WILLINGNESS TO PAY FOR CONDOMINIUM NEARBY MASS RAPID TRANSIT PROJECT: CASE STUDY JANGWATTANA ROAD, BANGKOK – NONTHABURI AREAS

Abstract

This study was undertaken to investigate the willingness to pay (WTP) and factors affecting of pricing for condominium nearby future mass rapid transit project. By contingent valuation method (CVM) double bounded closed-ended with 8 initial bid price and characteristics of condominium. The study collected data by questionnaires with 806 respondents. The result of this study shown high-rise building, main road location, reputation of developer, occupation and income were positively price and statistical significance at 0.01. The total willingness to pay (Total WTP) for government official respondents around 79,561 baht per square meter and 51,649 baht per square meter for business employee. More than 40 percent of total willingness to pay (Total WTP) as follows (1) willingness to pay for reputation of developer (24 %) (2) willingness to pay for high rise building (11 %) and (3) willingness to pay for main road location (10.5 %). The benefits of this research will be for condominium developers nearby mass rapid transit project in particular reputation developer, the price can add up to 24 percent. Furthermore, the real estate appraisal or property valuation can be used as a guide for determining the appraised value, the purpose of collecting income and tax planning.