On Nut’s growing popularity as an up-and-coming investment location, is an open secret amongst the property agencies servicing Bangkok’s Central Business District. Interestingly, this once underrated part of Sukhumvit is now offering one of the Capital’s most vibrant and active condo rental and sales markets.
As an agency specializing in rental and sales of Condos, Fresh Property is experiencing this rise in popularity firsthand and in Q1 of 2017:
- 30-40% of rental inquiries each month, were for Condos located in On Nut. This is despite the fact that the Agency is currently advertising properties in all the areas of the CBD notably Sukhumvit (Nana- On Nut), Silom-Sathorn and Wireless.
- On Nut was by far the most active neighborhood for our agents in terms of number of viewings conducted.
- By volume of deals completed, most of Fresh Property’s Rental Deals were completed in On Nut.
What are the factors fueling this massive success as a residential hub?
1. Quality Condos at Affordable Sales and Rental Prices
On Nut’s commercial and retail development is a relatively recent trend. Initially the neighborhood grew from humble beginnings and developed as an affordable low-cost residential hub for commuters working in Bangkok’s Central Business District.
Blocs 77 one of the High Quality Condos in On Nut!
This is immediately apparent with the multitude of Condos available within a 500 Meter radius of BTS On Nut. This diversity is part of the neighborhood’s appeal, as it offers a wide range of high-rise and low-rise condos, from a multitude of developers. This includes some of Bangkok’s top companies such as Sansiri, AP(Thai) and Ananda.
While price per/sqm of these Projects have spiked upwards in recent years, they are still available at entry level prices attractive to both locals and foreigners. These more affordable sales prices, automatically translates into better value rental rates which appeals to a broader rental market.
2. Strategic Location and Commuting Convenience
Convenient Location for Commuters
On Nut currently offers convenient travel times to Central Bangkok (I.e. Phrom Phong and Asoke). As initially mentioned, this makes it particularly popular with working professionals whose offices are based in the CBD. These residents tend to find that On Nut offers a good balance between travel convenience and value of the accommodation offered.
To add to the neighborhood’s appeal, Udom Suk-Bangna (3-4 BTS Stations away) is also experiencing a big commercial boom. Some property professionals are even predicting that it could harbor an active business and office hub comparable to Central Bangkok. If the predictions prove correct, On Nut would be in a prime position to benefit from an eventual boost in commercial traffic and residential inflow, from both prime-Sukhumvit and Udom Suk-Bangna.
3. Area Gentrification
A few years back, the area was often viewed as gritty, rough and unappealing!
This unappealing image is fading away and in its place On Nut is redefining itself as a pleasant and vibrant residential hotspot. The neighborhood is already ultra-convenient offering 2 Hypermarkets (Tesco Lotus and Big C) within a 500 Meters radius of BTS On Nut. The area has recently welcomed a chic X2 Vibe Hotel which has uplifted the Sukhumvit Soi 50/52 side of On Nut. To add to the appeal, the neighborhood will soon welcome its very first shopping mall (Century Mall) located right next to the BTS station.
X2 Vibe Hotel On Nut
Sansiri an established developer has extensively invested into redeveloping the landscape surrounding the On Nut Canal. Creating what they dub the “T77 Community”; this mega-vision is comprised of several residential projects notably The Base Park East, The Base Park West, and Hasu Haus. The luxury developer has also launched the neighborhood’s first community mall (Habito Mall) to service the local community they have created.
T77 Community by Sansiri
These exciting developments are unlikely to be the last projects to redefine this fast developing and exciting neighborhood!
