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Pattaya Daily News

25 July 2006 :: 15:07:38 pm 23164

Property Sector Licking Their Lips With Opening of Suvarnabhumi Airport

Bangkok – According to a leading real estate service agency, property projects in the vicinity of Bangkok’s new Suvarnabhumi Airport have received greater interest now that the airport is close to opening on September 28, 2006.
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  President of Jones Lang LaSalle Co., Supin Meechucheep, said on Monday that with the impending opening of the airport, she has noticed that investment in the property development projects have started to mushroom.

   There does seem to be one disadvantage to the increased property development projects. If the city planning for the areas surrounding airport remains ambiguous, this could have a negative impact on the development of the real estate market in this area.

   Ms. Supin said that many new housing projects have sprung up in the vicinity of the airport ever since property developers anticipated that the airports opening would bring construction of basic infrastructure and services to accommodate the area’s development.

   Industrial real estate, she said, particularly rental warehousing facilities, had also  benefited from the airport’s opening due to a significant increased demand for storage facilities.

   With this rise in demand, there has been an outbreak of activity in warehouse rentals near the new airport. And what happens when there is a rise in demand? The price increases, which is exactly what has happening in the area. The fees for warehouse rentals used to run you about 100-140 baht per square meter back in 2003. Now, in 2006, you are looking at paying around 140-180 baht per square meter. A fairly significant increase over what people used to have to pay.

   She went on to say that office buildings near the airport are benefiting from this as well. Offices along the Srinagarindra, Bangna-Trat and Kingkaew Roads, which are close to the airport, have seen an increase in monthly rental fees. There has been a significant increase from 150-200 baht per square meter in 2003 to 300-380 baht per square meter today.

Reporter : PDN staff   Photo : PDN staff   Category : Business News

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