After receiving 36 billion baht from the Bangkok Metropolitan Administration last year as part of a debt settlement, SET-listed BTS Group Holdings is moving into residential development with two condominium projects in the Srinakarin and Rangsit areas. The developments will comprise around 12,000 units with a combined value of 20 billion baht.
BTS chairman Keeree Kanjanapas said the projects will be launched under the Baan Chao Thai scheme, aimed at first-time buyers and mass-market consumers seeking affordable housing with improved access to financing.
While the idea of a “generation rent” is often discussed, Mr Keeree said many Thais still aspire to home ownership. The scheme is designed to help buyers purchase units at prices up to 25% below market rates, while also easing financing constraints.
To reduce the burden on renters transitioning to ownership, buyers will not be required to pay a down payment or monthly instalments during the rental period. This structure is intended to prevent the double financial strain of paying both rent and loan instalments, particularly for buyers without savings for an upfront payment.
Prices for Baan Chao Thai condominiums will average about 60,000 baht per square metre. One-bedroom units of 30 square metres will start at 1.89 million baht, two-bedroom units of 45 square metres at 2.85 million baht, and three-bedroom units of 60 square metres at 3.78 million baht.
All units will be fully furnished and include a smart TV, refrigerator and curtains. Interested buyers must register online, with applicants to be screened by the Government Housing Bank, which is serving as the project’s key financial partner.
One of the two initial projects will be developed on a 42.3-rai site in the Srinakarin area near the MRT Yellow Line, comprising 24 eight-storey buildings and a total of 4,150 units. The second project is planned for a 115-rai plot in Khlong Luang, Pathum Thani, featuring 60 eight-storey buildings and 7,500 units.
Mr Keeree said the Baan Chao Thai concept was developed last year following the company’s receipt of payment for the Green Line debt settlement. He added that BTS has the capacity to undertake large-scale developments and expects the Government Housing Bank to provide project financing.
If the first two projects receive a positive market response, BTS plans to launch a third development in March, potentially on Bang Na–Trat Road near Thana City, where the company holds more than 200 rai of land.
The move marks BTS’s first direct real estate development in three decades since Thana City, as the company had previously focused primarily on mass-transit projects. Going forward, BTS plans to expand its property portfolio to include senior-living developments and vacation homes in provincial locations.
BTS also owns land across Greater Bangkok as well as large plots in Chon Buri, Nakhon Ratchasima and Kanchanaburi. In the past, the company has participated in residential projects through joint ventures with listed developers including Sansiri, Noble Development and Ananda Development.