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News Release

Bangkok

Impact of BTS Saphan Taksin Station Closure on Real Estate Limited


Although the Saphan Taksin station was never intended to be permanent, property developments located near the BTS Saphan Taksin Station and the Bangrak community have enjoyed convenient access to the BTS system for many years and therefore will inevitably feel the impact. Nonetheless the magnitude of the impact will vary, according to Mr. Dan Tantisunthorn, Head of Research at Jones Lang LaSalle.
 
 
On the Pranakorn side of the river, there are only a small number of modern property developments currently benefiting from immediate access to the station.  Within a radius of 400 meters of the BTS Saphan Taksin Station, which remains an acceptable walking distance, there are 3 office buildings, 3 hotels, 1 shopping center and 1 serviced apartment.  Most of these developments will inevitably lose their competitiveness following the closure of the station. The shopping center, Robinson Bangrak, may be less impacted as it was originally developed to mainly support the high density residential community within the area, although clearly some traffic is attributable to commuters passing the center on the way to the station.
 
Alternative solutions
There are many property developments that are not located within a walking distance to the BTS Saphan Taksin station, but have taken advantage of the station by providing a shuttle boat service. These include condominium developments, hotels and retail centers located along both sides of the river.
 
The developments on the Thonburi side of the river may easily solve the issue by switching from the shuttle boat service to the Saphan Taksin Station to a shuttle bus service to the new Krungthonburi station.
 
On the other hand, the developments located along the Pranakorn side of the river may face a more challenging situation because a shuttle bus may not be a solution due to heavy traffic congestion from the Bangrak area to the nearest BTS Surasak Station. Easing concerns for the loss of the station infrastructure is the Bangkok Metropolitan Administration’s plan for a 700-meter walkalator (moving sidewalk) to the next closest station at Surasak.
 
Impact on land prices unclear
Bangrak where the station is located is an established historical residential area with most of the existing properties being aging shophouses and there is limited land to accommodate new property developments.  The fact that there have been very few new developments in the close proximity to the Saphan Taksin Station is evidence of this. The impact of the temporary operation of the station on land prices has never been clear as the market should have been aware that there would eventually be a serious effort to remove the station due to the bottleneck caused by the station.