Central Plaza Westgate opens tomorrow to be Nonthaburi’s super-regional shopping mall, setting in motion events for a property boom that investors have been perched and waiting for.
The mix-use, lifestyle and entertainment mall is located on the Bang Yai intersection, or ‘Bangkok’s Gateway to the West’, ready to embrace the AEC on a large 500,000 square meters of land developed by the country’s largest mall developer.
The next trigger event that has property investors perched in anticipation is the new Skytrain Purple Line which will run through Nonthaburi and link Central Bangkok with its Gateway to the West as early as March next year.
Condominium and land prices have already skyrocketed around Central Westgate and along the Purple Line with condominiums doubling in price from 40,000 – 50,000 to 80,000 – 100,000 baht per square meter.
Fueling property demand, Nonthaburi had the second most condominium launches (9,261 units) last year, second to Thonburi (14,527 units) which shares similar mass transit expansions to the western hemisphere characteristics.
IKEA, another superlative and furniture retailer, is also on board and will be fully integrated with Central Westgate to take advantage of its strategic location by 2017, in a succession of property booming events that will have investors focused on Bang Yai, Nonthaburi for the next few years.