Riverside enjoying strong demand, could become new CBD
Public and private investment since 2013 in the Charoen Krung-Charoen Nakhon area beside the Chao Phraya River has amounted to as much as Bt200 billion thanks to the demand from both domestic and foreign buyers, according to survey by Menum Residences Co
Reflecting the strong demand in this location, the company has sold 85 per cent of its Bt4-billion Menum Residences Condominium, with prices starting at Bt200,000 per square metre. The project will be complete in the fourth quarter of 2016, chief executive officer Daecha Tangsin said.
He said he expected the overall property market to get back on track this year, with growth of 5-10 per cent, if there are no political conflicts and global economic problems have little effect on the Thai economy.
One positive factor is the ongoing expansion of the mass transit system in Bangkok and suburban areas, with some routes due for completion between now and 2017. Meanwhile the Asean Economic Community, after it takes full effect at year-end, will help boost the Thai real-estate market with rising demand for commercial properties, particularly office space, industrial land for factories, shopping projects and hotels.
Associate Professor Tortrakul Yomnak, chairman of the advisory board of Menum Residences Co, said the high-rise residential buildings along the Chao Phraya River were seen as offering not only outstanding luxury but also uniqueness because of their premium location.
Tallest buildings
Several riverside projects are among the top 10 highest buildings in Bangkok, such as Four Seasons Private Residences Bangkok, which is 385 metres high, Magnolia Waterfront Residences at Iconsiam at 315 metres, the River Tower A at 265 metres, Canapaya Residences at 253 metres and Mena Residence at 239 metres.
Tortrakul said the riverside area had the potential of becoming a new central business district. Mega-cities in other countries such as Shanghai and Hong Kong have outstanding landmarks that while serving as housing and shopping facilities, are also tourist draws. Similar factors could have the effect of making Bangkok’s riverside a new CBD.
