Despite scarce plots of land available for new property development, prime riverfront locations along the Chao Phraya River await six new projects worth a combined 50 billion baht to change its skyline.
Six new high-rise condominium developments will line the Chao Phraya River in Bangkok.
The river's prime locations covering both Bangkok proper on the east side and Thon Buri on the west start from the River City shopping complex near Si Phraya pier in the north to the Anantara Bangkok Riverside Resort and Spa on Charoen Nakhon Road in the south.
This coverage area, extending four or five kilometres along the river, is where 15 existing properties of luxury residential towers, five-star hotels and high-end shopping malls are currently located.
"To do a luxury development, there are two key elements. One is a view. Another is no risk of losing that view,'' said Simon Derville, deputy vice-president for business development at SET-listed developer Raimon Land Plc (RML). "[You] need to have a sea, river, lake or park in front of the property to make sure that you will never lose a good view."
The Chao Phraya's riverfront — especially along Charoen Krung and Charoen Nakhon roads — is where history and modernity meet. In fact, Charoen Krung is Bangkok’s oldest road and runs roughly parallel to the Chao Phraya itself.
Constructed in 1862 under King Rama IV, Charoen Krung was designed in response to requests from diplomats of the time, who sought the refreshing river breeze and required a street suitable for horses and carriages. Today, the Charoen Krung neighbourhood is the site of many top-notch hotels and stretches to one of the city's successful open-air malls, Asiatique, said Mr Derville.
He said the six new projects proposed along the Chao Phraya's prime locations include a largest one that will be a mixed-use project worth 30 billion baht on a 40-rai plot on Charoen Nakhon Road in Klong San district. Comprising hotel, retail and residential property, it will be a joint venture involving three corporate giants — Siam Paragon operator Siam Piwat, luxury residential developer Magnolia Quality Development Corporation and Charoen Pokphand Group.
The second-largest development will be the 10-billion-baht Landmark Waterfront project by Country Group Development Plc. It will be located on a 36-rai plot on Charoen Krung Road where the fish market of Fish Marketing Organization was formerly situated.
The project reportedly includes 352 leasehold condo units and a luxury hotel with 101 rooms under the Capella brand as well as 305 rooms under Dubai-based hotel chain Jumeirah.
Besides The Peninsula Bangkok on Charoen Nakhon Road in Klong San, the world's first Peninsula-brand residences are also said to be on the drawing board, valued at 5 billion baht. Another residential project is Menam Residences worth 3.3 billion baht, which was launched in 2012 with a total of 294 units. Adjacent to the Anantara Bangkok Riverside Hotel will emerge the first Avani hotel in Thailand, to be built by Minor Hotel Group. Mr Derville said Raimon Land plans to launch Klapsons The River Residences with 92 units for rent worth 1 billion baht in June.
Operated by Singapore-based hotel chain Klapsons, whose owner is Raimon Land's major shareholder, the 92 units are on the 23rd to 31st floors of The River, Raimon Land's riverfront luxury condo project on Charoen Nakhon Road, which was launched in 2007.
The units will have two categories: 25 units of private residences with a contract minimum of one year; and 67 units of serviced residences with contracts starting at one month. Rents start at 65,000 baht a month for the smallest unit sized 65 square metres.
Last month it pre-launched 25 units of private residences targeted at expats from China, Hong Kong, Japan, Britain and Singapore.
From the 838 units at The River, 50 units sized 60-250 sq m and priced 150,000 baht per sq m remain for sale.
Shares of RML closed last Friday on the SET at 1.66 baht, up three satang, in trade worth 321 million baht.
The river's prime locations extend four or five kilometres along both sides of the river.