Bangkok's Chao Phraya riverside to become iconic upmarket utopia

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INVESTMENT
Chao Phraya riverside to become iconic upmarket utopia
Somluck Srimalee
The Nation


A perspective of the Iconsiam project on the Chao Phraya river, which also shows more new buildings springing up along the riverside area.

BANGKOK: -- 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: http://www.nationmultimedia.com/business/Chao-Phraya-riverside-to-become-iconic-upmarket-ut-30259359.html


-- The Nation 2015-05-06

[Fiddlesticks]

Putting a different shade of lipstick on the same old pig!

No matter what they try, after one year it will still look rundown because no one will take care of anything. How many projects have you seen that looked good right after construction but soon looked like crap with trashy sidewalks strewn with street vendors and trashy shop fronts where plastic tables and chairs abound?

Same, same!

[greenchair]

There lies the truth behind the eviction of thousands of poor people residing by the river. For years housing next to the river was considered slum area and of little value. Nobody cared about the poor families living there. Nobody cared about the squalor the children were raised in. Until some smart developer realised, those poor imbeciles were sitting on prime real estate. Suddenly (for the good of the people ) it was necessary to remove these poor people. Give them decent housing, give them small compensation, improve their poor sorry lives. It's all about Suthep and his cp group and the billions they will make from the riverside evictions . It was never about doing what is best for the poor.

[jerojero]

What! Another utopia in Thailand? Impossible. How do they do it?

[upena]

More malls, more condos, more cars, more people, most traffic, more pollution. Can't wait

[madmitch]

Iconic upmarket utopia.

Have The Nation writers discovered thesaurus.com?

[Lupatria]

Would be interesting to get the true figure of how many of all these recently built condos are empty.

[Fullstop]

What about the yearly flooding? They are going to build it all on stilts... aren't they? Or will they just use iconic upmarket sandbags?

[Prbkk]

The full page advertisements will be in The Nation very soon.

[northernjohn]

There lies the truth behind the eviction of thousands of poor people residing by the river. For years housing next to the river was considered slum area and of little value. Nobody cared about the poor families living there. Nobody cared about the squalor the children were raised in. Until some smart developer realised, those poor imbeciles were sitting on prime real estate. Suddenly (for the good of the people ) it was necessary to remove these poor people. Give them decent housing, give them small compensation, improve their poor sorry lives. It's all about Suthep and his cp group and the billions they will make from the riverside evictions . It was never about doing what is best for the poor.

Don't know who is benefiting from it but I would like to know the facts as to what is really happening to the poor who have to move on. I get so tired of hearing Thailand building every thing luxuriously.

Time they started to build better housing for their poor and when building condos build some that are not expensive. Ones the average family can afford not just the wealthy. Same goes for tourism. Build for families not just wealthy people.

OK I will wake up in an hour.

[trogers]

When the mountain does not come to Modhamad, Modhamad shall go to the mountain.

The same thing is apparently happening with floods.

[nikmar]

theyre gonna build it, and then it will sink!

[Praematura]

Too bad Bangkok will be under water by 2030.

http://www.ecopedia.com/environment/bangkok-sinking-could-be-underwater-by-2030/

[Lupatria]

Too bad Bangkok will be under water by 2030.

http://www.ecopedia.com/environment/bangkok-sinking-could-be-underwater-by-2030/

That's why they plan a car park for jet ski's from 3rd floor up.

[Suffinator]

You mean that stinking, smelling shit hole can be turned into a Utopia? Yeah sure ... any new buildings, will just result in more human waste being pumped into it and I'm sure that many people will love waking up each morning to the smell of freshly laid turds floating down the river ... of course it gets better as you have the unmistakable fragrance that goes with it.

Just imagine when it floods ... your own private cesspit swimming pool. Yeah it all sounds delightful.

[ratcatcher]

There lies the truth behind the eviction of thousands of poor people residing by the river. For years housing next to the river was considered slum area and of little value. Nobody cared about the poor families living there. Nobody cared about the squalor the children were raised in. Until some smart developer realised, those poor imbeciles were sitting on prime real estate. Suddenly (for the good of the people ) it was necessary to remove these poor people. Give them decent housing, give them small compensation, improve their poor sorry lives. It's all about Suthep and his cp group and the billions they will make from the riverside evictions . It was never about doing what is best for the poor.

"It's all about Suthep and his cp group.........."

Of course, you surely don't mean our man in orange Suthep Thaugsuban?

The "waterfront utopia" to house Bangkok's upmarket high and mighty (at least, those aspiring to live in a concrete anthill) is reported as being developed by

"TCC Land Group,owned by beverage tycoon Charoen Sirivadhanabhakdi."

The company that supplies millions of bottles of so-so beer to millions of lo-sos to finance affordable housing for the hi-so hordes.

BTW, CP group owned by the Chearavanont family is in the agro business.

Edited May 6, 2015 by ratcatcher

[Thai at Heart]

Utopia. Strewth.

[FredNL]

Mosquito paradise....

[EricBerg]

The riverside condo projects are doing well. Many rich families and individuals move to there but the projects pull new buyers from abroad too. Many of those buyers visit the Kingdom regularly for leisure and shopping. They spend much money. Yet the condo bubble is growing and growing. It will snap at some point. Together with the bad and worse international press the country is getting it may contribute big time in pushing Thailand into yet another recession. The signs are not good for Thai economy and society. The damage will be huge.

[whatawonderfulday]

And in 50 years time most will be sea front properties with the rate of Bangkok's sinkage coupled with increased sea levels. mind you Thais don't think 5 minutes ahead let alone 50 years

Edited May 6, 2015 by whatawonderfulday

[Godders]

Great news - the 94 per cent of Thais reported a couple of days ago to be "heavily" in debt are already polishing up their credit cards and licking their lips.

(Thinks: can one actually have utopia in Dystopia?).

[dcutman]

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.

The existing supply in all of BKK in 2014 is around 425,000 with another 50,000 or so coming on line in 2015, according to the BKK Post.

None of these numbers would tell me to to start building condo projects.

[LuckyLew]

Why would anyone want to live beside a smelly rotten and polluted river?

I can see traffic now getting home

PASS

[trogers]

Why would anyone want to live beside a smelly rotten and polluted river?

I can see traffic now getting home

PASS

Showing off a Ferrari is old statement. It's now super yachts.

[ratcatcher]

Why would anyone want to live beside a smelly rotten and polluted river?

I can see traffic now getting home

PASS

Quite so, although the Thames in London was basically an open sewer 160 years ago until the government ordered a massive civil engineering project to clean it up.

But that was in 19th century England, where they got things done, not in 21st century Thailand where they only talk about getting things done.

http://www.choleraandthethames.co.uk/cholera-in-london/the-great-stink/

[ratcatcher]

Great news - the 94 per cent of Thais reported a couple of days ago to be "heavily" in debt are already polishing up their credit cards and licking their lips.

(Thinks: can one actually have utopia in Dystopia?).

Do you really think Thailand is dystopian? Frankly, I get the impression most Thais are myopian.

[khaowong1]

What! Another utopia in Thailand? Impossible. How do they do it?

That was the first thought I had when I seen the headline.. Another Utopia, wow.

[wowfactor10]

That river in Bangkok its a great tourist attraction..

I did not seen any neglected condominiums building there..

[Wookie]

Bangkok's ground is actually sinking 1.2 inches per year plus the sea level is rising every year. It doesn't really make any sense to waste money on development. Better to spend it on sandbags and a sea wall !

[Jimdandy]

There lies the truth behind the eviction of thousands of poor people residing by the river. For years housing next to the river was considered slum area and of little value. Nobody cared about the poor families living there. Nobody cared about the squalor the children were raised in. Until some smart developer realised, those poor imbeciles

Poor imbeciles, wow that's deep logic. Poor and disenfranchised equals stupidity or as you call them imbeciles...What do you call women who sell fried banana because they do not have a formal education and have to raise children?