Chinatown is one of Bangkok’s most historic areas but with the Blue Line extension of the MRT to begin construction soon, the area is already starting to attract property developers, the Bangkok Post reported. That’s because demand for residential, retail and office spaces near public transportation in Bangkok is high.
This has caused land prices in the areas near MRT and BTS expansion lines to jump significantly during the past few years. The newspaper added that the subway extension is expected to open in 2018 and will connect the riverside area to the city’s CBD and downtown areas.
Charoen Chai is one part of Chinatown that could be significantly altered should developers secure land in this area that will be close to a MRT station. According to the Bangkok Post, nearly 60 families live in the district and have done so for generations with families selling various products to make a living. A few homes and shops have been demolished to make way for the Blue Line already. Land prices in Chinatown have risen more than 20 percent since the start of the decade.
TCC Land is one developer already looking to buy land in Chinatown. The Bangkok Post noted the company has already purchased a block of shops but plans for the land have yet to be revealed. It is possible TCC Land could build a shopping mall similar to Asiatique and Gateway Ekkamai which it currently operates in Bangkok.
Chinatown was first established back in the 18th century when immigrants from South China looking to escape the famine in their homeland settled in Thailand. The area was transformed into a massive commercial district and has become one of the world’s oldest and largest Chinese diasporas.
Yongtanit Pimonsathean, a professor of architecture at Bangkok’s Thammasat University, told the Bangkok Post that the government should look to protect shophouses and markets similar to the way it preserves temples. At the moment, only 26 buildings in Chinatown are protected as heritage sites but Yongtanit believes that number could include thousands of more structures in the area.
