The Chao Phraya riverside area will be Bangkok's new upmarket lifestyle destination when a number of luxury retail, hotel and condominium projects costing more than Bt200 billion in total are completed over the next two-and-a-half years.
TCC Land Group is owned by beverage tycoon Charoen Sirivadhanabhakdi.
Eight hotels, with a combined 4,152 rooms and worth up to Bt30 billion, are also expanding their riverside investment.
They are the Anantara Bangkok Riverside & Spa,
the Chatrium Hotel Riverside Bangkok, the Mandarin Oriental Bangkok, the
Millennium Hilton Bangkok, The Peninsula Bangkok, the Ramada Plaza
Bangkok Menam Riverside, the Royal Orchid Sheraton Hotel & Towers,
and the Shangri-La Hotel Bangkok. Meanwhile, a number of condominium
projects each worth up to Bt10 billion are being launched in the area
this year through 2017.
They include the Magnolias Waterfront Residences
Charoen Nakorn by Magnolias Quality Development, which is owned by CP
Group, and Country Group's Landmark Waterfront.
The existing supply of condominiums on the Chao
Phraya riverside is more than 12,394 units from 15 condo projects
launched in the vicinity since the start of 2011 through last year.
These projects were worth more than Bt85.75 billion combined at the time of the launch, according to a survey by The Nation.
The part of the survey covering the Chao Phraya
riverside in Phra Nakhon district - from Kiak Kai to Bang Pho, Tao Pun,
Charoen Krung and Rama III - has found that seven condominium projects
were launched since the beginning of 2011, comprising 6,229 units worth
Bt35.7 billion.
The projects are: the 397-unit, Bt6-billion Pano
Riverside by Krungthep Land; the 224-unit, Bt7-billion Canapaya
Residences Rama 3; the Supalai Prema Riva, which has 871 units on Rama
III worth Bt5.5 billion in total; the 2,405-unit, Bt5.5-billion Lumpini
Park Riverside Rama; the 1,088-unit, Bt3.8-billion U Delight Residence
Riverfront Rama 3 by Grand Unity Development; the 950-unit,
Bt6.5-billion 333 Riverside by Land & Houses; and the Bt1.4-billion
Breeze Narathivas by Eastern Star Real Estate, which comprises 294
units.
Meanwhile, the riverside on the Thon Buri side of
the river - from Ratchburana Road to Charoen Nakorn, through to Charan
Sanitwong - has seen eight condominium projects launched since 2010,
comprising 6,165 units with a combined value of Bt50.05 billion.
They are: Pruksa Real Estate's 1,268-unit Ivy River
Ratchaburana, worth Bt2.85 billion; the same developer's 1,820-unit
Chapter One Ratchaburana, worth Bt4 billion; the 379-unit, Bt10-billion
Magnolias Waterfront Residences Charoen Nakorn; the 350-unit,
Bt7-billion Landmark Waterfront; the 833-unit The River by Raimon Land,
worth Bt15 billion; the Supalai River Resort by Supalai, comprising 906
units worth Bt3.5 billion; the 123-unit My Resort @ River by Equity
Residential, worth Bt2 billion; and the 486-unit Watermark Chaopraya
River by Major Development, valued at Bt5.7 billion.
A survey by Colliers International (Thailand) shows
that between 2004 and the first half of this year condominium launches
on the Chao Phraya totalled 16,450 units, compared with just 2,700 units
before the economic crisis in 1997.
Property investment in the area has boosted the
price of land located close to the river, from an average of Bt50,000
per square wah (4 square metres) in 2011 to between Bt150,000 and
Bt200,000 per square wah, Thai Condominium Association president Prasert
Taedullayasatit said, adding that the upward trend would continue in
light of the additional development planned from this year onwards.
Condominium sale prices at these locations have also
risen, from an average of Bt50,000 per square metre five years ago to
between Bt120,000 and Bt200,000 this year.
The latest project, the Magnolias Waterfront
Residences Charoen Nakorn, offers the highest price of all, at Bt350,000
per square metre, he said.
The location is booming for both residential and
commercial investment because river-view space is limited in the heart
of Bangkok, while the mass-transit network is also being expanded to
pass through the area, he explained.
The BTS Skytrain route is expanding from Sathorn to
Bang Wa, while the MRT Blue Line extension from Hua Lam Pong to Bang
Kae, and from Bang Sue to Tha Pra, will be ready for operations in
2017-2018.
These rail developments will help drive the
riverside location to become a new iconic location in the capital, with
most leading residential and commercial property developers expanding
their investment in the area, he added.
Source: The Nation
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