On Nut area is becoming an increasingly popular and attractive place for both Thai locals and foreigners who want to live in Bangkok. Despite a slight slowdown of the real estate market of whole Bangkok Metropolis, On Nut does not seem to lose its popularity and attractiveness. During the last several years, a huge number of foreigners are flowing into this area. And there are a number of reasons for it:
- A great selection of condos for any budget and class that can boast quite reasonable prices
- A fairly good infrastructure along with the On Nut BTS station and the perfect Thai market
- A close location to the city’s central business districts at a reasonably moderate price of dwellings
- A growing number of malls in the neighborhood and lots of small businesses offering their services
Indeed, there are more luxurious areas within Sukhumvit (like Thong Lo) that offer quite more luxurious place and trendy condos, even though there are, naturally, a limited supply of real estate and significantly higher price than the one of the condos in On Nut.
A room to expand: On Nut Area is causing a growing interest among developers and purchasers
During the last four years, the area has been a witness of a large growth in the number of condominiums. If one would compare resale prices of condo apartments in 2014 and 2015, he would see that the prices increased by 30% just during one year. And, moreover, the prices keep growing despite the property glut in Thailand’s capital. In this area, the occupancy rate does not fall below 88%, which is quite higher than the Bangkok’s condominium market’s average. Furthermore, over 30% of inhabitants in On Nut area are foreigners.
Even though there were fears that a significant increase in the area’s density may scare off a large share of purchasers, in practice it has turned out to be different. Unlike the large part of Sukhumvit district, which includes On Nut area and which is generally characterized by the lack of free land for the development of new real estate projects, On Nut area can boast a decent number of free-to-use plots. Therefore, there is a great opportunity for the growth of the real estate market. Besides, a number of developers are already constructing or preparing to develop new projects of building high-end shopping malls, and this may be a stimulus for the surge in demand for condo apartments in this area.
Attractive Condominiums for Newcomers to On Nut Area
In case if a foreigner has come to On Nut area, it is a serious question what condominiums are worth to take into account? What are worthwhile options? Here are listed the majority of the area’s condominiums with apartments available for purchase.
A budget option at Soi Sukhumvit 13
If you are looking for a budget option, a good condominium for you may be the one located at Soi Sukhumvit 13. This condominium, located on a lakefront, sells a one-bedroom flat for 3,469,000 baht (an equivalent to around $97,213).
The 21th Century Skylux
Noticeably more expensive option is offered by 21th Century Skylux, which offers a condo apartment with two bedrooms and two bathrooms (and 58 square meters) for 6,200,000 baht (or around $173,745). There are also other apartments for sale in this condominium: 1-bedroom 44-square-meter apartment for 5,800,000 baht (or nearly $162,535) and a cheap 2-bedroom 36-square-meter apartment for just 5,000,000 baht (or approximately $140,117). There are, however, still a number of more luxurious options that may interest someone.
Cheap apartments at Lumpini Ville Sukhumvit 77
Another worthwhile condominium with affordable apartments is Lumpini Ville Sukhumvit 77 that sells inexpensive apartments starting from 1,600,000 baht (or $44,837). Even though its apartments cannot boast a great style, yet the price and location are definitely excellent for such a price.
The Blocs 77 condominium
The Blocs 77 offers to some of its dwellers a magnificent view on the On Nut Channel, while asking for a slightly higher price than the previously listed condos. Yet, its comfortable location and unassuming but nice design are worth it.
The Base 77 condo
The Base 77 condo, which is located right beside the Blocs 77, was constructed in 2013 by Sansiri. It offers a soothing and relaxing environment in the high-speed megalopolis as well as the wonderful facilities for playing sports (basketball, swimming, fitness, and power exercises). The design of the apartments may surprise you as well. On the average, the price of a one-bedroom apartment is from $90,000 to $100,000.
The condo at Sukhumvit 52
The condominium located at Sukhumvit 52 is not as sky-high, but has just 8 floors. In addition the typical standard white-brown design within the room and moderate price, the condo can boast a great infrastructure and excellent location (one needs only several minutes of walking to reach the BTS On Nut Station, Tesco Lotus, or Expressway.
The Incredible condominium at Rhythm Sukhumvit 50
The condo at Rhythm Sukhumvit 50 offers luxurious (yet quite expensive, beginning from 9,500,000 baht or $266,222) 2-bedroom apartments with excellent style, location and amenities.
The condo at Sukhumvit 79
This condo, located at Sukhumvit 79, sells both affordable and high-class apartments, depending on the budget of the purchasers. It is a quite fresh condominium with modern design, which is located some 10 minutes of walking from the BTS On Nut station.
These are the major On Nut’s condominiums, and they offer various types of apartments, depending on the budget and preferences of a client. However, each of these condos is worthy of taking into consideration.
Interesting Oncoming Projects in the Area
Even though there is still an available land for developing new projects in the On Nut area and a sustainable demand from both locals and foreigners, there are still not so many planned projects or projects under construction. Only two new condominiums were registered in 2015 in the On Nut area, and they are Lumpini Ville Onnut-Ladkrabang and Lumpini Ville Onnut-Ladkrabang 2.
The future luxurious condominium at Sukhumvit Road 399
A luxurious condominium, which will be located at Sukhumvit Road 399, was due to be completed by the end of 2015. However, the final date of the project’s completion has been delayed, and perhaps it will be the only condominium constructed in 2016.
The Sankyo Group’s future Moniiqcondo
For now, there is one more registered project, which is due to be completed in 2017. Sankyo Group, a Japanese developer, is constructing a new condominium at Sukhumvit 64. The company promises a unique style of every apartment and all the necessary amenities. The Moniiqcondo, as the company called it, will feature minimal perfection and will be located 800 meters away from the BTS On Nut station. Sankyo Group declared that it will sell apartments at the price of 1,900,000 baht, which is now equal to $53,244.
Although there are not so many condos under construction now, the developers, after they have received a signal from the authorities about support, may still surprise by resorting to the construction of new condominiums in On Nut area in the very near future.
Market Outlook for On Nut Area
Considering the slower growth of the Bangkok’s real estate market in general, On Nut area may witness some deceleration as well. Even though the government has come up with a number of initiatives in the infrastructure development, this area, unlike other midtown areas, may barely reap any benefits due to its already good state of infrastructure and vicinity to the city’s central districts.
Despite the fact that those negative aspects may have some negative impact on the prospects of the area’s real estate market, yet there are some obvious strengths that will surely prevail. First of all, the real estate credit glut will not noticeably influence the demand for dwelling in On Nut, since a large share (which keeps increasing, by the way) of foreigners buy apartments here. Despite the fact that the area will not have significant benefits from the government’s infrastructure projects, the construction of several huge shopping malls is going to attract many new visitors and inhabitants to the area.
After all, a surge in the return on rentals and demand for apartments as well as the development of new projects show that On Nut’s real estate market will enjoy noticeable growth. Besides, available land plots and the area’s convenient location provide even more opportunity for the growth of the area’s real estate market. Therefore, there are all the necessary preconditions for the further market’s development.