Bangkok Riverside condominium market poses positive outlook


The Riverside area along the Chao Phraya River is gaining in popularity for its waterfront lifestyle and scenic river views.  Recently, many luxury hotels, high-rise condominiums, and corporate towers have risen on both sides of the river in Bangkok, making the area a prime spot for property development.

The Riverside area encompasses Charoen Krung, Charoen Nakorn, and Rama 3 Roads.  It also includes the fringe of Sathorn-Silom, and Narathiwas Ratchanakarin Roads.  The area features a comprehensive range of facilities and amenities such as restaurants, international schools, world class hospitals, retail outlets, and shopping malls.  Recently, there have been several community mall developments, including Sena Fest, Vue, and The Vanilla Moon Bangkok, in the CharoenKrung and Charoen Nakorn neighborhoods.  These projects will provide a variety of goods and services to the Riverside residents, adding to the neighborhoods’ increasingly affluent community.

An artist’s rendering shows the planned riverside Menam Residences condominium on Charoen Krung Road.An artist’s rendering shows the planned riverside Menam Residences condominium on Charoen Krung Road.

Statistics from international property management company, Knight Frank Thailand, show that the cumulative supply of the Bangkok Riverside condominiums was about 19,807 units as of the third quarter of 2012, an increase of 18.7% from the end of 2011.  The total of newly launched condominiums during the third quarter of 2012 was approximately 3,117 units.  Rama 3 Road contained the highest number of newly launched condominiums, with around 1,388 units or 45% of total units, offered in the market.  This is followed by the Krung Thonburi area and Narathiwas Ratchanakarin Road with around 23% and 20% respectively.

Risinee Sarikaputra, Associate Director of Research and Valuation Department, Knight Frank Chartered (Thailand) Co., Ltd. said there was a positive outlook regarding condominium supply in 2012.  “We have seen new luxury condominiums being launched in the Riverside area targeted for Thai buyers as both personal residences and investments.  There will be an additional supply marketed towards other Asian condominium buyers from Singapore, Hong Kong, and mainland China,” she said.

The demand of condominium units was recorded at 2,404 units in third quarter of 2012, a significant increase of 1,633 units from just 771 units at the end of 2011.  The majority of demand in this period was for condominiums located on Rama 3 Road, where a total of 1,085 units were sold.  Most of them were from recently launched projects such as Supalai Prima Riva and D Condo Sathupradit 49.  Another area where demand was high during the third quarter of 2012 was in Krung Thonburi, where about 605 units out of 1,633 newly launched units were sold.

The overall take-up rate for condominium projects in the Riverside area during the third quarter of 2012 was approximately 45%, a strong increase from just 22% at the end of 2011.  The take-up rate in Sathorn-Silom area represented the highest rate at around 91%, followed by Krung Thonburi area, with an 83% take-up rate.

There are many condominium developments in Sathorn-Silom, as it is an established business area with easy access to Sukhumvit, Rama 3, and Riverside areas.  In addition, many condominium projects are scheduled to be completed in Krung Thonburi, thanks to the new mass transit extension lines across the river that will increase the accessibility from Thonburi to the CBD.

The average selling price in the Riverside area was approximately THB 102,730 per square metre, as of the third quarter of 2012.  The highest average price was in Sathorn-Silom, with average prices at THB 117,224 per square metre.  Narathiwas Road ranked second with an average selling price of THB 115,813 per square metre.

Ms. Risinee also said that condo prices in the Bangkok Riverside area are projected to increase sharply due to the lack of land to develop new projects.  The selling price in the City area will also increase due to the limited availability of land, as well as the fact that developers tend to opt for good construction standards by using high-quality materials and specifications.

She added, “We will see around 400 new condominium units launching in Bangkok’s Riverside area in 2013, including a new high-rise project “The Breeze” on Narathiwas Road by listed developer Eastern Star; and a low-rise project “The Wing Sathorn” on Krung Thonburi Road.  These projects will offer more choices to buyers in condominium markets.  We also expect that nearly 2,600 condominium units are scheduled to be completed in 2015; this figure includes 7 condo projects located in Bangkok’s Riverside area.”

Among the new entrants will be Menam Residences, a condominium development that will be located on Charoen Krung Road.  Scheduled to be complete by December 2016, the project will feature a 54-storey building with 294 condominium units with a combined value of THB 3.3 billion.  Menam Residences will fulfill some of the future demand of condominium buyers in the area.  Additionally, other developers are focusing on the area to capture the increasing future demand.

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