After receiving various feedback from the Economic, Engineering, and Environmental Feasibility Study project for the Chao Phraya Riverbank Road, commonly known as Chao Phraya Riverbank Road, two years ago, news about the development project along the Chao Phraya River has become quiet. Meanwhile, this year, the massive project along the Chao Phraya River, Icon Siam, is preparing to open the first zone, 'Sook Siam', one of the seven major zones of the project, around October 2018. This marks a new chapter for the Chao Phraya River area. Therefore, TerraBKK seizes the opportunity to update both old and new developments from government and private sector projects that will take place along the Chao Phraya River after a period of silence.

Chao Phraya Riverbank Road: A New Look

            The large-scale project spans four provinces: Pathum Thani, Nonthaburi, Bangkok, and Samut Prakan, covering a total distance of over 140 kilometers with a project value of over 35.835 billion baht. It is divided into eight projects along the Chao Phraya Riverbank, which has been in planning since 2015. After a long silence regarding the project's progress, let's review the original project details.

The overall project plan includes several additions to the riverbank area on four fronts:

  • River Transportation Areas: This includes routes connecting to other public transport systems, wide enough to accommodate high traffic volumes over short distances, emphasizing quick travel. It also includes routes linking open public spaces and recreational pathways, small routes that do not prioritize speed, access routes to the riverbank, pedestrian or bicycle bridges connecting communities on both sides of the river, transfer points for river travel, and piers connecting water transport.
  • Urban River Activity Centers: These include urban tranquility centers along the river near the Pathum municipal market, vibrant urban centers at Nonthaburi piers, growing urban centers at Pak Kret - tourist areas on Koh Kret, and urban centers in Bangkok connecting to Bang Kachao, the 'lungs of Bangkok.'
  • Community River Recreation Parks: Such as areas near religious sites along the river close to communities, public spaces behind dams, state hospitals, and government institutions.
  • River Rest Stops for Tourism and Recreation: Such as areas near religious sites along the river and government institutions.

Recently, the Committee for the Conservation and Development of Rattanakosin and Old City has decided to develop the riverbank area in segments rather than constructing a continuous riverbank road. The project is moving forward according to plan, with the first phase covering the Rama 7 Bridge to the Phra Pin Klao Bridge, a distance of 14 kilometers, with a total budget of 8.362 billion baht. The development is divided into four segments: Segment 1 from Rama 7 Bridge to the Royal Irrigation Department, Segment 2 from the Royal Irrigation Department to Phra Pin Klao Bridge, Segment 3 from Rama 7 Bridge to Bang Phlat Canal, and Segment 4 from Bang Phlat Canal to Phra Pin Klao Bridge. As of April 25, 2018, the progress of the project in Segments 1, 3, and 4 is at 56%, while Segment 2 is lagging at 11% due to unresolved land issues as it is adjacent to significant areas.

Express Boat as a Feeder Connecting Water and Rail

            When discussing riverbank projects, one cannot overlook water transportation. The Chao Phraya Express Boat has redefined its role as a feeder connecting to the electric train system, investing in at least 40 new express boats to transport passengers directly to train stations, accommodating approximately 13,000-14,000 passengers daily, connecting to six piers:

  • Phra Nang Klao Bridge Pier: Connecting to the Purple Line at Phra Nang Klao Station, with progress as of January 2018 in the contractor selection phase.
  • Rama 7 Bridge Pier: Connecting to the Red Line from Bang Sue to Taling Chan.
  • Bang Pho Pier: Connecting to the Blue Line (Bang Sue to Tha Phra), with services starting in 2019.
  • Pin Klao Pier: Connecting to the Orange Line from Taling Chan to Suwinthawong near the National Theatre.
  • Queen Pier: Connecting to the Blue Line (Hua Lamphong to Bang Khae), with services starting at the end of 2018.
  • Sathorn Pier: Connecting to the Green Line (Stadium to Bang Wa), at Taksin Bridge Station.

'Sook Siam' - The First Zone from 'Icon Siam'

            The Icon Siam project, a massive undertaking by Siam Piwat and Magnolia Quality Development, was grandly launched with a project value of over 54 billion baht, making it the highest project value at that time. The entire project covers over 750,000 square meters, consisting of two shopping centers (Icon Siam and Icon Luxe), two residential buildings (Magnolia Waterfront and The Residences Mandarin Oriental), and a river park activity area. As of February 2018, construction was over 75% complete, with the structural work of the building's top completed at 60%, road and exterior work at 20%, architectural work and stone wall cladding completed up to level L52, and interior wall work completed up to level L62, with aluminum and glass work completed up to level L50.

                  The first zone ready to open is 'Sook Siam' located on the G floor of Icon Siam, covering over 15,000 square meters, featuring 3,000 community shops from across the country to attract both Thai and foreign tourists, targeting 21.9 million visitors annually. The area has already been handed over to tenants for decoration and is set to open in October 2018.

A Total of 17 Riverside Condominiums Along the Chao Phraya Riverbank Project

TerraBKK Research has been monitoring the situation of riverside condominiums along the Chao Phraya River, finding that there are currently over 17 riverside condominium projects for sale, with various price ranges from 68,000 to 359,000 baht per square meter, divided into four main locations according to the Chao Phraya Riverbank project details.

Nonthaburi Pier Project: Riverside condominiums located near the Purple Line and close to Phra Nang Klao Bridge in Nonthaburi province, with three projects priced between 50,000 - 100,000 baht per square meter. Some projects with river view rooms have already sold out, while available units are mostly garden view rooms, with some projects still offering limited river view options. The Metro Luxe Rattanathibet project by Property Perfect averages 86,200 B/SQ.M., the Manor Sanambinnam project by Major Development starts at 82,700 B/SQ.M., and Everland's project The Politan Breeze starts at 68,000 B/SQ.M., making it the most affordable riverside condominium among the 17 current projects.

The Politan Breeze by Everland: The Most Affordable Riverside Project

Rama 7 Bridge Project: Condominiums located near the Purple and Blue Line in the Bang Sue - Bang Phlat area, priced between 85,000 - 150,000 baht per square meter. There are three projects: 333 Riverside by Land and Houses, which has sold out all river view rooms and now only offers city view rooms, averaging 133,000 B/SQ.M.; My Resort River by Everland averages 120,500 B/SQ.M. for river view rooms; and Chapter One Shine Bangpo by Pruksa starts at 86,800 B/SQ.M., launched in mid-2017.

Bang Kachao Project: Condominiums located on Rama 3 Road in the Yannawa area, with four projects at various price levels divided into three price ranges:

  • Condominiums with an average price of 50,000 - 100,000 baht per square meter: U Delight Riverfront Rama 3 by Grand U.
  • Condominiums with an average price of 100,001-200,000 baht per square meter: Two projects, Supalai Riva Grand Rama 3 by Supalai and The Pano Rama 3 by KLand.
  • Condominiums with an average price of 200,001-300,000 baht per square meter: Canapaya Riverfront Residence Rama 3 by Canapaya Property.

Bangkok Project: Condominiums located on Charoen Krung and Charoen Nakhon Roads, with a price range of 200,001 - 300,000 baht per square meter, comprising five projects: Menam Residence by Menam Residence Group, starting at 205,000 B/SQ.M. for river view rooms; The River by Raimond Land, starting at 269,000 B/SQ.M. for river view rooms; The Residence Mandarin Oriental Bangkok by ICONSIAM, starting at 279,000 B/SQ.M.; Four Seasons Private Residence Bangkok at Chao Phraya River by Country Group, starting at 304,000 B/SQ.M.; and Banyan Tree Residences Riverside Bangkok by Nirvana Daii, starting at 359,000 B/SQ.M., currently the most expensive riverside condominium.

Banyan Tree Residences Riverside Bangkok by Nirvana Daii: The Most Expensive Riverside Project

The table shows the starting sale prices of units with a view of the Chao Phraya River (data as of June 2018). The river view may not be directly facing the river but could be at an angle, north-south direction, allowing for a view of the Chao Phraya River.

  • Presales Price: The starting sale price on the project's launch day.
  • Current Price: The starting sale price of the remaining units as of now (June 25, 2018).
  • Starting Sale Price: Not the average price of the entire project, so some units may be priced significantly higher, depending on pricing policies based on height and the quality of the view from those units.

Summary: The average price for riverside condominiums is generally around 100,000 baht per square meter, with the highest price at 359,000 baht per square meter for the Banyan Tree Residences Riverside Bangkok project, while the lowest price for riverside condominiums is 68,000 baht per square meter for The Politan Breeze by Everland - เทอร์ร่า บีเคเค