The Bangkok property market is in a constant state of flux, with whole neighborhoods constantly evolving residentially and commercially. Interestingly, Bangkok and its multi-billion baht property industry, is constantly the source of rumors, speculation and trends. This is the inevitable result of the constantly changing dynamics of how the city operates, as both a home and place to work for its millions of residents.
Perhaps the biggest trend to emerge in recent years, is the gradual transformation of “Rama 9-Ratchadaphisek Road” as an upcoming business hub. Property professionals and developers have predicted that this area will eventually become the newest addition to the CBD. Some industry experts are even predicting it could develop a commercial ecosystem that will eventually rival the dominance of areas such as Silom/Sathorn and Asoke.
How did this peripheral neighborhood, emerge as the sweetheart of local industry experts?
Firstly the area is extremely well-located and geographically Rama 9-Ratchada sits north of Sukhumvit’s business hub Asoke; the areas are only separated by a few kilometers (5-10 Minutes’ Drive or 5 Minute MRT Ride). This strategic position has led to the inevitable spillover of residents and businesses, looking for better-value accommodation and/or office space.
The presence of the Mass Transit Lines notably the MRT Blue Line (MRT Phra Ram9 and MRT Thailand Cultural Center) that cover the length of Ratchadaphisek Road adds a level of convenience for commuters. On top of this, the upcoming MRT Orange Line is being developed and will pass through the area, connecting the neighborhood to both the Min Buri District and Taling Chan District.
Finally Rama 9-Ratchada, allows road-users to connect to other parts of the city with ease. As major road arteries such as “Phetchaburi Rd., Asoke-Din Daeng, Vibhavadi Rangsit and Sirat Expressway” are within convenient access.
2. Quality Condos and Lifestyle
This geographical and travel convenience combined with relatively affordable land prices has been conducive to a residential development spree. Numerous high-profile developers sensing the neighborhood’s potential, have invested in the area notably Ananda Development, Sansiri, AP (Thai), Pruksa Real Estate to name a few. The area now hosts numerous quality Condo developments by these developers, such as Ideo Mobi Rama 9, Ivy Ampio and Condolette Midst Rama 9.
Rama 9- Ratchadaphisek offers a vibrant local lifestyle comparable to some of the top leisure destinations in the Capital’s CBD (I.e. Sukhumvit’s Phrom Phong or Ploenchit/Chidlom). This eclectic neighborhood hosts a wealth of retail and shopping destinations such as Central Rama 9 Shopping Mall and CP Land’s Fortune Town; toward the top-end of Ratchadaphisek Road (Closer to MRT Thailand Cultural Centre) local residents can also benefit from Esplanade and The Street Ratchada. The area also has an established dining and nightlife scene, with local hotspots such as the Ratchada Train Market and a collection of trendy bars/clubs.
3. Business Environment and Commercial Development
The emergence of the area as a potential CBD location, would not have been possible without the shift in the business community’s general perception. Numerous international and national businesses have shifted their operations to the area and perhaps the most notable is The Stock Exchange of Thailand (SET) now located at 93 Ratchada. The neighborhood now hosts a handful of office towers which include the newly developed Grade-A Office “AIA Capital Center Building”. The area is gradually developing a business ecosystem, transforming it into a unique place to work and do business.
On a final note, Rama 9-Ratchadaphisek will in a few years host Grand Canal Land’s extensive pipeline of commercial developments. This will include Grand Rama 9 a mix-use development comprising of residential, retail and commercial space; spread over 73-Rai plot of land, the project will total construction costs of over 35 Billion Baht. Within this massive development several landmark projects will emerge notably G Tower, The 9th Towers and The Super Tower that will be a breathtaking 615 m high, making it Bangkok’s tallest tower once complete!
This exciting pipeline of developments is set to transform not only the local neighborhood, but Bangkok in the years to come!