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NHA of Thailand will Develope Projects for the Low-income Market Featured

The condominium project by Pruksa Real Estate which close to the BTS Skytrain following the new Bangkok City Plan and growing demand.

The National Housing Authority of Thailand (NHA) begins developing projects for the low-income market jointly with the Mass Rapid Transit Authority of Thailand (MRTA). So the supply of condominiums costing less than Bt3 million near Greater Bangkok's urban-rail system will grow strongly also.

The plan will kick off in Bang Yai district of Nonthaburi province, which will be the site of a station on the MRT's Purple Line from Bang Sue. The project will have more than 1,000 condo units, and will be developed in 2015, NHA chairman Suchatvee Suwansawat said.

"Bang Yai will be the pilot project, and next one will be in Bang Ping district of Samut Prakan province." It will be near Bang Ping Station of the Skytrain extension from Bearing, he said, adding: "Then we will cooperate with the MRTA to develop other projects that follow the new mass-transit routes."

He said the NHA's residential projects would offer prices lower than the private sector's because it was the authority's policy to provide homes for all who need them. The prices of NHA homes range from less than Bt1 million to no more than Bt5 million.

Meanwhile, private companies have continued to develop condominiums close to new transit routes now that Bangkok's new city plan has made this beneficial.

LPN Development managing director Opas Sripayak said the company's business strategy was to develop projects close to the new routes to serve the demand in the market for the long term.

"We will develop all of the locations that have existing and proposed mass-transit routes," he said.

A survey early this week found a number of new projects along both the existing Skytrain and MRT subway routes and their planned extensions. Both condominiums and low-rise homes are being constructed, ranging from luxury to budget categories.

For example, between Phahonyothin 80 and Rangsit, which is close to the planned Red Line from Mo Chit to Rangsit, there have been more than Bt30 billion worth of project launches since the 2011 floods. They comprise 17,000 units, both condominiums and low-rise. Most range in price from Bt1.5 million to Bt5 million.

From Thong Lor to Sukhumvit Soi 107, close to the Skytrain's Silom Line, more than 10,000 condos are for sale in more than 50 projects, both new and established, worth nearly Bt50 billion. Prices in this location (no more than a kilometre from Sukhumvit Road) range from about Bt3 million to more than Bt5 million.

Along the planned Purple Line there are more than 20 new condominium projects from Ngarmwongwan to Rattanathibet Road, up to Bang Yai Junction. They comprise more than 10,000 units worth more than Bt50 billion.

Both listed and non-listed companies are developing this area, and prices range between Bt1 million and Bt5 million for condos and from Bt3 million to more than Bt10 million for detached houses and townhouses.

"The new mass-transit routes and the new Bangkok City Plan have opened new areas to development of residential projects for property firms," easing the crowding in inner Bangkok, Pruksa Real Estate director and chief business officer Prasert Taedullayasatit said.

The new locations also will offer prices lower than in inner Bangkok while their proximity to future transit lines will make them convenient for people who need to commute to their workplaces, he said.

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