Bangkok: Monorail Gold Line proves a BIG DRAW

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Monorail Gold Line proves a BIG DRAW

By SOMLUCK SRIMALEE 
THE NATION

 

A perspective of Unity Tower, a 459-metre observation tower in Bangkok. Located by the Chao Phraya River on Charoen Nakhon Road, the structure will be completed in 2020.

 

THE ONGOING development of the Gold Line by the Bangkok Metropolitan Administration, extending the BTS Green Line from Thonburi Station to the Phra Pok Klao bridge, has attracted a slew of property projects alongside the 2.8-kilometre monorail route.

 

Property companies are expected to invest more than Bt100 billion in the development of commercial and residential projects, ahead of the Gold Line’s completion in 2020, according to a survey by The Nation.

 

 

In 2014, Siam Piwat Co Ltd, the operator of Siam Centre and Siam Discovery Centre, entered into a partnership with Magnolia Quality Development Corporation and Charoen Pokphand Group, for the development of Iconsiam, a Bt54-billion riverside mega-mall and residential properties located close to the new rail line.

 

So far, six condominium projects worth a total of Bt37.9 billion have been launched along the route, offering 2,967 units at sale prices between Bt71,000 to Bt380,000 per square metre. (see graphics)

 

These projects have drawn warm responses from homebuyers, with Banyan Tree Residences posting a pre-sales rate of 40 per cent, The River 92 per cent, and The Residence Mandarin Oriental Bangkok 85 per cent, according to Collier International (Thailand).

 

The realty agency also reported robust sales of condominium units on Charoen Nakhon Road from Sathorn bridge to Klong San, an area close to Phra Pok Klao bridge at the end of the Gold Line. 

 

Up to 85 per cent of the 1,116 units in the location have been sold, it added. 

 

 

Land prices on Charoen Nakhon Road, especially for plots close to Chao Phraya River, have surged 125 per cent from an average of Bt200,000 per square wah in 2011 to Bt450,000 this year or a double-digit annual increase for seven years in a row, said Phattarachai Taweewong, senior manager/research department of Collier International (Thailand). 

 

Despite the soaring prices, there are hardly any vacant plots in the area, he added. 

 

A JLL (Thailand)'s research shows a total of 2,600 luxury condominium units on the banks of the Chao Phraya River currently on sale, catering to both local and foreign and business people, said the company’s managing director Suphin Mechuchep.

 

The prices of riverside condominium units in the luxury and ultra-luxury segments have risen to Bt250,000-Bt300,000 per square metre from Bt140,000 per square metre five years ago, amid a shortage of suitable plots and new supply, she said.

 

A large space is a requisite for the development of a riverside condominium as a setback area from the river is required. Currently, there are few large riverfront plots available on Charoen Krung road, she added.

 

According to the Bangkok Metropolitan Authority (BMA)'s regulation on building control, a new building within 45 metres of a river bank must not be higher than 16 metres.

 

The BMA rule and land woes were the main factors driving the double-digit growth annually in the prices of condominium units along the river. 

 

Condominiums in this location are mostly luxury and ultra-luxury projects, Suphin said. 

 

Meanwhile, the November 9 opening of Iconsiam alongside the Gold Line, will turn the vicinty into a tourist attraction. The mega-mall occupies a total space of 500,000 square metres, hosting a wide range of premium retail outlets and entertainment venues. A number of global brands are poised to open their flagship stores in the complex.

 

The management of Iconsiam expects to receive more than 150,000 visitors a day. 

 

The BMA is in the process of building a observation tower in Bangkok. Named Unity Tower, the Bt4.62-billion structure rising to 459 metres, will the sixth tallest observation tower in the world. 

 

A study by CBRE (Thailand) shows that Charoen Nakhon and Charoen Krung are the most popular riverside locations, thanks to their proximity to the central business district in Bangkok while the strip from Taksin Bridge to the end of Charoen Nakhon Road was rated higher than others in the sample groups. 

 

Located on the east side are a number of world-renowned luxury hotels such as Shangri-La Hotel Bangkok and the Mandarin Oriental Bangkok with River City Bangkok a short distance away.

 

On the west side, Iconsiam is close to completion and is well received in the market.

 

“This location will become a new landmark and a tourist magnet, leading to strong demand for residential and commercial properties.

 

However, the cost of development will rise given the higher land prices amid a shortage of available plots, said CBRE (Thailand)’s managing director Aliwassa Pathnadabutr.

 

Source: http://www.nationmultimedia.com/detail/Real_Estate/30357359

 

-- © Copyright The Nation 2018-10-29

[SoilSpoil]

Looks very much like the Tokyo Skytree imho. Maybe the same architect?

[HappyAndRich]

If they can´t even make a perspektive picture right, how is the real building going to be. I will not try that one. It looks like falling before its buildt.

[Fred31]

1 hour ago, HappyAndRich said:

If they can´t even make a perspektive picture right, how is the real building going to be. I will not try that one. It looks like falling before its buildt.

Right, well if it does not you happy, then the rest of us cannot be happy! Love the way you sneer and diss Thailand, you are an example to us all, sir

[HappyAndRich]

3 minutes ago, Fred31 said:

Right, well if it does not you happy, then the rest of us cannot be happy! Love the way you sneer and diss Thailand, you are an example to us all, sir

Somebody had a bad morning. Take a coffée and relax. Who said you cannot be happy? Only you as it seems.

[IAMHERE]

The pig trough is getting crowded; you really need a scorecard to tell the players. MRT, BTS, SRT, WWE  GLOW ....

[PhilippBKK]

Riverside hotels will be the big winner, since they will have a massive retail outlet a hotel boat ride away.

Let's see how the Icon Siam, Paragon on steroids, will work out.

[Destiny1990]

Sure prices have risen until u want to sell ur unit urself..

What’s been risen mostly are these prices of new developments each time but not somuch the older resales units..

[Redline]

Land prices in Thailand are much too expensive for the land, air, chemical and noise pollution