What is Mixed-Use?
It's well known that investing in real estate, whether land, houses, or condominiums, offers the potential for very high returns, and the longer the time passes, the higher the potential return. However, such results depend on choosing the right location for investment. One location worth watching for high returns is one where a mixed-use project is being developed.
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What is Mixed-Use?
A mixed-use project is a real estate project that integrates residential condominiums and commercial projects. Simply put, it's a large condominium project surrounded by shopping malls, office buildings, hotels, etc., creating a central community area with comprehensive amenities for living and shopping. This provides convenience and attracts people who want to live, work, or do business within the project area.
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Why are locations with mixed-use projects worth investing in?
Because the mixed-use project format creates a convenient lifestyle, it attracts those seeking to settle down. Or, due to the long-term nature of the project, land prices in planned development areas tend to skyrocket. At the same time, mixed-use projects maximize the efficient and valuable use of land, and therefore tend to receive government support. Government initiatives often improve the surrounding areas, such as urban planning, infrastructure, transportation, and tourism development. This further enhances the potential for rapid growth in these mixed-use locations, transforming previously ordinary land into highly valuable assets in the future.
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Promising Locations in Bangkok Targeted for Mixed-Use Development
During the development of the master plan for high-potential areas around BTS/MRT stations, ahead of the announcement of the new city plan at the end of 2021, Bangkok has chosen to develop these areas into mixed-use developments encompassing business centers, commerce, employment opportunities, and residential areas. The focus is on five key areas around BTS stations:
1. “Pratunam Station,” Orange Line
Plans are underway to create a “Pratunam Wholesale Hub,” focusing on the development of Grade A office spaces and condominiums. 1. Rental apartments and 3-4 star hotels will be developed into a commercial district serving as a central hub for retail and wholesale activities. The plan is to promote both existing and new commercial areas to become Bangkok's commercial center, a hub for international fashion and apparel businesses day and night. Furthermore, transportation links will be developed to easily connect tourist attractions such as Siam, Ratchaprasong, Makkasan, and Rama 9 via rail, road, and boat.
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2. “Wongwian Yai Station”: A connecting point for the Red, Purple, and Green MRT lines.
There are plans to develop this into a secondary commercial center and a key economic area on the Thonburi side. Plans include improving sidewalks, constructing bicycle paths, and beautifying the station area. There are also plans to maximize the utilization of land within 500, 650, and 800-meter radius of the station.
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3. “Lamsali Station”: The Eastern Gateway Zone.
The plan involves developing a high-density residential area with the MRT and boat as transportation hubs. There will also be projects to construct a pedestrian and bicycle bridge across Khlong Saen Saep, offering diverse housing options at various price levels, and developing large-scale office spaces.
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4. “Bang Khun Phrom Station”: A connecting point for the Orange and Purple lines.
The development plan focuses on creating a commercial and cultural tourism area, continuing the Rattanakosin era. It blends diverse traditional and modern businesses, creating a tourism magnet for the “Bang Khun Phrom” area, showcasing the charm of a more contemporary Bangkok community.
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5. “Tao Poon Station”: A business and commercial hub.
The development plan aims to build upon the secondary commercial hub of Bang Sue Station, supporting the new Parliament area. It will enhance connectivity between Tao Poon Station and surrounding key areas, creating a mixed-use development including Grade B office space, multi-level condominiums, 3-3.5 star hotels, shopping centers, a community, and a specialized wood furniture shopping center, among others. There are also plans for new roads and expanded transportation networks, such as the Chao Phraya Express Boat pier.
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It is evident that mixed-use projects significantly elevate the potential of a location, making it more attractive and creating vibrant communities with high consumer spending and economic activity. Therefore, for anyone looking for a prime location… For real estate investment, locations with planned mixed-use projects are worth closely monitoring and should not be overlooked.
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Thank you for the valuable information from REIC.
