Mr. Phanom Kanjanathiemthao, Managing Director of Knight Frank Thailand said that the launch of the Purple Line train service in 2016 has strengthened the Tiwanon area, making it more attractive with increasing demand from those who are looking to reside in the area. Along with the increased connectivity of the Purple Line and Blue Line in August 2017, the Tiwanon area is emerging as a transportation hub, affording even more convenience and comfort for commuters traveling to and from Bangkok and Nonthaburi. Also, the area is further augmented by strong public facilities and amenities, including shopping malls, markets, hospitals, educational institutions and key government offices. Also, there are huge future public works projects that will further boost the area’s capacity, from connectivity between the Purple Line and Pink Line and Brown Line to the Bang Sue Central Station project (Paholyothin Transportation Centre), part of the Transit Oriented Development (TOD) concept. The latter supports development of the area around the station into a comprehensive urban lifestyle centre, encompassing transportation, residences, offices, shopping centres and hotels. Also, the Gateway Bang Sue shopping complex is currently under construction, slated for completion in 2018.
Diagram showing the range of amenities in Tiwanon and surrounding areas
From the convenience and comfort that the area is increasingly offering, Tiwanon has transformed into an attractive area for many real estate developers. They have come to Tiwanon and developed condominium projects, with the target market being comprised of new generations of consumers who are looking for condos near the city as well as investors who wish to gain rental income or resale profits.
As for the condo market in Tiwanon-Bang Sue, the study area runs from Ngam Wong Wan soi 17 to the Nonthaburi Government Centre, Liang Muang Nonthaburi Road, Pibulsongkram Road, Pracharaj Sai 1 Road, Pracharaj Sai 2 Road and ending at Prachachun Road. It was found that the starting supply for condominiums in Tiwanon-Bang Sue in 2009 was just 976 units, which increased steadily. At the end of the 1st quarter in 2018, the accumulated supply stood at 35,400 units. The year 2014 marked the period with the greatest increase in the supply, with 9,425 units entering the market. As such, the new supply from 2015 has decreased steadily, especially in 2016 and 2017 when there were only 821 and 615 units entering the market, respectively. This is in accordance with the lowered demand. The main reason was that the connection between the Purple Line and Blue Line was not completed at the time, which caused real estate developers to slow down the launches of their new projects, waiting to see the market outlook. At any rate, from January to May 2018, the condominium market in this area bounced back, showing positive signs once again. There were 2,029 units of new supply entering the study area, from 2 large scale developments: Niche Pride Tao Poon-Interchange (742 units) and The Line Wong Sawang (1,287 units). The average sales rate for both projects is at 50%. As for pricing, it was found that the average asking price in the study area at the end of 2018 was 112,500 baht per sq.m.
In summary, Tiwanon is an area that is of much interest given its many attributes. It’s expected to have even more potential in the future from the development of the transportation system, which will connect many train lines in the area. Especially relevant is the Bang Sue Central Train Station (Paholyothin Transportation Centre), which is situated not far from Tiwanon. Transportation between Bangkok and Nonthaburi will be even more seamless. Sales prices for projects in the area, on the whole, are still not too high. Tiwanon is thus a good choice for those who wish to invest for the future. It is also a solid option for those wishing to reside near the city with accessible and convenient transportation modes.
Accumulated Supply of the Area of Study from 2009 – May 2018