|Published on September 6, 2006
Siam Square has beaten Yaowarat to become the most expensive area in Bangkok in terms of land prices due to the opening of two major shopping complexes - Siam Paragon and CentralWorld.
Local property consulting firm Agency for Real Estate Affairs (Area) yesterday revealed that sites along the Skytrain route and Sukhumvit Road had encouraged many property developers to develop projects there.
This had helped bring land prices up.
The firm said land prices in the Siam Square area had jumped 16 per cent to Bt640,000 per square wah (four square metres) this year, which tops the Bt630,000 per square wah being asked for land in the Yaowarat area. The third most expensive area in Bangkok is Silom, with land selling at Bt560,000 per square wah.
Area expects land prices at Siam Square to grow another 9 per cent to Bt700,000 per square wah in the coming year.
The company also found in a survey that land prices in Bangkok and its surrounding areas had increased at an average of 21 per cent since 1998, led by the Suvarnabhumi Airport area, which has jumped 47 per cent.
The company said areas near Bang Na-Trat Road KM24 were the most expensive, surging 80 per cent on average, followed by areas along King Kaew Road (64 per cent), Srinakarin Road (62 per cent), and Lat Krabang Road (61 per cent).
However, the firm noted that prices of land to the immediate South and North of the new airport would fall due to noise pollution and flooding problems.