ABOVE: Conceptual rending of the MRT Wat Mangkorn station. Image: Anatomy Architecture & Atelier
New vectors in public transportation are pushing development of new commercial cores in the capital, from the large-scale development of the Rama IX area to Chinatown. As the MRT’s Blue Line tunnels under the Chao Phraya leads a wave of knock-downs to convert the historic river area into new commercial and residential builds, one developer is seeing a new central business district arise there:
The developer of Bangkok’s Menam Residences has expressed confidence in the Chao Phraya riverside area in the Charoen Krung-Charoen Nakhon area to become a new central business district for the Thai capital – with public and private investment of THB200 billion.
Menam Residences predicts the property business will grow by between 5 percent and 10 percent this year, driven by infrastructure investment and the arrival of the ASEAN Economic Community later this year.
Demand for luxury residential condominiums in the existing central business district and new central business district will increase, the company said in a statement, and the riverside area will boom after the massive investment by private and public sectors worth a combined THB200 billion.
A number of riverside projects will be developed, and push the location to become a new central business district in Bangkok, which will grow in a similar way to megacities in Western countries.
Daecha Tangsin, Chief Executive Officer of Menam Residences Co, the developer of Menam Residences condominium on the Chao Phraya river, said the overall property market is expected to get on track this year with growth projections of up to 10 percent if there are no political conflicts and global economic problems affecting the Thai economy.
Positive factors, he said, are the continued construction of the mass-transit system in Bangkok and suburban areas, with some routes due to complete between 2015 and 2017. The formation of AEC in December, 2015, will help boost the Thai real estate market, he predicted, with rising demand for commercial properties, especially office space, industrial land for factories, shopping projects and hotels to serve tourists.
He added that the riverside location along Charoen Krung-Charoen Nakhon roads would become a new central business district for Bangkok in the next three to five years.
Menam Residences condominium, the 54-storey luxury condominium with 294 units, is located on the Chao Phraya river. Launched two years ago, the THB4 billion project has enjoyed 85 percent sales to date. It now plans to adjust its selling prices to THB200,000 per sqm to meet the current market situation, but it will maintain what it describes as a special offer for Thai buyers.
Story: DDProperty.com
