Ramkhamhaeng Hills, set to be completed in November 2024, is located near the Ramkhamhaeng 12 Station on the Orange Line.

The delayed opening of the Orange Line, which will run between Thailand Cultural Centre and Min Buri, has affected the development and launch of retail and commercial properties, but demand for condos on Ramkhamhaeng Road remains strong.

Wutthiphon Taworntawat, managing director of commercial property developer UHG, said the delay of the Orange Line has impacted the company's launch plan for its Ramkhamhaeng Hills mixed-use project.

"The project will complete construction in November, but only the office space totalling 12,000 square metres and retail area covering 1,200 sq m will be opened at that time," he said.

The 338-room hotel will open 100 rooms in December, while the remaining rooms would be rescheduled to the first quarter of 2025.

"Since we don't have a mass transit line to attract independent travellers, we have decided to cut room rates by 20%, from 2,000 baht per night to 1,600 baht, to draw more guests," he said.

UHG will also reduce office rent from 750 baht per sq m per month to 550 baht to attract tenants.

With an investment of 3.5 billion baht, Ramkhamhaeng Hills is located on an eight-rai site leased for 30 years, near Ramkhamhaeng 12 Station of the Orange Line, which might start running by 2028.

"The break-even point will be delayed by two years, from the originally planned six to eight years," Mr Wutthiphon added.

Phattarachai Taweewong, director of the research department at property consultant Colliers Thailand, said the delay of the Orange Line led shopping mall operator The Mall Group to opt for demolition and new construction instead of renovating.

"Commercial properties need to wait for the mass transit line," he said. "However, despite the delay, condo demand on Ramkhamhaeng Road remains strong, as supply has been limited even before the line's construction."

At present, some 36,500 condo units have been launched along Ramkhamhaeng Road. The average sales rate has reached over 90% so far.

"Sales rates were high for projects near Ramkhamhaeng University due to limited supply of condos for sale and strong demand for rental units in this area," he said.

Selling prices have nearly doubled over the past decade, from 60,000 baht to 110,000 baht per sq m for units near the university, and from 50,000 baht to 90,000 baht for those further away, he added.

Surachet Kongcheep, managing director of property consultant Property DNA, said the most confusing and frequently changing mass transit lines in Greater Bangkok were the Orange Line.

"With most of the infrastructure nearing completion, investors and developers have begun investing or purchasing land along this route," he said.

For those planned for commercial projects, a clear understanding of purchasing power is required before development can begin.

"The new city plan will impact property development along the line by potentially allowing larger construction areas. This is one reason why some commercial projects and land parcels have remained undeveloped recently," Mr Surachet added.