Property developer The Creators HQ has invested 1.5 billion baht to build a premium condominium under the Common TU brand in Rangsit.
Chaiwat Jaktae, managing director of The Creators HQ Co, said Common TU is the company's first foray into the premium high-rise condo segment in Rangsit, following the Conner Ratchathewi project.
Common TU will have 31 floors and recently received an environmental impact assessment approval. The project comprises 506 residential units and four commercial/retail units on two rai, with a building space of 34,500 square metres and 213 parking spots.
Construction is scheduled to commence in the fourth quarter of 2019, with completion expected in 2021. Unit prices will start at 2.2 million baht. The company aims to accomplish 100% sales within three months.
"Rangsit is an attractive location for investors," Mr Chaiwat said. "The location is excellent in terms of ease of travel to the country's northern, northeastern and eastern regions, including proximity to leading universities such as Thammasat University Rangsit Campus, Bangkok University Rangsit Campus and Rangsit University, as well as major department stores and numerous industrial estates.
"The new city plan was designed to improve and expand linkage of new towns with large urban centres, expected to continue expansion in the Rangsit area with upcoming projects such as the renovation of Future Park Rangsit, one of Asia's largest malls, the development of Central M on 600 rai by CPN Group, as well as the joint venture between Thailand and Sweden to develop Mega Rangsit on 1,000 rai set to become a new town."
He said the construction of new mass transit lines linking both greater and outer Bangkok, such as the SRT Dark Red Line along the northern railway line that runs from the centre of Bangkok and the Bang Sue Central Station heading to the Rangsit area with the extension project to Thammasat (Rangsit Center) Station and Chiang Rak Station, will make it even more convenient to access the city centre and central business areas.
Other anticipated projects include the high-speed railway and new motorway -- the route through the Rangsit area and Phase 3 of Don Mueang airport -- including other facilities that meet the needs of living in the new city.
All this enables the Rangsit area to attract economic growth and will let The Creators HQ provide added value for students, professors, white-collar employees and a large majority of the population looking to buy or rent a condominium unit, Mr Chaiwat said.
Aliwassa Pathnadabutr, managing director of CBRE Thailand, which has a sales and marketing partnership with The Creators HQ, said Rangsit holds high potential for growth in terms of rentals and long-term holdings because of fresh demand from over 8,000 new students each year and from property investors.
