CBRE Thailand reveals that the Siriraj area is continuously growing, driven by the development plans surrounding the Thonburi and Siriraj railway stations. Demand for residential sales in condominium formats around the Siriraj area, within a radius of 1 kilometer from the MRT station, shows an average sales rate of up to 81% in the first half of 2024. Meanwhile, "The Amarin" has launched a 3-year business plan focusing on the Siriraj Hospital location, aiming to develop a new project called "Aroon Siriraj Triple Station" to capitalize on positive factors targeting the main market of doctors and medical personnel, highlighting its proximity to three MRT stations.

Ms. Atitaya Kasemlawun, head of the residential project sales department at CBRE Thailand, stated, "The Siriraj area is considered a golden location for the future. The development plans surrounding the Thonburi and Siriraj railway stations, between Mahidol University (Faculty of Medicine Siriraj Hospital) and SRTA, aim to create a Medical District covering approximately 148 rai. The first phase will develop 14 rai into a medical hub, residential area, and mixed-use community mall. This initial phase also aims to establish the area as a key transportation hub in Bangkok, as it will connect to three MRT lines: the blue line, which is already operational, and the orange and light red lines (future extensions)."

This mega project will transform the Siriraj area into another prime location in Midtown Bangkok, recognized as a future hotspot. The consistent demand from medical students, nurses, medical personnel, and working professionals seeking residences near the MRT station, which can connect to the CBD in just a few stops, has resulted in an average sales rate of 81% for condominiums in the Siriraj area within a 1-kilometer radius from the MRT station in the first half of 2024. There is ongoing demand from buyers for both personal residence and investment purposes, yielding returns of approximately 5-6% per year," Ms. Atitaya added.

Mr. Arathwut Thamjaroen, managing director of The Amarin Co., Ltd., a real estate developer under the Aroon brand, stated that due to positive factors benefiting the area around Siriraj Hospital, the company plans to continue developing new projects in the vicinity of Siriraj Hospital over the next three years. The company will develop low-rise condominium projects under the Aroon brand, focusing on quality, luxury, privacy, and value for money rather than just the price paid by customers. The company aims to target both actual residents and investors looking to rent out their properties.

The company currently has accumulated land, including family-owned land awaiting development, totaling over 400 rai in Bangkok and other provinces, including locations near Siriraj Hospital, which can be continuously developed. Some plots can be developed immediately, while others must wait for existing lease contracts to expire. Recently, the company is preparing to launch a new project under the Aroon brand, called Aroon Siriraj Triple Station, a low-rise condominium project valued at 800 million baht, consisting of 170 units on Charansanitwong 32 Road, just 120 meters from the MRT blue line station at Bang Khun Non, which will eventually be an interchange station connecting three lines, including the orange and red lines.

Mr. Arathwut noted that the company continues to develop projects in the Siriraj Hospital area as its third project because it sees a demand for quality housing at reasonable prices in that location. The main target group includes doctors, nurses, and medical personnel working at Siriraj Hospital, as well as investors looking to accumulate and rent out properties.

"Since the company developed its first project, The Amarin Residence, a serviced apartment, it has been successful with full occupancy just one week after opening. When developing the second project, a low-rise condominium under the Aroon brand, it was sold out within the first year, and investors who bought for speculation were able to sell for a profit, with some achieving returns of up to 28.5%. Investors who purchased for rental purposes have also been able to rent continuously," Mr. Arathwut stated.

The management of The Amarin also revealed that in the next 1-3 years, they will continue to focus on developing projects near Siriraj Hospital, as they see a large customer base still needing housing. Additionally, the company aims to establish the Aroon brand as widely recognized. Expanding development into other areas will enhance brand recognition. Furthermore, targeting the medical personnel market presents a significant challenge, as these individuals pay attention to detail and have clear, straightforward demands. If the company can develop projects that meet the needs of this customer group, it believes it can also successfully market to other customer segments.