A number of property developers are setting up new residential projects, worth about Bt100 billion, in the western zone of Bangkok, research by Agency For Real Estate Affair shows.

Up to 62.7 per cent of the projects are being developed by 10 property companies, which are listed on the Stock Exchange of Thailand.

Rama V Road and Ratchaphruek Road are popular locations in the western zone, especially for detached houses priced between Bt2.5 million and Bt5 million a unit.

The research shows that Property Perfect has launched the maximum number of detachedhousing projects - 3,146 units worth Bt13.3 billion - at this location, out of which 2,076 units have already been sold.

This is followed by Land & Houses, which has launched detached housing projects with 2,923 units worth Bt12.9 billion, and Preuksa Real Estate, which has introduced 6,457 units worth Bt11.1 billion. 

The projects target the middleincome group with prices between Bt2 million and Bt5 million per unit.

Property Perfect chief operating officer Teerachon Manomaiphibul said the company will launch more detachedhousing projects in the western zone because its has a new ring road that offers an easy commute from Rama V Road and Ratchaphreuk Road to the central business district.

Most customers who buy residential projects at this location are from the middle to upperincome group and stay with their families, he said.

SC Asset executive vice president for lowrise property development Kree Dejchai said the competition in this area was high, with a number of developers having launched residential projects since 2006. SC Asset has introduced residential projects worth Bt3 billion at this location.

Value of the land from Sathorn Road to the Ratchaphruek Ring Road has increased from between Bt6 million and Bt8 million per rai in 2004 to between Bt10 million and Bt12 million last year.

Prices for land from the Ratchaphruek Ring Road through Rama V Road to Rattanathibet Road have increased from Bt5 million per rai in 2004 to between Bt6 million and Bt7 million last year.