For example, Central Group plans to open a shopping complex at a cost of Bt13.7 billion on a 616-rai (98-hectare) plot of land that was previously occupied by the Thai Melon Polyester plant.

Siam Future Development, the owner and operator of the Mega Bangna shopping complex, also plans to develop a Bt10-billion mega-shopping complex in Rangsit after acquiring a 1,000-rai plot in the area.

TCC Group, which is owned by beverage tycoon Charoen Sirivadhanabhakdi, owns 300 rai of land at North Park on Vibhavadi-Rangsit Road, and plans to develop a mixed-use project combining offices and a community mall.

PTT Plc also owns land located close to the Thung Song Hong Station on the Red Line route. A source at PTT said the company has proposed to the State Railway of Thailand (SRT) to build a skywalk linking its future project to Thung Song Hong Station.

The project may be a mixed-use one combining offices and a community mall, which is a new business model for PTT Plc.

Grand Canal Development Plc, now owned by Central Pattana Plc, has three land plots around the Red Line route with a combined 166 rai. Before Central Pattana’s acquisition, the company had planned to develop condominium projects worth over Bt10 billion on the three |plots.

Since SRT began construction of the 26-kilometre Red Line from Bang Sue to Rangsit in 2015, there has been a surge of interest among property developers as they plan commercial and residential projects along the route.

For example, Rangsit Plaza, owner and operator of Future Park Rangsit, has invested Bt5.8 billion to renovate the complex into ZPELL@Futurepark, expanding the retail space from 500,000 square metres to 600,000sqm.

Zeer Property has invested Bt3.9 billion to develop a new shopping complex, The Hub Rangsit, and to renovate the Zeer Shopping Centre Rangsit.

Prommaharaj Land Develop-ment, owner of the Bobae wholesale market, invested Bt3 billion in 2012 to acquire Merry King Rangsit and renovated it as Bobae Tower Rangsit in 2015.

Meanwhile, projects covering the full range of residences – single and detached houses, townhouses, twin houses and condominiums – have been launched along the route between Bang Sue and Rangsit.

According to a survey by the Real Estate Information Centre of Government Housing Bank, the year 2014 saw 34 residential and commercial project launches for a combined 11,300 units along the route. All were completed by 2016.

The latest survey by The Nation found that Bt100-billion worth of projects – single detached houses, townhouses, twin houses, and condominium – had been launched since 2015. They have a total of 30,000 units.

For example, Grand Unity Development launched Condo U Delight Ratchavibha, at a cost of Bt2 |billion, opposite the future Samian Nari Station on the Red Line |route.

Thonburi Healthcare Group last year launched their Bt4.4-billion Jin Wellbeing County residence project for ageing people on Phaholyothin Rangsit Road. Units in the project are already on sale.

Pruksa Real Estate Plc has introduced two plum condominium projects worth a combined nearly Bt10 billion on Rangsit.

AP (Thailand) Plc has introduced its single detached house project at Rangsit-Klong 4, while SC Asset Corporation Plc has introduced a project of single detached houses and townhouses at Rangsit-Klong 3 and Klong 4.

Supalai Plc has launch single detached houses and townhouses at Rangsit area, as has Kanda Group at Don Muang and Ransit district, while Sansiri Plc offers |condominiums, single detached houses and townhouses in the same area. All of these developers are confident this location has continuing demand for both condominiums and low-rise residential homes, including single detached house, townhouse and twin house projects.

LPN Development Plc has launched 10,000 condominium units priced between Bt500,000 and Bt600,000 on Rangsit Khlong 1 in its Lumpini Township project. Opas Sripayak, its chief executive, said the company believes condo demand in the district has continued to rise since the government’s decision to build the Red Line between Bang Sue and Rangsit.

The location can also boast market demand from students at Thammasat University’s Rangsit campus, along with Rajamangala University of Technology Thanyaburi, Rangsit University, Bangkok University and North Bangkok University, Opas said. It is also located close to Navanakorn Industrial Estate and Bang Kadee Industrial Estate, as well as other industrial parks, which means there is more demand for homes priced under Bt1 million, he added.

SC Asset Corporation’s chief executive Nuttapong Kunakornwong says his company has received positive feedback from the market for introducing detached housing via its |Life Bangkok Boulevard Rangsit project. The developer also plans to launch other projects in the Rangsit area.

“New infrastructure for both rail and road systems drives the strong growth in demand for residences in the location from Vibhavadi-Rangsit |Road to Phaholyothin in the Rangsit area,” Nuttapong said.

That demand for both residential and commercial buildings along the route has boosted nearby land prices by 24.1 per cent since SRT began construction of the 26km Red Line in 2014, according to a survey by the Real Estate Information Centre of Government Housing Bank.

“Since the start of construction in 2014 until now, about 60 per cent of the total project construction has been completed. As a result, the project may be delayed for opening by a year, from 2020 to 2021,” he said.

The 26-kilometre route runs from Bang Sue to Rangsit and comprises 10 |stations – Bang Sue, Chatuchak, Wat Samian Nari, Bang Khen, Thung Song Hong, Lak Si, Kan Kheha, Don Muang, Lak Hok (Rangsit University) and Rangsit.

The SRT also plans to extend the route from Rangsit to Thammasat University Rangsit, under a Bt6.57-billion budget that was approved by the National Economic and Social Development Board. The SRT will, in 2019, propose the extended route plan for the Cabinet’s approval, SRT’s acting governor Worawut Mala said recently. The extended route would have four stations – Klong Nueng, Bangkok University, Chiang Rak, and Thammasat University.

“We expect an average of 80,000 passengers a day on this route when it starts operations, generating an average Bt2.56 million a day, and growing to at least 130,000 average daily passengers over the next three years. This project will show a return of investment within 11 years from when it starts to operate,” Worawut said.

“I have had an interest in the property sector for a long time, but in the case of Khao Yai I was allocated a piece of land by a friend of mine, who shared a few plots with his friends, knowing that I wanted to build a meditation centre.

“My wife Tipaporn was assigned the task of building this meditation centre, but instead she preferred to build a hotel. And that is why we have a hotel called Kensington, which is in English-style. The reason we chose English style is because both me and my wife went for higher studies to England over 50 years ago.

“During the construction of the hotel, Tipaporn saw a way to improve access to the hotel by buying land that connects the hotel to the main road. After buying the land, the idea arose to create an English Garden Village,” said Boonkiet, who is chairman of ICC International Plc, a manufacturing and trading arm of Saha Group for fashion apparels and cosmetics.

“Khao Yai should be increasingly attractive to people due to the fact that there will be a new motorway connecting Bangkok to Korat (Nakhon Ratchasima).

The project is underway, and there is also a project to build a high-speed train link from Bangkok to Nong Khai,” he said.

“I’m interested in real estate investment because I own land in Khao Yai that is in prime location and within the vicinity of the seventh best ozone level in the world,” added Boonkiet.

“Land prices in this area are increasing even as we speak,” said Boonkiet.

The Kensington Place Khao Yai project has been developed by TorFun Property Co Ltd, a company owned by Boonkiet.

The project was initiated in 2014 and to date has invested over Bt600 million in infrastructure development. Current sales of property units at Kensington Place Khao Yai have met expectations and are in line with the targets forecast by the developer.

Boonkiet said the target market for this project is family groups aged 50 and above of whom over 50 per cent have already achieved financial stability.

Asked if was eyeing other real estate locations for investment, Boonkiet said he would consider options once Kensington Garden Village takes off well.

Asked to predict the prospects for the Thai economy after the next general election, Boonkiet said: “I think the economy should reactivate. All economies need to have changes good or bad. The challenge is to be able to sustain whatever the situation may be.”

Property consultancy CBRE said its latest research showed that co-working space seems to be on the tip of everyone’s tongue these days. There was a time when no one knew what the term “serviced office” meant or why someone would want such an option. But today, you can’t open a business publication without seeing an article about co-working. Most people think of co-working spaces as being a thriving hub of young latte-sipping, technology entrepreneurs, coming up with the next big idea that will make them multi-millionaires, the CBRE research said.

The research added that co-working office operators usually offered companies their own private space. It is most common to be offered an office based on the size you will need to fit in a set number of desks. For example, if your company has four employees, your package offer will include a furnished closed office with four desks, 4 chairs and optional telecommunications equipment for four people (Internet service, phone number and a telephone handset). There is usually a common kitchen area and spaces to meet and mingle. Think of it like a five-star hotel, you’re not sharing a room, but you are getting a high level of service and amenities on the premises.

“Competition for space is red hot. As more and more offices pop up, the fight to achieve 100 per cent occupancy is fierce. When shopping for your space, be sure to consider more than just price, as the services and reputation of your provider are just as important. If you do your homework, you’ll avoid the pitfalls of co-working space, such as unreturned deposits, unexpectedly thin walls between units or fees for things like coffee and copying that you didn’t expect. The great news is, changing providers is much easier than with traditional space,” states Nithipat Tongpun, Head of Advisory and Transaction Services – Office, CBRE Thailand.

In Bangkok, four large co-working space operators are opening in multiple locations. JustCo, Spaces, The Great Room and WeWork leased a combined total of 25,000 square metres of space in some of Bangkok’s best office buildings last year and they are still growing, the research said.

Meanwhile, a number of property firms are also interested in developing co-working space at their commercial buildings both office and retail. Central Pattana Plc set up a joint venture with Common Ground Works Sdn Bhd and MSB Asia Ltd of Malaysia to operate a co-working space business in Thailand.

Under the partnership agreement, a joint venture firm will open its first co-working space branch at the beginning of next year and target to invest Bt800 million to open 20 branches within five years. The expansion of co-working spaces in Thailand will help create a new generation of innovative entrepreneurs and nurture a startup community, and build on CPN’s vision of being the “Centre of Life”.

The co-working spaces will meet the needs of modern working life with its “holistic lifestyle integration” concept, and will support Thailand as a hub of SMEs and startups in Southeast Asia as well as supporting sustainable growth for Thailand’s economy, CPN executive vice president of marketing Nattakit Tangpoonsinthana said recently.

Juhn Teo, co-founder and CEO of Common Ground Works, said the company sees great potential for the co-working space business in Thailand, driven by a healthy economy and strong GDP growth. The demand for flexible office space will continue to grow in Thailand, in line with other countries in the region, where they are expected to make up from 2 per cent to 30 per cent of Grade A office space by 2030.

“Also, the Thai culture is very open to lifestyle offerings at the workplace,” he said.

Teo said the key driving factors for the growth of the co-working marketplace in Thailand are the growth of local startups and SMEs, as well as individual firms that are looking for more lifestyle features and benefits for their staff workplace. “The emergence of new digital technology also enables more people to work remotely from outside,” he said.

“For Thailand, we expect the volume of co-working spaces to increase by seven times over the next five years,” said Teo.

Teo added that in the next five years, the company plans to triple the number of branches across Southeast Asia with the aim to have 20 branches in Thailand alone. Ten of these branches will be in prime locations in Bangkok, such as in office buildings connected to CPN’s shopping centres and other Grade A office buildings, while the rest of the branches will be in major cities such as Chiang Mai, Phuket and Pattaya. “The goal is to have our customers use our services in these various locations. Entrepreneurs can use our services in all locations,” Teo said.

Common Ground is the fastest-growing co-working company in Southeast Asia. The company prides itself on not just being a communal working space, but also for building a sustainable and integrated co-working community. It plans to triple the number of branches across the region by the end of 2023, located in the Philippines, Indonesia, Vietnam, Singapore and Thailand.

Meanwhile, Singapore-based JustCo, which owns and manages co-working spaces, plans to spend more than US$100 million (Bt3.2 billion) to add 100 locations in 13 Asian markets – including Thailand – to its network by 2020, founder and chief executive officer Kong Wan Sing said recently.

Aside from Thailand, new co-working space centres will be opened in India, Vietnam, Taiwan, Japan, South Korea, the Philippines, Hong Kong, mainland China, Australia, Singapore, Indonesia and Malaysia. Five of the new centres are planned for Bangkok, with an investment of $3 million to $5 million each. Each centre will provide more than 4,000 square metres. As many as 40 centres will be opened in China, Wan Sing said. The company expects its co-working and office space to reach 250,000 square metres in the 13 countries and territories by 2020, he said.

Currently, the company has eight co-working space centres and five serviced offices in Singapore, as well as two sites in Bangkok, and will open a third site in Bangkok, at Samyan Mitr Town, next year. The company has three locations in Jakarta and two in Shanghai. Combined, they provide co-working and office space of 70,000 square metres, with occupancy rates of more than 70 per cent.

“People’s behaviour changes; they want to share their ideas and create new business models with other people. This will drive co-working space growth both in Thailand and others countries in Asia, Europe, USA, and others,” Sing said.

The company said in a press release on Friday that the Bt120 million investment in a 31,790 square metre outdoor entertainment space sits adjacent to the Show DC shopping centre.

It bolsters the retail complex’s event offerings which already include multiple indoor and outdoor event spaces, and has more than 40 event days booked through Q2 2019, the company said.

The new open entertainment space can cater to a 60,000 pax capacity event with 1,000 car parking spaces, a rarity in central Bangkok.

Goh Soo Sing, Chief Executive Officer of Show DC, said: “There’s huge demand for a large outdoor entertainment space in the centre of Bangkok, and Show DC Arena fulfils this need.

“Thailand’s events and entertainment industry is robust and we are seeing increased inquiries from organisers. Show DC Arena offers a large, flexible event space that can cater to up to 60,000 people and I’m confident that our downtown location in Rama 9 area, combined with the availability of parking spaces and free shuttle service to MRT Petchaburi station, will help make events even more accessible and attractive to attendees and organisers alike.

“Over the last two years, we have used music and events to bring together over one million people. We are delighted and excited to have this new and largest outdoor space, Show DC Arena, right in the middle of Bangkok – a brand new venue in the heart of the city.”

Show DC Arena has already been chosen as the venue for several high profile events including the recent Chang Music Connection Musictropolis which Bodyslam and Potato headlined, and MAYA Music Festival 2018 on December 8-9, which has a line-up including global DJs, K-Pop and J-Pop superstars.