Siam Square tops the country’s most expensive land

[Lite Beer]

Siam Square tops the country’s most expensive land

BANGKOK: -- AREA said Siam Square area topped the list of the country’s most expensive land prices at 1.65 million baht per square wah. (one square wah is equivalent to four square meters).

On the contrary, it said the cheapest land price is at Klong 13 on the Lamluka road in Bangkok’s outskirt at 2,500 baht per square wah.

It also said land prices near BTS Skytrain and MRT subway train stations has risen to 339 percent compared to prices in 1998.

According to the AREA, the most expensive land prices in Bangkok as of the end of 2013 are in areas around Siam Square, Chidlom and Ploenchit BTS Skytrain stations.

It recorded an increase of 4.6 percent at 1.65 million baht per square wah.

The cheapest land price, meanwhile, is at Klong 13 along Lamlukka Road in Bangkok’s adjacent Pathumthani province at 2,500 baht per square wah.

The price has been stable for the past 10 years, since there have been no major property developments at the area. AREA’s studies say land prices near 112 Skytrain and MRT stations across Bangkok are now at 392,955 baht per square wah on average, an increase of 339 percent compared to the prices in 1998.

Source: http://englishnews.t...-expensive-land

-- Thai PBS 2014-01-28

[PattayaPhom]

Phew,and I thought 125,000 per TW was expensive....

Edited January 29, 2014 by PattayaPhom

[orosee]

Yeah, I always thought that the 2010 burning of the old movie theatre was unrelated to the riots and in the interest of "land development".

[rotary]

I bet some farangs have paid that much for land in Nakorn Nowhere after the GF finished with them!

[fifthcolumn]

Every time I am out and about I am simply amazed at how much open land, land with vacant buildings and small, junky buildings a few stories tall. I'd bet half the land in Bangkoknat the very least could be developed. Then there is the govt buildings as well.

Too much land in too few hands.

[trogers]

That's why real estate all boils down to location, location and location.

And it does not mean a location with high land values is suited for all kinds of projects. A location suited for offices or shopping malls may well be poor for residential, and a location suited for residential may be bad for an office building, etc.

[steveromagnino]

Yeah, I always thought that the 2010 burning of the old movie theatre was unrelated to the riots and in the interest of "land development".

All that land on the Siam Square side with the movie theatres from memory belongs to Chulalongkorn university, and is leased 30 years at a time.

Regarding land development, once the land has been developed into low value shop houses (cheap to build, ok profit potential in the past) on separate titles, it becomes extremely difficult for a new owner to join them back together again, because the market prices of each shop house is far higher than the value of the land, combined with the difficulty in convincing ALL the owners to agree (you can do without maybe the end ones, but any of the middle owners not selling or asking a crazy price makes the deal impossible to do).

So for now, developers focus on either plots requiring only a few joins or single large plots.

The few vacant plots around town often have a story as to why. Often they are owned by banks, or there are debts on them, or family feuds.

So the plots left over are the only ones that can be bid on easily.