Charoen Nakhon Road is an important road in Thonburi that was established over 80 years ago (around 1939). It runs alongside the Chao Phraya River, opposite the Charoengkrung area and adjacent to Yaowarat, making the 'Charoen Nakhon' area at that time vibrant with the atmosphere of trade, being a port city, and a culture worth exploring.

Charoen Nakhon: The Former Commercial Hub of Thonburi

            Originally, Charoen Nakhon was home to an ancient community of Bangkok residents, both Thai and Thai-Chinese. Various trading communities were clustered along the road, making Charoen Nakhon a significant commercial area and the center of commerce for Bangkok and Thonburi at that time, due to its accessibility via roads, railways, and ports.

 

  • Klong San Pier - An important pier that connects Charoen Nakhon with the Chao Phraya River. Historically, Klong San Pier was a shipping port, serving as a distribution center and a significant commercial hub for Bangkok, facilitating trade between Thonburi and Phra Nakhon (Charoengkrung).
  • Klong San Railway Station - Formerly a railway station that connected to Mahachai, often used for transporting goods between the coast and the Chao Phraya River.
  • Charoen Nakhon Road - A bustling commercial area filled with the trade atmosphere and culture of Thonburi.

The Evolution of Charoen Nakhon

 

 

  • 1970-1987: Charoen Nakhon Transitions from a Port Area to a Riverside Tourist Destination

            Like other old neighborhoods in Bangkok, Charoen Nakhon underwent changes with the construction of Sathorn and Silom roads about 50 years ago. The economic and commercial landscape began to modernize, and Charoen Nakhon, having undergone cultural crystallization, started to transform into a food and tourism hub for Thonburi, no longer serving as the commercial center of Bangkok as it did 30 years prior. Its riverside location led to an influx of riverside hotels, making Charoen Nakhon a tourist destination for both locals and foreigners.

  • 1987-2007: Charoen Nakhon Transitions from Horizontal Culture to Vertical Modernity

            From 1987 to 2006, the use of buildings in Charoen Nakhon began to change from warehouses and low-rise communities to accommodate 4-5 star international hotel chains, transforming Charoen Nakhon into a luxury hotel district in the eyes of the public. Particularly between 1998 and 2006, there was significant vertical growth, including hotels like The Peninsula, Sathorn-Chao Phraya Condominium, Chao Phraya Condominium, and Millennium Hilton.

During this period, the perception of Charoen Nakhon shifted from a significant trading area to a tourism and dining district, alongside Charoengkrung, which underwent similar changes.

  • 2007-2017: Charoen Nakhon After 2007: A Complete Modernity Between Ancient Communities and Urban Life

            Since 2007, Charoen Nakhon has fully transformed into a luxury hotel and high-end condominium area. Between 2007 and 2017, numerous modern shops, hotels, and condominiums emerged in this location. The clustering of 4-5 star hotels has driven land prices in Charoen Nakhon to soar, making new residential projects in this area less affordable. Notable projects from 2007 to 2017 include Watermark Condominium, Supalai River Place, The Light House, Anantara Riverside Bangkok Resort, The River, Sena Fest, and Supalai River.

  • Charoen Nakhon Returns as an Important Commercial Area Today

            Today, in addition to being a high-end riverside hotel and condominium area, Charoen Nakhon has proudly returned to being an important commercial district in Bangkok with the arrival of Icon Siam, the world's only riverside shopping center in Bangkok, revitalizing the Charoen Nakhon area with a bustling economic atmosphere once again.

            Furthermore, soon Charoen Nakhon will have the Gold Line running through it, connecting to the Green Line, making Charoen Nakhon as accessible as other areas. It can be said that the Gold Line symbolizes the arrival of an Urban Lifestyle for the new generation, harmoniously blending with the ancient community of Charoen Nakhon, along with tourist attractions such as The Jam Factory and Lhong 1919.

The Condominium Situation in Charoen Nakhon

               Did you know? Over the past 10 years, an average of 1-2 condominium projects have emerged in the Charoen Nakhon area each year. The average launch price growth rate is 10.3% per year. The surge in presale prices is primarily driven by luxury condominiums along the Chao Phraya River, leading to an overall condominium price reaching over 100,000 baht per square meter.

            When comparing the returns on holding condominiums in Charoen Nakhon, based on annual presale price adjustments to resale prices in 2019, it was found that condominiums in Charoen Nakhon can generate an average Capital Gain of 5%-7.5% per year, with resale prices averaging between 120,000-240,000 baht per square meter.

 

A land plot of approximately 1-0-15.3 rai at the Thadin intersection on Somdej Chao Phraya Road is currently under construction for the latest project named CIELA Charoennakhon by Grand Unity. It is an 8-story low-rise condominium with 105 fully fitted units. The project has passed the Environmental Impact Assessment (EIA) and is expected to be completed by the end of 2021. The Gold Line Phase 1 is set to open in October 2020, with Klong San Station just 600 meters from the project, providing convenient access to the BTS Silom or Siam lines into the city. Additionally, the project is also close to the “Pracha Rat Station” of the Purple Line (Tao Poon-Ratchaburana), approximately 750 meters away, connecting to Rattanakosin Island.

            Furthermore, the Klong San area will soon see the arrival of significant job sources, notably the Ministry of Interior, which will be a government center covering over 226,000 square meters on more than 18 rai of land, with a construction budget of 6.6 billion baht. This will house various government agencies, including the Department of Provincial Administration, the Department of Local Administration Promotion, the Land Department, the Community Development Department, the Department of Disaster Prevention and Mitigation, and the Office of the Permanent Secretary of the Ministry of Interior, creating a substantial demand from civil servants in the area, expected to be completed by 2022.

            For those interested in the CIELA Charoen Nakhon condominium, more details can be found at the sales office at Lhong 1919. For inquiries, call 02 652 400 or register at bit.ly/2R13dB9.

 

                   Investing in condominiums for rental purposes is a key objective for real estate investors. In the Charoen Nakhon area, rental prices average between 400-600 baht per square meter per month, depending on the amenities and size of the unit. If categorized into four main types, studio units average 14,000-17,000 baht per month, 1-bedroom and 2-bedroom units typically rent for 20,000-25,000 baht and 34,000-55,000 baht per month, respectively, while larger 3-bedroom units rent for 67,000-92,500 baht per month. Overall, condominiums in Charoen Nakhon can generate an average Rental Yield of 4.2-5.7% per year.

            As mentioned earlier, “Charoen Nakhon” has long been a thriving area, evolving from a riverside trading hub to a historical tourist destination. With the advent of the Gold Line, the area has reached new heights of development. Not only are developers transforming land into commercial properties that meet modern demands, but high-rise residential projects like “condominiums” have also become the new homes for the modern generation in Charoen Nakhon. The latest project, CIELA Charoen Nakhon by Grand Unity, stands out for its connectivity, linking to the “Gold Line” and “Purple Line”, expected to be completed soon in 2020.

 

Thank you for the information from Grand Unity

For inquiries, call 02 652 400 or register at bit.ly/2R13dB9