Western Bangkok's Rama II Road has emerged as a popular new location for property development, with Estate Guru Co the latest developer to join the fray in tapping growing demand for both houses and condominiums in this area.
An artist's conception of the 500-million-baht Wizdom Anamai Ngamcharoen, a three-storey commercial building now being built by Estate Guru on a 12 rai plot on Rama II Road.
"The Rama II zone has become a prime residential and commercial area, being on the main route to the southern provinces and containing many department stores and educational institutes," said managing director Nat Manasomjit.
"Land prices from Rama II to Maha Chai roads have surged by more than 200% to between 200,000 and 300,000 baht a square wah from 60,000 to 70,000 baht in 2011. And soon, when the Asean Economic Community takes shape in 2015, this area will certainly become more crowded, as Rama II Road is also the route to western Thailand, Myanmar, the southern provinces and on to Malaysia. For this reason, many landlords and developers in this location are seeking land on which to develop new projects."
The Rama II area is convenient for transport, located near the Si Rat Expressway (Dao Khanong-Rama II Road), the Kanchanaphisek Expressway (South Ring Road), the mass-transit Blue Line (Hua Lamphong-Bang Khae section), the mass-transit Purple Line (Tao Pun-Rat Burana section) and links to Petchkasem, Suk Sawat and Ratchaphruek roads.
The area contains CentralPlaza Rama 2; two Big C Supercenters; a Tesco Lotus; Nakornthon, Praram 2, Bangmod and Bangpakok 9 International hospitals; Suankularb Wittayalai Thonburi and Roong Aroon schools; and King Mongkut's University of Technology Thonburi.
Estate Guru expects to launch two or three projects a year worth 800 million to 1 billion baht apiece in this area.
The company has developed several low-rise projects including the Wizdom Petchkasem 53 and Wizdom Tivanon-Chaeng Wattana.
High-rise projects built or under development by the company's affiliate Orin Property Co include Origins Rama II and Origins Bangmod-Rama II.
Estate Guru now owns four plots for future development on Rama II Road, Mr Nat said.
In addition, the company is now constructing the 500-million-baht Wizdom Anamai Ngamcharoen, a three-storey commercial building on 12 rai of Rama II Road.
Phase one started construction in March and will be completed by year-end, while phase two will start construction this month for completion in mid-2015.
Mr Nat expects 250 million baht in sales of Wizdom Anamai Ngamcharoen units will be recognised as revenue this year.
One upcoming project is a 125-unit townhome worth 425 million baht on 14 rai, which is due to be launched this year.
