Benefits of the MRT Purple Line could lift Bangkok real estate market
Benefits of the MRT Purple Line could lift Bangkok real estate marketIt’s fair to say the MRT Purple Line didn’t get off to the best start. A missing rail link meant it wasn’t connected to the MRT Blue Line when service began. Low ridership numbers during the first two years of operation forced the Mass Rapid Transit …November 08, 2021
It’s fair to say the MRT Purple Line didn’t get off to the best start. A missing rail link meant it wasn’t connected to the MRT Blue Line when service began. Low ridership numbers during the first two years of operation forced the Mass Rapid Transit Authority of Thailand (MRTA) to offer reduced fares.
However, there is hope the ride will be smoother from here on out with a THB110 billion southern extension providing additional connections along with real estate investment. The amount of property investment could be as much as THB80 billion, according to Krungthai Bank’s business analysis arm, COMPASS.
The scope and type of these investments will vary. In the residential sector, condominium projects around the Bang Sue and Khlong San areas of the existing MRT Purple Line could see an increase in activity.
COMPASS Executive Vice President Phacharaphot Nuntramas told The Nation that detached housing in the Pracha Uthit-Phutta Bucha area where the proposed MRT Purple Line extension would pass through are also expected to benefit.
That being said, there remains some uncertainty surrounding the MRT Purple Line extension after the MRTA cancelled the bidding process in August. No new timeline for bidding has been announced.
According to the Bangkok Post , original plans called for the winner to be named before the end of the year with a contract signing schedules to occur early in 2021 and train services for the MRT Purple Line extension starting in 2027.
Grey Line gets green light
Progress continues to be made on the Grey Line monorail project with the local government hiring consulting firms to assist with the process . The public transit line will eventually connect the middle Sukhumvit area to Rama IX and Lat Phrao in the north and the riverside in the south of Bangkok.
Grey Line plans are broken up into two sections, the first of which being a 16.2 kilometre stretch that will run from the Thong Lor BTS station to Vacharapol, stopping at Kaset-Nawamin Road, Lat Phrao Soi 87, Rama IX Road and Phetchaburi Road. The area is currently underserved by public transit and experts believe the monorail will improve traffic throughout central Bangkok.