The Potential of Bangkae: A New Growth Area in Western Bangkok
In the past 5-10 years, Bangkok has begun to expand its urban area significantly, especially with the key driving factor being the 'extended subway lines.' This has led to the emergence of several new residential locations to accommodate the increasing urban population.
'Bangkae' is another area worth watching as a new growth location in the current era, thanks to the arrival of the extended blue line subway, which makes commuting to the city center much easier. This aligns with the growth of secondary cities and new urban areas in the suburban fringe that often develop alongside urban expansion.
Bangkae: A New Growth Area in Thonburi (Center of Urban Fringe)
The Urban Fringe is a transitional area between urban and suburban locations, characterized by the growth of well-developed infrastructure and a moderate density of residential communities. Bangkae itself is one of the Urban Fringe areas of Bangkok.
In fact, Bangkae has been continuously developing since 1987-1994, which can be considered its golden years, with five new shopping malls opening: Wonder Department Store, IT Grand, Saveco, Future Park Bangkae, and The Mall Bangkae. These large shopping centers, along with entertainment venues like amusement parks and various urban lifestyle spots, have positioned Bangkae as a noteworthy suburban area in western Bangkok.
However, after the economic downturn in 1997, the growth of Bangkae slowed for several years until the announcement of the blue line subway extension plan revitalized the area. This was followed by the transformation of Future Park Bangkae into Seacon Bangkae in 2012 to cater to modern lifestyles, and the blue line extension opened for service in 2019.
Being a hub for shopping centers, lifestyle options, and transportation has led to increased residential development, transitioning from low-rise to high-rise buildings, making it a new residential growth area for the blue line subway.
The characteristics of the Bangkae Urban Fringe on the western side of Bangkok indicate a rising star with a clear future for growth. Generally, Urban Fringe areas worldwide tend to expand continuously, eventually becoming urban locations.
From Suburb to City Center in Just 30 Minutes
With the connection of major roads like Phetkasem Road and Kanchanaphisek Road, traveling from Bangkae to the city center offers various options. For those working in the CBD Silom-Sathorn area, using Ratchaphruek Road and Kalapapruek Road allows direct access to the business district within approximately 30 minutes (measured from Google traffic on a Monday at 7:15 AM). Additionally, it connects to Phutthamonthon Road, Prannok-Kanchanaphisek Road, Borommaratchachonnani Road, and Charansanitwong Road, which provide access to new development areas and enhance driving convenience, making Bangkae a desirable residential area for both city and suburban workers.
Comprehensive Transportation Connectivity via Subway
The arrival of the extended blue line subway has further connected Bangkae and the city center, reaching the CBD Silom in about 30-35 minutes, New CBD Rama 9 in approximately 40-50 minutes, or New Town Bangsue Station in about 50 minutes without needing to change lines.
From Bangkae Station, just four stops connect to the green line at Bang Wa Station, showcasing another aspect of Bangkae's transportation potential, as it can connect two subway lines directly to the CBD, surpassing other Outer Urban Areas that typically connect to only one secondary line or a primary line.
Comprehensive Amenities for Every Lifestyle
Bangkae has been a lifestyle center for Thonburi's western side since the 1990s, housing two large, comprehensive shopping centers: The Mall Bangkae, which features an amusement park and conference center, and Seacon Bangkae, which spans over 300,000 square meters. Additionally, there are several department stores such as Tesco Lotus Bangkae, Big C Extra Phetkasem, Big C Phetkasem, Major Cineplex Phetkasem, HomePro, and community malls like The Paseo Park and Victoria Garden.
In terms of quality educational institutions and healthcare facilities, Bangkae is also well-equipped, featuring Denla Kindergarten, British Columbia International School, Asia-Pacific International University, Thonburi University, Kasemrad Hospital Bangkae, Phyathai 3 Hospital, Bang Phai Hospital, Boonyavej Hospital, and Vichaiyut International Hospital Nong Kham, allowing residents to live comfortably in the area.
From the Present to Future Development Opportunities
The expansion of development in Bangkae is not limited to the arrival of the extended blue line subway; there are also other infrastructure developments planned to prepare Bangkae for future urban expansion, including:
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Galapaphruek Road Expansion Project
The plan to extend Galapaphruek Road to Phutthasakorn Road will intersect with Kanchanaphisek Road, passing through Bang Bon 3, Bang Bon 4, and Bang Bon 5, connecting to an overpass at the intersection of Phutthasakorn Road and Economic Road, covering a total distance of 13.25 kilometers. It is currently awaiting approval for land expropriation.
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Nakhon Pathom Airport Project
Although this plan is still in the early stages, a feasibility study is currently underway. Preliminary information indicates that the Nakhon Pathom Airport will be located in Bang Len and Nakhon Chai Si districts, capable of accommodating approximately 144,000 commercial flights and 11,800 business flights, with three passenger terminals covering an area of about 115,740 square meters, accommodating 5,100 passengers per hour.
Rising Land Prices Reinforce Bangkae's Growth Potential
As a key area for transportation infrastructure like the extended blue line subway (Hua Lamphong - Lak Si), which provides convenient and quick access to the city center, the arrival of the subway not only facilitates travel for residents but also enhances the area's potential, driving land and property prices upward. Over the years, the assessed land price in Bangkae (Phetkasem Road) has increased by an average of 5% per year. Looking back at the assessment years 2008-2011, the assessed price in this area was 85,000 THB per square wah, which then rose to 110,000 THB per square wah during 2012-2015, an increase of 29%. Most recently, from 2016-2019, the assessed land price in this area has increased to between 120,000-175,000 THB per square wah, indicating the continuous growth potential of Bangkae.
The Current Condo Market in Bangkae
Looking back at the condo situation in Bangkae ten years ago, the growth of condos in this area has been steady, averaging 2-3 projects per year, with a significant supply influx during 2016-2017, totaling over 8,000 units. This surge was driven by the construction of the extended blue line subway (Hua Lamphong - Lak Si), which was taking shape before its opening in 2019. The launch prices of new projects in this area have shown an upward trend, although there were some years when prices decreased, particularly in 2020 when the average launch price was 44,000 THB per square meter due to market conditions affected by COVID-19, impacting people's purchasing power, leading developers to create lower-priced projects in Bangkae, often located further from the subway. This year, new condos in Bangkae are launching at around 64,900 THB per square meter, indicating a price increase from last year.
The rental yield for condominiums in Bangkae can generate an average rental yield of 5.2%-6.5% per year. Rental rates vary by room type, with studio apartments averaging 6,000-8,500 THB per month, one-bedroom units averaging 7,000-12,000 THB per month, and two-bedroom units averaging 10,000-20,000 THB per month.
Updates on Available Condos for Sale in Bangkae
Currently, there are nearly 10 condo projects still available for sale in this area, mostly ready-to-move-in projects launched from 2015 to the present. Current selling prices range from 42,000 to 93,000 THB per square meter. Projects located within 200 meters of the MRT have prices ranging from 71,000 to 93,000 THB per square meter, while those further away see prices drop to around 42,000 to 66,000 THB per square meter. Most available units are fully fitted.
Recently, a new project from Sansiri is set to launch in this area at approximately 64,900 THB per square meter, with the highlight being its proximity to the MRT, just 190 meters away, making it more accessible compared to other low-rise projects. Additionally, it is competitively priced compared to high-rise projects in the area.
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