The Bang Wa-Phetkasem area has begun to transition to high-rise living since the announcement of the dark green line extension construction, making it a second home for Phetkasem (late) residents working in the CBD, as they can take the train to work while remaining close to their original homes.

            However, in 2019, when the blue line extension from Hua Lamphong to Bang Khae opens, the Bang Wa-Phetkasem area will not only serve as a second home for those originally from Phetkasem but will also include residents from Bang Khae, Phutthamonthon, and Borommaratchachonnani, effectively covering almost all of Phetkasem-Thonburi. This is due to the ease of accessing main roads that connect to their original homes, such as Phetkasem Road, Ratchaphruek Road, Phutthamonthon Road, Prannok-Kanchanaphisek Road, Borommaratchachonnani Road, and Charan Sanitwong Road, allowing convenient access to workplaces in the CBD or even the New CBD (Rama 9) or New Town (Bang Sue Central Station) via both the dark green line and the blue line.

   

            With the anticipated convenience of travel in the future, the prices and supply of condominiums are expected to rise. TerraBKK has reviewed the launch prices and supply volume over the years, finding that since 2011, following the start of the blue line extension construction, both prices and the number of condominium units have significantly increased. Particularly in the last 2-3 years, we have seen more condominiums launched in this area, including the entry of big brands like Sansiri and major projects like Parkland, resulting in over 5,000 units in supply by 2017, with launch prices increasing by 5-10% annually. If the blue line extension is completed next year (2019), it will further drive up condominium prices in this area, making it interesting to see how much prices will rise in 2019.

            When considering condominiums worth buying in this zone, many may find it hard to choose due to the abundance of options. TerraBKK has selected only completed and ready-to-move-in condominiums within 500 meters of the station, as this distance is ideal for walking without excessive fatigue. All projects have been grouped by price and distance from the station, resulting in four groups:

            The vertical axis represents “price per square meter”, which is the current selling price surveyed by the TerraBKK team. The higher the position, the more expensive it is. The horizontal axis indicates the distance from the station (in meters). It can be seen that Group 1: close walking distance at an affordable price currently has no projects, as proximity to the station increases prices. Thus, we look at Group 2: a distance that is a bit tiring but still affordable, which includes only Chiang Mai Phetkasem 27. It is noticeable that if you want a condominium within 250 meters of the station, you will need to pay around 96,000-100,000 THB per square meter, or a minimum price of nearly 3 million THB, such as Ideo Thaphra Interchange and Bangkok Feliz @Bang Khae Station. However, if you move a few hundred meters away, Chiang Mai Phetkasem 27 is not too far, approximately 350 meters from the station, and you can buy a fully furnished condominium for about 92,000 THB per square meter or around 2 million THB.

            The condominiums in the Phetkasem area, as mentioned earlier, are suitable for those who already have homes in Thonburi-Phetkasem or around Phutthamonthon, serving as a second home for more convenient urban commuting. Another group is purchasing for rental purposes, especially students from Siam University, who are a primary customer base for this area. It is not surprising that the area around Phetkasem Station 48-Bang Wa is a popular zone for investors looking to rent to students. Additionally, working individuals in the Silom-Sathorn area will also benefit from this zone due to the ease of direct travel, allowing for better rental rates than other areas along the blue line extension, with rental prices being 50% higher!!

            For completed and ready-to-move-in projects in the Bang Wa-Phetkasem 48 area, there is Chiang Mai Phetkasem 27, which is a promising investment location, especially since it is located in front of Siam University with a pedestrian bridge directly leading to the university. This project is indeed one of the interesting options in this area.

            The Phetkasem area is one to watch as next year (2019) is set for the opening of the blue line extension (Hua Lamphong-Bang Khae) before August, which is expected to bring significant changes to this area. In the future, we can anticipate seeing more new developments in Phetkasem, with easier travel and no more headaches from traffic congestion on the roads. Additionally, this is still a time when the subway has not opened, and condominium prices are not yet too high. Once the subway opens, condominium prices will undoubtedly rise even further.