Over the past decade, Bangkok’s infrastructure and transportation network has developed extensively, with effective Skytrain and subway mass-transit systems.

But what the city lacks is the linkage between these systems and connections to release the pedestrian flow. One way to overcome this lack would be a system of elevated and underpass walkways, such as that that exists in other major cities such as Hong kong. A well-planned, elevated walkway system centred on mass-transit stations should be built in Bangkok’s central business district to seamlessly interconnect major shopping malls, office buildings and key tourist attractions.

Aside from the convenience and benefit of easing traffic jams, a system of elevated walkways would have a direct impact on real estate by affecting rents. In a typical retail centre, ground-floor rents are maximised due to access, but with direct access to higher floors, rents would grow in line with increased bypassing traffic. Similarly, office buildings with connected walkways would have ease of access and direct connectivity to mass-transit stations, which in turn would attract higher rents.

Beyond the real-estate benefits, a well-implemented system would provide ease of navigation for tourists. With clear signage and systemised walkways, tourists could easily navigate their way through the city by foot, and key attractions within the city could be promoted for sightseers.

Pedestrian safety and the quality of the pedestrian environment would improve, which would probably encourage walking and the use of mass-transit services, reducing the present traffic conditions. It would also bring lifestyle changes to Bangkok people, such as how they get to work and where they shop.

The key to implementation of such a system is to make it “seamless”, with cooperation from landlords and the authorities. Whilst Bangkok has attempted something like it at the Rajprasong Skywalk, and some office bildings are connected by foot-bridges to Skytrain stations, these are not enough to create an impact or deliver any benefits, and fall short of the properly planned and executed systems that can be found elsewhere.

Hong Kong provides a good example of an effective elevated walkway in terms of route planning, design and execution. Dating back to the  1980s, it was planned and built in several phases by the government in conjunction with developers such as Hongkong Land. The system effectively connects underground stations to major retail entres, offices and hotels and features escalators, moving walkways and staircases for access.

In Bangkok, such a system should be planned by taking into consideration the appropriateness of the route and design of the walkway. For example, the Rajprasong area should be connected throughout by covered elevated walkways from MBK into Siam Discovery, Siam Paragon, Central World and Gaysorn and from Central World to Platinum and the back of Siam Paragon. The Sathorn-Narathiwas intersection up to the Silom-Dusit Thani intersection is another area that should be considered. Existing walkways are partly old narrow footbridges without roofing and partly new, but built at different levels.

Design is an important issue, both in terms of aesthetics and functionality. To ensure maximum benefits for developers, landlords and individual retailers, the walkways also need to cut through office buildings and retail areas, and not bypass them with a single entry and exit points.

The project needs to be viewed as an overall scheme to derive an effective system. If not, we will end up with a series of disconnected projects. The most challenging aspect will be to amend the planning regulations and execute the project under one roof-that of the Bangkok Metropolitan Administration-with one centralised budget and full participation from public and private organisations.

It may be a far sighted dream for Bangkok, but I believe the benefits would be more certain than those from some other systems that require higher budgets but are not compatible with the city-such as bus rapid transit (BRT)!

Source: The Nation

Newly registered housing units in Greater Bangkok area during the first 10 months of 2010 surged 10 per cent to around 80,000 units, up from 72,950 units in the same period in 2009, according to the latest report from Thailand’s Real Estate Information Centre (REIC).

Among them, 46,800 units were in Bangkok, while the rest were units in neighbouring provinces, including Nonthaburi, Pathum Thani, Samut Prakan, Samut Sakhon, and Nakhon Pathom.

According to REIC director-general Samma Kitsin, only in October 2010, there were around 8,700 newly registered units, 6,200 of which were in Bangkok. The latest figure showed a decline of 21 per cent from September but a gain of 12 per cent from October 2009.

As reported in Bangkok Post newspaper, there were 40,850 newly registered condominiums in the first 10 months of 2010, up 6 per cent from the same period in 2009. However, 13,400 of them were units from the National Housing Authority or the Baan Ua-arthorn low-cost housing projects.

Of the newly registered condominiums, 31 per cent were developed by listed developers, 36 per cent from non-listed developers and the other 33 per cent from the Baan Ua-arthorn projects.

In addition, a number of newly registered single detached houses totalled 25,300 units (up 4 per cent), with 11,100 townhouses (up 60 per cent), 1,800 shophouses (down 23 per cent) and 950 duplex houses (down 7 bangkokper cent) from the same period in 2009.

Bang Yai district in Nonthaburi had the highest number of newly registered low-rise units, followed by Muang district in Samut Prakan, Muang district in Samut Sakhon, Bang Bua Thong district in Nonthaburi and Klong Sam Wa area in Bangkok respectively.

The top five locations for newly registered condominiums were Samut Prakan’s Bang Phli district,  Phra Khanong, Huai Khwang, Samut Prakan’s Muang, and Bang Khun Thian.

Source:property-report.com

Bangkok’s condominium market is expected to slow down next year, but the number of newly launched units could still reach 40,000-50,000 without causing an oversupply.

This estimated range matches the number of newly launched units from July to November of this year, 48,973, which was higher than for all of 2007, the peak year for the condominium sector.

Phanom Kanjanathiemthao, managing director of the property consultant Knight Frank Thailand, said about 60% of those newly launched units have been sold, demonstrating strong demand for city condos.

“A bubble or an oversupply will depend on the amount of new supply being launched next year,” he said while expressing confidence that introducing less than 10,000 new units per quarter will not cause an oversupply.

Company research pegs the usual number of new launches in each quarter at 3,000-6,000 units, with a take-up rate of 50-60%.

This year’s first quarter saw 7,000-8,000 condominium units launched with about 75% sold, while the second quarter had 960 units with 80% sold in addition to the 48,973 units with 60% sold from July to November.

Half of these were priced at 1-2 million baht apiece, while most had been postponed from planned 2009 launches.

Bangkok will see a continued rise in its condo supply, especially in peripheral areas where each project comprises large numbers of units.

Demand continues to increase but not as quickly as supply. Major players will launch units to tap high demand in the low end of the market stemming largely from lower land costs and the availability of large numbers of plots.

Developers are also focusing on smaller units for greater affordability in the market.

Bangkok’s condo market is expected to focus more on medium- and low-income buyers, as the high-end market has experienced a lower take-up rate.

Foreign buyers will need more time to recover their confidence in Thailand’s political situation, while local buying interest centres on units located near mass transit routes.

Bangkok’s overall condominium supply was 167,815 units as of last Tuesday, with new launches skyrocketing in the second half.

The newly launched units were located mostly in those peripheral areas of the city where BTS and MRT extensions are planned in the near future. This group accounted for 77% of the total, with its market driven by local demand.

The number of units launched in the central business district (CBD) represented 5% of the total, while the city’s fringe areas saw 18%.

Most condos launched in the July to November period were grade C. During that period, only one grade A project comprising 240 units was launched in Bangkok.

As well, 26% of the units in the period were located along existing BTS routes and 17% along the existing MRT route. Another 19% were along the coming BTS Light Green and Dark Green lines.

At the same time, 20% were located in non-mass-transit areas, 10% near future routes and 8% near the Airport Rail Link.

Knight Frank used the unit take-up for new launches in the period as an indicator of market demand. This totalled 29,358 units or 60% of the total, while the take-up in the second quarter was 769 of the 960 units or about 80%.

Condo demand in the peripheral areas was large, with 22,088 units taken up from July to November. However, additional supply in such areas was large, resulting in the lowest take-up rate at 58.5%, with most of the demand from Thais.

Demand within the CBD was 1,637 units with a take-up rate of 62.3%, whereas the take-up rate in city fringe areas was the highest at 65.4% or 5,633 units. The average asking price of Bangkok condominiums increased in all segments, while the average asking price of premium grades was stable due to political instability decreasing foreign demand.

Source : bangkokpost.com

for both new projects and resales, Bangkok CitiSmart chief executive officer Pumipat Sinacharoen said.

The prices of condominiums close to mass transit have risen significantly

Since the 1997 economic crisis, the prices of condos close to the mass-transit system have risen by an average 10-20 per cent a year. Some locations on Sukhumvit Road that had prices averaging Bt78,065 per square metre in 2006 are now priced at Bt121,916 per square metre, up nearly 100 per cent.

While a number of property developers have launched new residential projects in this location, demand has continued to grow because of a lifestyle change from big families to small families. Most younger people starting to work need to stay by themselves, and as a result select condominiums, either new or on the resale market.

Meanwhile, demand for condominiums in areas such as Srinakarin Road, Ngamwongwan Road and Chaeng Wattana Road has also seen high growth because those locations have communities that serve their lifestyle.

“We believe that condominium prices will increase by an average of 5 or 10 per cent a year. The growth rate may be lower than in the past, but it is still growth,” Pumipat said.

Limited land and rising oil prices are the main factors boosting the demand for condominiums.

The Bank of Thailand measure to control the condominium market by setting the loan-to-value cap at 90 per cent effective on January 1 has little impact on demand for condos priced higher than Bt2 million per unit and in the resale market. Most people who buy resale residences have enough savings to buy the home. More than 70 per cent of buyers in the resale market pay by cash or make down payments of more than 20 per cent, he said.

Bangkok CitiSmart is a subsidiary of Asian Property Development established in 2006.

Currently, the company’s portfolio has 11,000 units worth a total of Bt45 billion, and active customers for about 6,000 units worth Bt27 billion, Bt1.5 billion of that in Pattaya.

Source : nationmultimedia.com