"Asoke Location" is a central urban area that boasts significant advantages as the most important interchange. The Asoke Station is the second busiest station on the Green Line after Siam Station, and Sukhumvit Station is the busiest station on the Blue Line subway. This clearly confirms the high volume of daily commuters in the Asoke area.

            Continuing from its role as a major interchange, Asoke is also located in the heart of Bangkok and benefits from the development of neighboring areas, including Rama 9 and Sukhumvit. Asoke serves as a link between Sukhumvit, Silom, and Sathorn, the Grand CBD of Bangkok, and the New CBD of Rama 9, resulting in the growth of the Asoke area being closely tied to both of these locations.

Bangkok's Major Business Hub

         Not only does Asoke serve as a central location connecting the Grand CBD and New CBD, but it is also a significant area for employment. Asoke is densely populated with large office buildings, offering over 500,000 square meters of office space for rent at an average price of 570 baht per square meter. More than 100 well-known companies have offices in this area, including GMM Grammy, Kiatnakin Bank, Citibank, Starbucks Thailand (Head Office), and leading airlines such as Emirates, Qatar Airways, and Swiss International Airlines. If we estimate the number of employees in the Asoke area based on the supply, there are at least around 31,000 employees working in this location.

Surrounded by Leading Lifestyle Venues

            The shopping centers and lifestyle venues along the Green Line have been continuously developing and evolving, especially during the years 2011-2017, which saw significant activity. This includes the openings of Terminal 21, Central Embassy (2014), The Em District (2015) and major renovations of Central World and Gaysorn Village (2017), totaling over 1.3 million square meters of shopping space. This demonstrates Asoke's role as an important shopping route and destination in Bangkok, with access to nearby shopping centers within just 20 minutes from Asoke.

Mega Projects in the Asoke Area

            The potential of the Asoke area will be further enhanced by nearby mega projects. In mid-2018, the Singha Complex, a mixed-use project combining Grade A office space and retail areas with a total building area of 120,000 square meters, will be completed and opened for service. In 2020, the Bangkok Hospital Phetchaburi Branch will be established at the Asoke-Phetchaburi intersection, a 200-bed hospital with a usable area of 85,000 square meters, making the Asoke area more complete in terms of lifestyle, employment, and healthcare facilities.

In 2021, in the neighboring area of Rama 9, we will see The Super Tower, a 125-story building reaching 615 meters, which will be the tallest building in ASEAN and rank among the top 10 tallest buildings in the world, with a total construction area of 320,000 square meters. Additionally, New World Rama 9 Bangkok is currently applying for an EIA, which will add vibrancy and elevate the Rama 9 area to a full-fledged New CBD.

In addition to private sector investment projects, there are also government projects awaiting development, such as the Makkasan Complex and the Land Development Plan for the MRT Maintenance Center, which will further enhance the potential of the Asoke area.

Asoke: A Location with a Capital Gain of 7-18% per Year

            Despite the high density of condominiums in this area, it has not led to a decrease in selling prices. Looking back at the selling prices of second-hand condominiums in the market, we find that prices have increased by more than 7-18% per year (Capital Gain), depending on each project. Currently, the selling prices of second-hand condominiums in the Asoke area are approximately 150,000-250,000 baht per square meter, with one-bedroom units priced between 5-7 million baht.

Which Asoke Zone? Good Rental Yield

            Condominiums in the Asoke area are well-known for their rental potential, being a hub for students and a densely populated office area, as well as expatriates working in the vicinity. Renting in this area is not particularly difficult. Generally, investors tend to rent out 1-2 bedroom units that are reasonably sized, around 35-100 square meters, allowing for rental prices of 25,000-80,000 baht per month.

            However, if we ask which zone in Asoke yields the best returns? TerraBKK Research has gathered data on rental condominiums and found that condominiums on the odd-numbered side of Sukhumvit offer better rental prices and Rental Yields than those on the even-numbered side, particularly the odd-numbered side heading towards Phrom Phong-Thong Lor, specifically Sukhumvit Soi 21-23, which is a densely populated residential area. The standout feature is that within the soi, there are both condominiums, rental apartments, and traditional single-family homes, and at the end of the soi, it connects to Srinakharinwirot University (SWU).

            It is found that condominiums around Asoke located on the odd-numbered side of Sukhumvit have rental prices approximately 15-20% higher than those on the even-numbered side. The odd-numbered side yields a rental return (Rental Yield) of about 5-7% per year, with one-bedroom units renting for around 25,000-37,000 baht per month. Looking at the even-numbered side of Sukhumvit, while it may not compete with the odd-numbered side, it still offers better rates than other locations, with a rental return (Rental Yield) of about 4-5% per year, with one-bedroom units renting for around 20,000-30,000 baht per month.

Currently, there are approximately 6 active projects in the Asoke area as follows:

 

When we look at the prices, we find that the new and popular project Walden Asoke offers the most attractive prices, starting at only 190,000 baht per square meter, or if it is a one-bedroom unit, the total price will be around 5.9-7 million baht, which is a rare price point for developers in this area.

Nonetheless, even on the even-numbered side of Asoke, it is not too bad, as you can still find second-hand condominiums priced below 5 million baht. However, for the odd-numbered side, prices have escalated, with second-hand condominiums starting at 6 million baht, and new condominiums not below 7 million baht (200,000-300,000 baht per square meter). It can be said that finding a condominium priced below 6 million baht in this area is nearly impossible - TERRABKK