NOBLE reinforces its image of urban sophistication in the heart of Khu Khot Metropolis by unveiling the Nue Core Khu Khot Station, a ready-to-move-in condominium, for the first time after achieving over 90% sales before completion. The project highlights spacious units that are fully furnished, located next to the Khu Khot Skytrain station and a Lifestyle Mall, catering to both residents and investors. The surge in rental demand has driven the yield up to 6.5% per annum, with plans to launch a new project in early 2025 to meet the ongoing demand, aligning with the vision to transform Khu Khot into a “Cool Hub” and a true lifestyle and residential center in northern Bangkok.

Ms. Ornuch Itthikosin, CEO of Noble Development Public Company Limited (NOBLE), revealed that the Nue Core Khu Khot Station is the second condominium project developed on a 51-rai plot adjacent to the Khu Khot Skytrain station, in a joint venture between NOBLE and the Thanulak Group (TNLA). The project is designed based on the “TOD” (Transit Oriented Development) concept, addressing the urban lifestyle that emphasizes convenient transportation, integrating residential and lifestyle spaces comprehensively. The project was first launched in the first quarter of 2023 after the successful debut of the first project, Nue Cross Khu Khot Station, in mid-2022.

Nue Core Khu Khot Station stands out for its prime location in the heart of Khu Khot Metropolis, being close to a Lifestyle Mall set to open early next year and just 200 meters from the Khu Khot Skytrain station. The condominium units offer a variety of options, catering to those seeking affordable living spaces, including rare duplex units that provide a home-like feel with ample living space. Additionally, there are Pool Access and Garden Access units that allow immediate access to the swimming pool or communal garden. The brand's highlight is its spacious units that are fully furnished, appealing to both personal residents and investors.

The project is developed with the concept of continuity between living spaces and nature, harmoniously integrating amenities. The central area is designed as an Open Space, surrounded by six buildings, making it easy for residents to access communal areas, divided into three zones: 1. The Core Forest for relaxation, 2. The Core Lagoon with a beautifully designed landscape swimming pool, and 3. The Core Terrain for social gatherings in a tiered garden.

The primary customer base consists of residents from the Khu Khot–Lam Luk Ka–Sai Mai area who use the Skytrain for commuting to work or school, seeking convenience to avoid traffic congestion during peak hours. Approximately 60% of purchases are for personal residence and asset retention, while around 40% are from investors looking to rent out. It is anticipated that after the completion of both projects, there will be a noticeable trend in the demand for condos for rent near the Skytrain, leading to growth in the investment customer base.

“The purchasing behavior of customers for the Nue Cross Khu Khot Station project showed that about 81% were residents from the Khu Khot–Lam Luk Ka–Sai Mai area, while 19% were from nearby locations. In contrast, for the Nue Core Khu Khot Station project, 28% of buyers came from outside the area, indicating that the Khu Khot Skytrain location is increasingly popular and attracting a broader customer base,” Ms. Ornuch stated.

As for the growth rate of condo prices near the Khu Khot Skytrain, the first phase launched in 2022 had an average price of 63,000 THB per square meter, which has increased to 72,000 THB per square meter in 2024, reflecting a growth rate of 7.1% per year. In comparison, the average condo prices in Bangkok and its vicinity, according to REIC data from June 2024, showed a growth of only 1.2% per year, indicating that condos near the Khu Khot Skytrain can generate capital gains at a higher rate than the market.

There are currently 3,720 condo units within a 3-kilometer radius of the Khu Khot station, with a high sales rate of 95%, demonstrating the demand for this location and the limited number of units available for purchase, making it an attractive opportunity for rental investment and asset retention.

Mr. Attawit Chaleumsap, Chief Operating Officer of the New Business Group at Noble Development Public Company Limited (NOBLE), stated that the Khu Khot area, from northern Bangkok to Pathum Thani, has been continuously transformed and developed from a mere “suburban residential community” into a “hub for transportation and living”. This change is attributed to the arrival of the Green Line Skytrain extension from Mo Chit to Khu Khot, particularly the Khu Khot station, which serves as the “North Gateway” of Bangkok, attracting urban workers and families seeking residences near the Skytrain for convenient commuting. This has made Khu Khot a location to watch for both living and investment, leading to rising land prices in response to demand and location potential, resulting in increased demand and favorable rental yields.

According to Serve Service Solutions, a comprehensive real estate service provider, the demand for completed residences near the Skytrain remains strong and is increasing, whether for personal convenience or investment purposes. The project's location next to the Skytrain and a lifestyle mall allows for higher rental rates compared to competitors in the same area. Statistics from Serve show that units in both the Nue Cross Khu Khot Station and Nue Core Khu Khot Station projects have been rented out quickly, achieving a rental yield of up to 6.5% per year, with popular units being studio and one-bedroom apartments.

To facilitate those interested in purchasing condos for living or investment, Serve Service Solutions offers comprehensive services, from room decoration for immediate occupancy or rental to tenant sourcing and real estate transactions of all types. Their professional team provides advice to those interested in real estate investment in various forms, making life easier for clients. The rental service has received positive feedback, as seen in the first project, Nue Cross Khu Khot Station, which has maintained high demand. In the past eight months (March – October 2024), Serve has rented out a total of 77 units, averaging 10 rooms per month. Currently, there are 335 units interested in being managed for rental by Serve, with a steadily increasing trend.

“Data collected by Serve Property Management shows that current residents in the project are 67% owners and 33% tenants, with ServePM holding about 30% of the rental market share in this area. Among tenants, 71% are Thai and 29% are foreigners, with 40% being company employees and 36% being teachers and students, reflecting a diverse customer base. The average rental rate is 370 THB per square meter, which is 42% higher than other projects in the vicinity,” she added.

Overall, the real estate market is expected to continue recovering due to various factors, including government economic stimulus policies and a 0.25% reduction in the policy interest rate by the Bank of Thailand, making it easier for consumers to access housing loans with lower repayment burdens. This boosts purchasing power and confidence among consumers and investors, highlighting opportunities for long-term investments, such as buying condos for rental, as the repayment costs are lower and the potential returns from renting to real demand remain strong. Additionally, the return of investors may accelerate purchasing decisions during favorable economic conditions.

Furthermore, the interest rate reduction encourages investors to see more opportunities in the real estate market, especially for long-term investments like buying condos for rental, as the repayment costs are lower and the potential returns from renting are attractive. For example, a studio unit priced at approximately 1.5 million THB would have a monthly bank repayment of about 5,000-6,000 THB, while it could be rented out for an average of 8,200 THB per month, resulting in a monthly investment return of over 2,200-3,200 THB. This increases investment opportunities, and if repayments continue as usual, it can significantly reduce the repayment period. Future interest rate trends are expected to decline, further lowering monthly repayment amounts.

Ms. Ornuch reiterated that the project is now completed and ready for occupancy, with over 90% of sales achieved, and the transfer of ownership has begun since October. It is expected that the sales and ownership transfer will be completed for the entire project by the first quarter of 2025. This success reflects that the TOD project format meets the needs of customers in the Khu Khot–Lam Luk Ka area effectively. The company plans to launch a new project in early 2025 to align with the ongoing demand. NOBLE aims for every project released in this Khu Khot metropolis to be a development that provides quality living for everyone, ensuring a good quality of life with convenient living and commuting, all in line with the vision of transforming Khu Khot into a “Cool Hub” that serves as a true lifestyle and residential center in northern Bangkok.

The Nue Core Khu Khot Station is situated on an 11-rai plot with a project value of 2.192 billion THB, developed as an 8-story condominium comprising 6 buildings with a total of 1,206 units, offering living spaces ranging from 22 to 59 square meters (sq.m.) with five unit types:
1) Studio at 22.80 sq.m. 2) 1 Bedroom at 26.25 sq.m. 3) 1 Bedroom Plus at 34.45 sq.m. 4) 2 Bedroom at 46.05 sq.m. and 5) Duplex at 59.30 sq.m., with complete amenities.

On November 23-24, Nue Core Khu Khot Station will open for customers to visit the project for the first time at the “Open House Khu Khot Metropolis” event, offering special promotions with discounts of up to 270,000 THB when booking at the event, starting from 1.59 million THB*. Interested parties can register for the event and receive special offers at Line@ nuekhukhotstatio or call 02-251-9955.