Property

THE LINE series of Bangkok



BTS Group and Sansiri continue THE LINE series with an entry at Bangkok’s future transport hub

London may have a rival for Hong Kong investors’ attention. On the strength of an advantageous Hong Kong dollar and few policy changes from the lingering military government, Bangkok developers are quickly becoming regular visitors to the city’s weekend showrooms with projects launches. No strangers to the SAR, Sansiri’s latest development, THE LINE Phahon-Pradipat, is the also the latest in the series created in conjunction with BTS Group, but it’s far from all the Thai property giant has in store for 2017.

Brand Confidence

Apart from location, location, location, one of the keys to smart, safe investment in Thailand is purchasing from established, reputable developer. The days of fly-by-night organisations vanishing with investor deposit money are largely over, but Thai and overseas buyers still lean towards the recognised brands: PACE, Raimon, Minor International. First among equals is 30-year-old Sansiri, whose credits to date include over 300 properties across Thailand representing nearly US$1.5 billion in market capitalisation.

Sansiri launched 20 mostly premium projects in 2016 and has plans for another 19 this year, including four with BTS Group, the joint ventures predominantly under THE LINE brand. But Sansiri is only doing as well as Thailand, and increasingly Bangkok, will allow for. Sansiri moved HK$600 million worth of property in Hong Kong last years, and Sansiri President Srettha Thavisin expects that number to rise in 2017.

The Thai real estate market continues to grow, with rental yields averaging between 5 and 8% in urban locations like Bangkok and resort spots like Hua Hin and Phuket. As Thailand becomes even more outward looking, key indicators remain on an upward trend. Condominium prices in Bangkok’s CBD rose from just over THB120,000 per square metre to THB161,000 (HK$2,500 to $3,300) in the two years between 2010 and 2012 according to Knight Frank. However, despite Thailand’s 24% decade-long price growth to 2013, it remains considerably more affordable than its regional rivals: Malaysia’s prices rose 54% during the same period, the Philippines grew 75%, and Taiwan 88%. Hong Kong prices grew a whopping 160%. At the end of 2015, second-hand, premium freehold condos in central Bangkok were averaging under HK$4,000 per square foot.

Sansiri, like several others, will be coming through Hong Kong frequently this year, specifically in order to “Fulfil the high and growing demand for second homes and for long-term investment,” according to Srettha in a statement during a recent visit to the SAR. “The most sought after condominium projects are those priced at HK$1.1 million to HK$2.2 million and located near mass transit stations, because units can easily be released for rent. High-end condominium units … in the central business district are also popular as upper-crust customers from Hong Kong are looking for second homes in Bangkok. Recently, an elite Hong Kong customer bought a unit at a price considered to be the highest in Bangkok at HK$160,000 per square metre at Sansiri’s 98 Wireless flagship project on Wireless Road in Bangkok’s CBD.”



A Fine LINE

Located near Mo Chit, Chatuchak, and a few minutes to Bang Sue MRT station, THE LINE Phahon-Pradipat sits steps from Saphankhwai BTS Station and follows the popular THE LINE Sukhumvit 71, THE LINE Sukhumvit 101 and THE LINE Asoke-Ratchada.



Similar to its sister projects, THE LINE Phahon-Pradipat is at the crossroads of massive future infrastructure that is underpinning Bangkok’s property growth. The mass transit rail is expanding to have more stations than Hong Kong’s MTR by 2030; a high speed rail link connecting Bangkok to Chiang Mai, Hua Hin, Pattaya and points in between is scheduled for 2021, as are rail links to China and Singapore. The transit hub is expected to stretch between Chatuchak and Bang Sue, putting Chatuchak Market and Park nearby, as well as the forthcoming Bang Sue Railway Station terminus, and the school and business district — and thousands of workers — at Saphankhwai.

Standing 46 storeys tall, the tower features 981 units in one- to three-bedroom configurations, sized between 315 and 1,200 square feet. The building’s overall design conforms to what Sansiri calls a co-living ideal. “The spaces have been prepared for people with different preferences and needs — just like in a big house where individual family members can find private spaces to do things they enjoy while also being able to find new inspiration together as a family,” says the developer. There’s an emphasis on natural materials (stone and woods) in the interiors, a dedication to maximising natural elements (natural light and ventilation), and pocket gardens are scattered throughout the tower. Sansiri is quick to note the triple volume lobby with loft ceiling sets the tone for the entire project immediately.



But it is the public spaces that are set to define the property. Broken down into thematic sections, THE LINE Phahon-Pradipat boasts a specific lifestyle section for relaxation, featuring a Secret Garden; a kitchen, designed to cultivate a community, which includes a sky lounge and a children’s yard, ideal for mixing and mingling; a digitally friendly co-working area for modern workers on the clubhouse’s upper level, a fully equipped office with conference spaces that convert into a theatre; and a ninth floor outdoor space with comprehensive fitness facilities.

THE LINE Phahon-Pradipat is scheduled for completion in January 2020 and Sansiri is projecting 6% rental yields. Prices begin at THB180,000 per square metre (HK$3,600 per square foot), or from roughly HK$1 million for one-bedroom flats.

www.sansiri.com/theline

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