Bangkok’s Chao Phraya draws new hotels, attractions and megaprojects

A second major wave of investment is taking shape along both banks of Bangkok’s Chao Phraya River as large corporations develop luxury hotels, entertainment attractions and mixed-use projects intended to strengthen the capital’s tourism economy.

The latest expansion follows the development of Iconsiam by Siam Piwat Co Ltd, Magnolia Quality Development Corporation and Charoen Pokphand Group, which helped establish the riverside as a major investment and tourism district.

The 60-billion-baht development occupies 55 rai and was positioned as a central part of the Chao Phraya River Vision Master Plan, a national collaboration intended to develop both riverbanks into an international tourism destination.

Development around Iconsiam and Charoen Nakhon Road was followed by an increase in land prices from 250,000 baht to 700,000 baht per square wah, while riverside businesses expanded by more than 60%, according to the information provided.

Hotel room rates and occupancy also continued to rise, while more than 60 property projects were developed within a one-kilometre radius.

Transport infrastructure was expanded to connect road, rail and river services, including electric train links. The development was also described as helping attract more than 115 million overseas visitors to Thailand.

Major corporations are now introducing new attractions and luxury hotels while redeveloping historic land and buildings along the river.

The approach resembles waterfront regeneration in cities such as Singapore, where Marina Bay has developed into a mixed-use and architectural district, and Shanghai, where former shipyards and factories along the Huangpu River have been converted into public spaces, viewpoints and business districts.

London has similarly redeveloped areas along the River Thames, including the conversion of the former coal-fired Battersea Power Station into an Art Deco mixed-use district.

AWC plans sixfold Asiatique expansion

Asset World Corp Public Company Limited, or AWC, plans to continue investing in the expansion of Asiatique The Riverfront after almost 15 years of operation.

The property group, controlled by Charoen Sirivadhanabhakdi, has assets valued at about 220 billion baht and is allocating 10 billion baht to the wider redevelopment.

AWC plans to invest another 8 billion baht in the next phase of Asiatique and has prepared a further 4 billion baht for surrounding areas, with the spending to be phased according to market conditions.

The company previously introduced Jurassic World: The Experience, an immersive attraction developed at a cost of 1.2 billion baht and opened in August 2025.

It also opened Skyflyers: Wings of Garudapterus in November 2025 following an investment of 2 billion baht. The attraction reaches the equivalent height of a 36-storey building and is described as the tallest aerial ride in the Asia-Pacific region and among the three tallest worldwide.

AWC president and chief executive Wallapa Traisorat said the company planned to expand Asiatique from about 40,000 square metres to 224,000 square metres, increasing the site’s total area sixfold.

One of its main projects is Avatar: Guardians of Eywa, developed with EMM Williams Productions under licence from the Avatar film franchise.

The 4,000-square-metre immersive attraction will use The Magic Walk Experience format to place visitors inside the fictional world of Pandora.

It will be housed in the Blue Dome at Asiatique Destination, designed by Japanese architect and Pritzker Prize winner Shigeru Ban.

The domes were originally created for Expo 2025 in Osaka. AWC purchased two of the larger structures for reuse rather than constructing new buildings.

“Asiatique will open the new 16,000-square-metre Blue Dome zone in the fourth quarter of 2026, combining entertainment, culture, architecture, shopping and dining,” Wallapa said.

“Avatar: Guardians of Eywa itself will open in 2027.”

Cable car and art museum planned across the river

AWC also plans to invest 2 billion baht in an environmentally focused cable car crossing the Chao Phraya River.

The cable car would connect Asiatique directly with MONA Bangkok, a planned immersive art museum on land in the Charoen Nakhon area.

The project is being developed in collaboration with Australia’s Museum of Old and New Art.

“The cable car will connect directly to MONA Bangkok, one of the world’s most influential contemporary art museums, attracting visitors from around the world each year,” Wallapa said.

AWC has meanwhile reviewed an earlier plan to build a 100-storey mixed-use tower on its riverfront land beside the Asiatique Ferris wheel.

Wallapa previously said the proposal remained in the company’s plan but would not proceed until economic and market conditions were suitable.

“The 100-storey skyscraper project is not being developed now, but it remains in the plan and the land beside the Chao Phraya has been reserved for it,” she said.

“We will assess market readiness before studying and reviving the project in the future because some developments should not be rushed when the market is not yet strong.”

Ritz-Carlton planned across three riverside plots

AWC is also developing The Ritz-Carlton Bangkok, The Riverside across three plots on both banks of the Chao Phraya.

The largest plot is The Lhong 1919 Riverside Heritage Destination, where AWC leased eight rai of historic land from Wang Lee Co Ltd for 64 years.

The site will contain a 20-storey main building with 167 luxury rooms, a rooftop restaurant with panoramic views, a large ballroom and other dining facilities.

Its top floor will include a presidential suite expected to command the highest room rate in Bangkok.

Twenty per cent of the rooms will contain two or three bedrooms to accommodate larger groups and long-stay visitors.

Two further plots in the Song Wat district on the opposite side of the river will provide 24 luxury rooms, a convention venue and restaurants.

Wallapa previously put the total investment at 5 billion baht.

The project is being developed with Marriott International under the Ritz-Carlton ultra-luxury brand and is scheduled to open in 2028.

It will also connect with AWC’s The River Journey, a low-carbon tourism route linking cultural landmarks along the Chao Phraya.

Destinations on the route include Song Wat Road, Asiatique The Riverfront Destination and Pak Khlong Talat, with future connections planned to Woeng Nakhon Kasem and Yaowarat.

Historic EAC building becomes luxury hotel

AWC is separately converting the former East Asiatic Company building into The Plaza Athénée Nobu Hotel and Spa Bangkok.

The building, which is more than a century old, belonged to the East Asiatic Company, founded in 1884 by Danish sea captain Hans Niels Andersen.

The hotel is scheduled to open in 2026.

The project will preserve the original structure and architectural features while introducing luxury accommodation, food and beverage services and other modern facilities.

 

Langham hotel developed at former Customs House

Rabbit Holdings, part of BTS Group, is working with Langham Hospitality Group to develop The Langham, Custom House Bangkok.

The luxury hotel is scheduled to open in 2026 following an investment of more than 6 billion baht.

It is being developed at the former Customs House, also known as Rong Phasi Roi Chak Sam, a historic riverside property about 130 years old.

The building was once considered one of the most modern examples of European architecture in Siam.

Its surrounding district became one of the kingdom’s most prosperous commercial areas after Charoen Krung Road was built during the reign of King Rama V as Bangkok expanded.

Royal Orchid Sheraton draws investor interest

The planned auction of the Royal Orchid Sheraton Hotel and its riverfront land has attracted strong interest because of the property’s location and development potential.

Surachet Kongcheep, head of research and consultancy at Cushman & Wakefield Thailand, described it as a property that could no longer be replicated because current regulations would not allow a new building to be constructed as close to the river.

The site covers five rai, one ngan and 27 square wah, or 2,127 square wah, with a total built area of 69,600 square metres.

The hotel has 726 rooms and could generate revenue immediately after a purchase, Surachet said.

He estimated that the minimum investment would be about 5 billion baht, although the final cost could be higher.

“The minimum investment value is 5 billion baht and could be higher in exchange for an asset with long-term appreciation potential,” he said.

“The location and possible improvements could make it more valuable than before, attracting both Thai and foreign investors, whether they intend to hold it in their portfolios or renovate it before selling when market conditions improve.

“They will have to compete on price, although competition may be limited by economic conditions, and additional long-term renovation costs may also be required.”

Bids forecast to reach 6-7 billion baht

A property industry source described the Royal Orchid Sheraton as a rare asset because little land remains along the river for new hotels or condominium projects and existing land prices make development difficult.

The source expected several well-capitalised Thai and overseas groups to consider bidding, including AWC, Minor Group and IHG.

Property developers reliant on borrowing would find it more difficult to participate because many are already managing unsold inventory and bond repayment obligations, the source added.

The hotel business also requires specialist operating knowledge and remains highly competitive.

“Property groups will find it difficult to borrow for investment at present because many are already struggling to manage inventory and retain enough cash to repay bonds,” the source said.

“The hotel business is not one that anyone can enter easily because competition is intense, but the auction price is expected to reach 6-7 billion baht.”

Source: Bangkokbiznews