City’s riverside area set for huge facelift
Property developer Menam Residences Co plans to launch a leasehold condo project worth 4 billion baht by the Chao Phraya River in Bangkok.
Chief executive Daecha Tangsin said property investment opportunities would be greater on both sides of the river on Charoen Krung and Charoen Nakhon roads from Asiatique to the Pak Khlong Talat area.
“Huge investment of more than 200 billion baht has been made in this location,” he said. “This will give the location a facelift.”
Asiatique and IconSiam each made investment of 50 billion baht. Asiatique, located on a 70-rai site on Charoen Krung Road owned by TCC Group, plans new phases including a shopping area, hotel and banquet rooms on both sides of the river. High-end shopping centre IconSiam will include luxury residential towers.
Yodpiman Riverwalk, another commercial site, has an investment of 1.5 billion baht.
SET-listed company Country Group Development Plc is developing a leasehold condo project, Four Seasons Private Residences, and two luxury hotels worth a combined 32 billion baht in the area.
Mr Daecha said Bangkok Metropolitan Administration was planning a renovation and development at Sathon Pier. A plot of about 10 rai next to it and close to Wat Yannawa is also available for development.
A few projects including a 1.2-kilometre walking street called Yannawa Riverfront with an investment of 900 million baht are being developed by the government.
Two new bridges will be built across the river – Thanon Chan Bridge and Tha Ratchawong Bridge with respective investments of 4 billion and 837 million baht.
Menam Residences worth 4 billion baht has been 85% sold by Menam Residences Co.
Boosted by good presales at its first project, Menam Residences Co is planning a project called Menam Forum that will be launched by the end of 2016.
It will be located on a six-rai site in front of Menam Residences and will comprise 300 units sized 50-100 square metres and priced about 180,000 baht per sq m, similar to the freehold Menam Residences where average selling prices have soared to 180,000 baht from 140,000 baht two years ago.
The new project will offer leasehold contracts for 30 years plus 30 years.
The 15-storey Menam Forum will also have shopping space of 20,000 sq m to serve residents.
The company also has a 50-rai beachfront site in Pran Buri district of Prachuap Khiri Khan province, a 30-rai plot on Koh Samui and a 50-rai plot in the Sala Ya area of Nakhon Pathom province.
Mr Daecha, who owns the 30-year-old Ramada Plaza Menam Riverside Bangkok Hotel, said the hotel’s occupancy rate had picked up to more than 90% since the fourth quarter of last year.
Source: Bangkok Post, 20 Mar 2015
