Why the “Victory Monument”
is a Timeless Residential Area for All Ages in Bangkok

 

             ‘Victory Monument’ is well-known as a major transportation hub in Bangkok, especially for those using public land transport like vans and buses. However, few people realize that this location also has some magnetic qualities that attract a diverse range of residents and job opportunities in Bangkok.


A Central Travel Node in Bangkok


            The most outstanding potential of the Victory Monument is its role as a transportation interchange in Bangkok, from the past to the present. As is known, the area around the Victory Monument is divided into four islands: Ratchawithi, Phahonyothin, Phaya Thai, and Din Daeng, which connect to all directions of Bangkok—north, south, east, and west.

  • Ratchawithi Island: Connects to Dusit Park, Phra Nakhon, and Thonburi, housing hospitals, government agencies, and medical institutions.
  • Phahonyothin Island: Connects to northern Bangkok areas via Phahonyothin Road, including Ari, Chatuchak, and Ladprao.
  • Phaya Thai Island: Connects to inner Bangkok and the CBD via Phaya Thai Road.
  • Din Daeng Island: Connects to Vibhavadi Rangsit Road, New CBD Rama 9, and the eastern zone of Bangkok.

( Image 1: Showing Phahonyothin Island )



            Furthermore, when looking at the overall road network in Bangkok, it is evident that the ‘Victory Monument’ is the only node located in the heart of the city, connecting to major roads such as the Outer Ring Road, Vibhavadi Rangsit Road, Rama 9 Road, Si Rat Expressway, Chalerm Maha Nakhon Expressway, and the Uthong Phimuk Elevated Road. This accessibility previously made the Victory Monument a hub for provincial bus stations, allowing convenient travel in all directions.

( Image 2: Showing a large view of Bangkok with the Victory Monument as the central node)

 



Limited New Supply Contrasts with Increasing Demand


            Due to urban planning regulations in the Victory Monument area, which is primarily military and government land, most of the developable areas have been turned into shopping malls or commercial buildings, resulting in very few new supplies. Meanwhile, demand is expected to continue rising, as nearby areas accessible by foot and the Green Line Skytrain, such as Ari and Phaya Thai, are experiencing clear growth in mixed-use developments and office spaces. Currently, there is approximately 500,000 square meters of office supply, and in the near future, the opening of Spring Tower (Grade A office) and BTS Phaya Thai Complex (mixed-use) will further increase office supply in the area.

 

            In addition to the new quality demand group, there is also a significant cluster of medical personnel, which represents a high-quality demand group. The Victory Monument area has a total of 10 hospitals, both public and private, with an estimated 886 medical personnel. Additionally, there are educational institutions and medical training centers, with an estimated 4,000 students and staff, reflecting positively on the potential demand clustering in the area.

 

( Image 3: Infographic showing facilities and job sources )

 

Rich in Street Food and Lifestyle

            As the Victory Monument is a transportation hub for Bangkok residents, it naturally has abundant dining options to cater to the thousands of residents and passersby daily. Following the recent reorganization of the area around the Victory Monument, which was previously home to street food stalls, it has now transformed into a beautifully organized shopping area that accommodates the spending of visitors traveling to this transportation center every day.
In the same vicinity, there are several shopping malls, including Victory Mall, Center One Shopping Plaza, Century The Movie Plaza, The Season Mall, and King Power Complex, which serve as new checkpoints in the area.

            Not only that, but there are also restaurants and cocktail bars hidden around the various islands of the monument, making the area lively from morning until night. Popular noodle shops like Pa Yak Boat Noodles, Phra Nakhon Boat Noodles, Thong Boat Noodles, and Guay Jab are among the highlights.

            For dining or hangout spots, there is a wide variety, including HEAP Victory, Saxophone Pub, or Pathe (Pa Teh), a well-known dining and drinking spot for office workers in the city, as well as Japanese restaurant Gyu Ichi Yakiniku, Korean restaurant Sarang, Chinese-style dim sum Lin-Fah, salad restaurant Eat Am Are, seafood restaurants, and many cafes.

( Gif: Shopping spots)



In the Future, It Will Be a Central Location Accessing CBD/New CBD/New Town

            Currently, the Victory Monument area is considered to be very central, with only three stations away from Siam. However, in the future, it will further enhance its role as a central point connecting the urban aspects of the Victory Monument due to the emergence of mega-projects in northern Bangkok, such as the Phahonyothin Transportation Hub or Bang Sue Grand Station. Thus, when viewed from a broader perspective, the Victory Monument represents an excellent strategic location, akin to winning a battle in the true sense of its name.

( Gif: Future of the Victory Monument area)


Condominium Situation in the Victory Monument Area

            Over the past 10 years, the condominium situation around the Victory Monument has seen a continuous increase in launch prices. Back in 2007, the average launch price was around 40,000-57,000 THB per square meter, and it has now risen to 140,000-160,000 THB per square meter. It can be said that the launch prices of condominiums in the Victory Monument area have increased by an average of 15-20% per year over the past decade.

            If we talk about condominiums around BTS Victory Monument that have launched in the past 2-3 years, the Maestro 07 Victory Monument project, a low-rise development within 500 meters of the BTS, has received very positive feedback and sold out quickly. This may be due to its prime location just 300 meters from BTS Victory Monument, with an accessible launch price of 140,000 THB per square meter. Although the project is sold out, there are still resale units available, with current second-hand prices averaging 160,000 THB per square meter, which is still cheaper than other projects within 300 meters of the BTS. Most other projects tend to be high-rise condominiums like Ideo Q Victory, adjacent to BTS Victory Monument, with average launch prices reaching 200,000 THB per square meter, or the latest project launched in 2018, Park Origin Phayathai, just 450 meters from BTS Victory Monument, with a launch price of around 250,000 THB per square meter. Therefore, if you are looking for a condominium priced under 200,000 THB, aside from resale units from the Maestro 07 Victory Monument project, you would likely need to consider projects located more than 500 meters away from BTS Victory Monument.

( Image 7: Newly launched condominiums from 2016-2018 )

 

            Overall, the second-hand condominium situation in the Victory Monument area shows that condominiums can generate an average Cap Gain of 4.5% - 9.5% per year, with average market prices around 130,000-220,000 THB per square meter. Meanwhile, rental prices vary depending on the type of unit, with studio apartments renting for an average of 17,000-25,000 THB per month, one-bedroom units averaging 7,500-10,000 THB per month, and two-bedroom units averaging 12,000-18,000 THB per month. Overall, the Rental Yield averages 4.0%-5.5% per year.

( Image 8: Second-hand condominium situation )

            Finally, the “Victory Monument” remains a crucial strategic point in the journey of Bangkok residents, whether in the past, present, or future, as it connects to the Phahonyothin transportation hub. The demand for housing is not limited to just the workforce within the area; in the future, it is likely that the “Victory Monument” will continue to serve as a location accommodating the housing needs arising from the expansion of surrounding job sources.