In the first half of 2024, the condo sales rate near Siriraj Hospital reached an impressive 77%, fueled by limited land availability and high demand from medical professionals and students. This figure significantly surpasses the average sales rate of 63.1% in midtown and suburban areas, indicating a robust real estate market in these regions.
The strong performance in sales is attributed to several factors, including high demand, land scarcity, regulatory constraints, and the accessibility of mass transit systems.
As of mid-2024, the total condo supply in midtown and suburban areas amounted to 852,150 units, with a sales rate of 63.1%. This inventory consists of 751,976 existing units and 100,163 units projected for future supply.
In proximity to Siriraj Hospital, which encompasses the vicinity of four MRT stations along Charan Sanitwong Road, the total condo supply reached 4,197 units.
For condos within a one-kilometre radius of these mass transit stations, the sales performance soared to 81%, compared to just 64% for those located further away, as of September 2024.
This 81% sales rate rivals that of super-luxury condominiums, which are in short supply, driven by the high concentration of medical facilities and educational institutions in the area.
Siriraj Hospital reports over 17,000 healthcare providers and more than 12,000 outpatients visiting daily, alongside 8,000 students enrolled in institutions such as the Faculty of Medicine Siriraj Hospital (Mahidol University), Thammasat University, and Silpakorn University.
The establishment of a new medical district, covering approximately 148 rai, is underway through a collaboration between the Faculty of Medicine at Siriraj Hospital and the State Railway of Thailand (SRT). The first phase, spanning 4.7 rai, will feature new hospital buildings and an SRT Light Red Line station, expected to be completed by 2027. The upcoming second phase will encompass a wellness hub and housing for SRT and hospital staff.
Insights from interviews with healthcare professionals indicate that convenience is paramount. Key considerations include proximity to the hospital, easy access to mass transit, round-the-clock amenities, shuttle services to the hospital, and low-density living environments.
An insightful discussion took place at the recent press conference revealing these key real estate trends.
