The developer of Bangkok’s Menam Residences has expressed his confidence in the potential of Chao Phraya riverside area in Charoenkrung-Charoen Nakhon 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 the infrastructure investment and the arrival of ASEAN Economic Community (AEC) at the end of 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 during 2015-2017. The formation of AEC in December 2015 will help boost the Thai real estate market, he predicted, with rising demand for commercial properties particularly office space, industrial land for factories, shopping projects and hotels to serve tourists.
He added that the riverside location along Charoenkrung-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.
The project is due for completion in the fourth quarter of 2016.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
