Property/Amarin Group

Editorial staff                                                                  

The Amarin Group unveils Aroon Siriraj Triple Station, a premium condominium nestled in the prestigious Siriraj district, an area which shows its big potential with developments in the medical district.

Athavut Dhamcharoen, managing director of The Amarin Co, a real estate developer under the Aroon brand, said that "Aroon Siriraj Triple Station, the low-rise condominium, features eight stories and 170 units, with a total investment of 800 million baht, located on a site spanning over one rai along Charansanitwong road 32. “Aroon Siriraj Triple Station" marks the company’s third development in the vicinity of Siriraj Hospital.

"This project not only enjoys proximity to Siriraj Hospital but is also surrounded by three electric train stations. The MRT Blue Line station at Bang Khun Non is just 120 meters away, complemented by two future stations—MRT Orange Line and SRT Light Red Line—that will provide direct access to Siriraj Hospital and Siriraj Piyamaharajkarun Hospital with only one stop in between," Mr Athavut said.

Mr. Athavut further said that "Aroon Siriraj Triple Station" has been meticulously designed with careful attention to detail, offering a unique and fulfilling living experience.

The project offers three distinct unit types to meet diverse living needs: one-bedroom units (28-43.2 square meters) starting at 4.5 million Baht, two-bedroom units (48.1-66.6 square meters) starting at 6.9 million Baht, and three-bedroom units (101.7-103.8 square meters) starting at 15.1 million Baht. The development allocates 47% of the area for parking and provides 24-hour security, as well as a Benz Vito shuttle service connecting the project with Siriraj Hospital and premium superstore.

Additional amenities include a spacious 6-meter high lobby, a fully equipped gym with external views, a co-kitchen area for dining and entertainment, co-working spaces, distinct private and public meeting rooms, and a rooftop swimming pool featuring lockers and panoramic views.

Mr Athavut said that, as a local resident, he has observed the continuous growth potential of the Siriraj area. He believes this area will evolve into a prominent medical district, with Siriraj hospital planning to develop a 15-story medical facility connected to the Siriraj station, which will serve as a transport hub for healthcare and public health in Thailand.

This initiative is a collaboration between Siriraj Hospital and the State Railway of Thailand (SRT) and the Mass Rapid Transit Authority of Thailand (MRTA) to develop the project collectively.

Furthermore, improvements are planned for SRT land adjacent to the hospital, including upgrading staff accommodations and transforming transit areas into commercial spaces such as pedestrian walkways, thereby enhancing the area’s standards and attracting increased residents and visitors.

He added that land around Siriraj Hospital is currently challenging to develop due to landowners' reluctance to sell, as many have resided in the area for over 30-60 years. Additionally, much of the land consists of small plots, necessitating the acquisition of multiple parcels for development. The surrounding area, part of Rattanakosin Island, is subject to conservation regulations that limit building heights to five stories, thus requiring the expansion of development areas. The Aroon Siriraj Triple Station project, covering over one rai, represents a rare opportunity, making it an exclusive location.

The Aroon Siriraj Triple Station project primarily targets genuine residents, especially medical professionals, hospital staff, and parents of students at the Faculty of Medicine Siriraj Hospital at Mahidol University, as well as investors seeking speculative and rental opportunities.

Mr Athavut is confident that this project will replicate the success of previous developments, which sold 80% of units within three months, driven by the company’s commitment to quality, value, and long-term asset potential.

Artitaya Kasemlawan, head of residential sales - project at CBRE Thailand, provided insights into the overall condominium market in midtown and suburban areas.

As of the first half of 2024, there were over 751,987 completed units and an additional 100,163 units under construction, with an average sales rate of 63.1%. Within the Siriraj area, classified as a prime location, only 4,197 units are available, with a high sales rate of 81% for projects near electric train stations within one kilometer, compared to only 64% for those further away. The presence of electric train connectivity is a crucial factor in residential choices, complemented by significant factors such as a large medical workforce and esteemed educational institutions in the area.

Looking ahead, the Siriraj area is poised for significant development through major mega-projects, including enhanced transportation networks that will integrate future extensions of the Light Red and Orange Lines, expected to be operational in 2028 and 2029, respectively, thereby creating seamless connectivity with the existing MRT Blue Line at Bang Khun Non. This development will establish a transit hub linking three electric train lines, significantly improving access between Siriraj and other parts of Bangkok.

Given the positive growth factors in the area, including developments in the medical district and improvements to transportation systems, Siriraj is currently and will continue to be a prime investment location attracting significant interest from developers and investors.

However, the challenges of land scarcity and high prices, alongside regulatory constraints, mean that new residential projects often receive strong demand from both genuine residents and investors seeking rental opportunities, yielding an average return of 5-6% annually.

A pre-sale event will be held at the sales office located on Sutthawas Road on November 2-3, 2024, offering early bird prices, with one-bedroom units starting at just 4.5 million Baht, fully furnished," Ms Artitaya concluded.

Recognized as a prime investment opportunity, CBRE Thailand forecasts a robust rental yield of 5-6% annually, further solidifying Siriraj’s standing as a valuable real estate destination for today and the future.