The overview of the Wongwian Yai location is filled with residential communities that have transformed from their original state. Previously, it was home to traditional residential areas, but now, there are more and more new condominiums, especially along the dark green BTS line. Although the Wongwian Yai area hasn't changed much since the BTS was introduced in 2009, TerraBKK believes that Wongwian Yai remains a potential location for residential living. In this article, we will explore the reasons behind this together.

 

Wongwian Yai: A Steadily Growing Location

          First, let's take a look back at Wongwian Yai in 2004, before the arrival of the BTS Silom Line. At that time, Wongwian Yai was still a traditional residential community, with most buildings being commercial structures, shophouses, and single-family homes, and there were only a few routes to cross over to Bangkok.

          However, after 2008, when the BTS Silom Line project began to take shape and was set to open the following year, the development of condominiums and the transformation of buildings in the area became increasingly clear and prominent. The arrival of the BTS acted as a catalyst, unlocking the location for easy access to the CBD in just two stations. From 2004 to 2021, the land around the Wongwian Yai and Krung Thonburi BTS stations has seen a change in land use of over 500,000 square meters.

          Additionally, there are interesting trends regarding growth in the area. According to the Bangkok Master Plan 2013 (Current Version), Wongwian Yai has been designated as a location for high-density residential land (brown) and commercial land (red), which allows for full utilization of land to create a business expansion area and support residential needs for the Silom-Sathorn CBD. It is clear that as long as the CBD continues to develop, Wongwian Yai will also continue to grow.

          In the 4th Revised Bangkok Master Plan, which is set to be announced, Wongwian Yai Station has been designated as a new Mini-CBD for Bangkok, with plans to develop the area around the BTS station or TOD (Transit Oriented Development) to intensify land use and transform Wongwian Yai into a new business hub for Bangkok.

         The growth of households in the Wongwian Yai area, including Bang Lam Phu Lang and Khlong Ton Sai, has been steadily increasing since the introduction of the Silom Line, with an average growth rate of 2% per year, reflecting the area's development as a residential hub for the CBD.

 

 

The Future of Thonburi's Travel Hub with 4 BTS Lines

          Another significant turning point for the Wongwian Yai area is the introduction of two more BTS lines, increasing access from the existing two lines, the Green Line and Gold Line, to four lines. This will undoubtedly enhance the area's potential as a transportation hub in Thonburi. The two future BTS lines include:

  • Purple Line Extension (Tao Pun - Rat Burana)

The extension of the Purple Line connects with the northern Purple Line and the Blue Line at Bang Sue Station, with the Rat Burana area. The latest progress has seen contracts signed, and construction is expected to begin in 2022, with service anticipated by 2027.

  • Dark Red Line (Hua Lamphong - Mahachai)

The suburban Dark Red Line connects from the Red Line at Bang Sue, linking Hua Lamphong Station and Mahachai, Samut Songkhram - Rangsit, which can draw a significant population from the Mahachai side. Currently, it is still under project study.

         In addition to a complete transportation system via the BTS, Wongwian Yai can also access Bangkok via boat, including Pepper Port, Icon Siam Port, and Khlong San Port, making travel in Wongwian Yai truly comprehensive with car-boat-rail.

 

Comprehensive Amenities and Easy Access to the CBD

          Another important reason why TerraBKK views Wongwian Yai as a potential residential area is its comprehensive access to amenities both within the area and in the CBD. The vicinity is filled with restaurants, shopping centers, and community malls such as The Mall Tha Phra, Sena Fest, and Icon Siam. It also provides access to several leading hospitals, including Samitivej Thonburi Hospital, Somdet Phra Pinklao Hospital, Taksin Hospital, Lerdsin Hospital, Saint Louis Hospital, and BNH Hospital. Importantly, it allows easy access to top educational institutions via the BTS and boat, including Suksanari School, Saint Francis Xavier Convent School, Suankularb Wittayalai School, Assumption College, Bangkok Christian College, Saint Louis School, Saint Joseph Convent School, and Chulalongkorn University.

 

The Condominium Market Situation in Wongwian Yai

          When examining the condominium market situation in the Wongwian Yai area, although it is a BTS line area, the supply is not overly dense. Each year, only 2-3 new projects are launched, and some years see no new supply at all.

          Over the years, the growth of new launch prices has been quite noticeable. Looking back to 2007-2009, the average launch price was around 60,000-70,000 THB per square meter. However, after the BTS Silom Line extension from Taksin Bridge to Wongwian Yai opened in 2009, new condominium prices have continuously increased by an average of 6-8% per year over the past decade.

          Currently, there are only 4 condominium projects for sale in the Wongwian Yai area, with over 80% already absorbed. Most of these are long-standing projects like Bright Wongwian Yai and The Rich Sathorn-Taksin, which launched in 2014, and Ideo Sathorn-Wongwian Yai, which launched in 2018. In 2021, a new low-rise condominium project, FLEXI Sathorn-Charoennakorn, was launched, but it is not very close to the BTS. The current selling price for high-rise condominium projects is around 110,000-123,000 THB per square meter, while low-rise condominiums are priced at about 80,000 THB per square meter.

          Recently, a new project is set to launch in the area, marking the first entry of SC ASSET into this location, with a new brand called 'Reference', a lifestyle condominium priced around 3.xx million THB. The highlight of this project is its proximity to the BTS station, and as we know, SC ASSET is renowned for its quality. Moreover, SC ASSET has not launched new condominiums for a while, making this return with a new brand quite interesting. Currently, high-rise condominiums near Wongwian Yai BTS are becoming scarce, and the arrival of a new brand from SC ASSET is sure to bring significant changes to the condominium market in this area.

          Regarding investment returns from condominiums in Wongwian Yai, rental rates vary depending on the type of unit. The average rental rate for studio apartments is 8,000-12,000 THB per month, for 1-bedroom units it is 10,000-18,000 THB per month, for 2-bedroom units it is 15,000-40,000 THB per month, and for 3-bedroom units, the rent is 17,000-45,000 THB per month, creating an average Rental Yield of 4.0%-5.7% per year. The capital gain from holding a condominium averages 3.4%-5.5% per year, with the average asking price for second-hand units ranging from 86,000-162,000 THB per square meter.

          The steady growth of the Wongwian Yai area, its future as a transportation hub in Thonburi, and the abundance of amenities that provide quick access to the CBD all demonstrate the potential of this location, and the future of the area is still promising for further growth. “Wongwian Yai” is indeed a location worth investing in.