Rangsit area is fast becoming a popular location for condominium projects that offer units priced at no more than Bt3 million each.
According to a survey by LPN Development Plc, projects offering more than 20,000 such units have been launched in this area since early in 2013 and up to 50% of the projects' total value has already been bought up.
For instance, Pruksa Real Estate Plc launched Plum condominium worth Bt7 billion, which has 6,000 units priced at between Bt900,000 and Bt1.5 million per unit. So far, about half of the total project value has already been sold.
Sansiri Plc has also launched two condo projects worth a total of about Bt3 billion under the brand of dCondo Campus, located close to Thammasat University Rangsit Campus. They are already sold out.
In addition, there are four other projects from small and medium property funds offering a combined 7,000 units going for Bt1.5 million per unit. Up to 60% of the total value of these projects has already been sold.
"We believe this location has great potential with a rising demand for residences priced below Bt3 million, despite the fact that Rangsit was hit by floods in 2011," LPN Development Plc's CEO Tikhamporn Plengsrisuk said.
He added that he was interested in developing condominiums in this location more than five years ago, but could not find the land to match its project design. It was only after finding 100 rai of land at Rangsit-Klong 1, priced at Bt6 million per rai, that the company could go ahead with its projects.
Meanwhile, Pruksa Real Estate Plc's managing director for condominium projects Prasert Taedullayasatit said buyers snapped up 3,000 of the 6,000 units of its Plum condominium, which is located close to Vibhawadee-Rangsit Road and was launched mid this year.
"We are launching this project on a phase-by-phase basis so it matches our plan to have it ready for customers by 2015," he explained.
Units with useable space of between 25 and 28 square metres priced at Bt1 million are still popular.