Over the past four years, property developers have launched many condominium projects along the Chao Phraya River, resulting in a sharp increase of condo and land prices. A recent survey by The Nation found that 12,394 units in 15 condominium projects were introduced on the Bangkok (Phra Nakhon district) and Thonburi sides of the river since 2010, with a combined worth of more than THB 85.75 billion.
The Chao Phraya riverside area in Phra Nakhon, from Kiak Kai to Bang Pho, Tao Pun, Charoen Krung and Rama III, houses seven of the above projects, comprising 6,229 units worth THB 35.7 billion. These developments include Pano Riverside by Krungthep Land; Canapaya Residences by Canapaya Property; Supalai Prema Riva by Supalai; LPN Development’s Lumpini Park Riverside Rama; U Delight Residence Riverfront Rama 3 by Grand Unity Development; 333 Riverside by Land & Houses; and Breeze Narathivas by Eastern Star Real Estate.
Meanwhile, the other side of the river, from Ratchburana Road to Charoen Nakorn, through to Charan Sanitwong, features eight projects with 6,165 units and a combined value of THB 50.05 billion. They are Pruksa’s Ivy River Ratchaburana and Chapter One Ratchaburana; Magnolias Waterfront Residences Charoen Nakorn by Magnolias Quality Development; Landmark Waterfront by Country Group; The River by Raimon Land; Supalai River Resort by Supalai; My Resort @ River by Equity Residential; and Watermark Chaopraya River by Major Development.
Despite the fervent development, supply remains lower than demand due to limited land availability. Condo prices have risen from an average of THB 50,000 per square metre five years ago to between THB 120,000 and 200,000 per square metre this year. Reflecting the dramatic rise of luxury offerings in the area, the latest project, Magnolias Waterfront Residences, commands a whopping THB 350,000 per square metre.
Land prices located close to the river have also increased significantly. Nevertheless, large-scale developers, such as Quality Houses and TCC Land, have purchased plots worth up to THB 20 billion, which they plan to develop in 2014 or early 2015.
