The transformation of Bangkok's riverside from ports and warehouses to residential and other uses has continued with more and more luxury residential developments being launched in the area.

Magnolia Waterfront Residences Iconsiam, launched in the third quarter of 2014, has accelerated this transformation. 

Iconsiam, a massive mixed-use project on Charoen Nakhon Road, comprises two luxury residences: Magnolia Waterfront Residences and The Residences at Mandarin Oriental, as well as shopping centres, a heritage museum, a sports complex, an auditorium, piers, and an outdoor event space.

The project has further enhanced the stretch of the river from the Taksin Bridge to Lat Ya Road as Bangkok's premier riverside location.

One of Bangkok's first-generation condominiums, as well as the first located in the riverside area, River House was completed in the Charoen Nakhon area in 1983. Further development of this area has been slow but gradually changing over the last 25 years. It has emerged as a prime location for five-star hotels along both sides of the river, with two hotels -- The Peninsula and Millennium Hilton -- on Charoen Nakhon Road and the Mandarin Oriental, Shangri-La, and Royal Orchid Sheraton on the other side of the river.

Condominium developments in the area have been slower with the completion of Baan Chaopraya in 1995 and The River in 2012. The pace of development has sped up with the recent launch of the Banyan Tree Residences.

Four of the 20 Bangkok condominium projects priced above 300,000 baht per square metre are on the riverside, with three of them in the Charoen Nakhon area. The other is the Four Seasons Private Residences on Charoen Krung Road near Shrewsbury School.

Many cities around the world are rediscovering their riverfronts, from New York City to London and now Bangkok. The riverfronts were historically ports and warehouses, which have now become obsolete as new ports have been built to accommodate much larger ships. It has taken time for developers, buyers, and occupiers to recognise the unique feature of riverside locations -- the unobstructed views which are hard to replicate except for the areas near parks where future development is highly unlikely.

The Charoen Nakhon area is now clearly established as the prime riverside location and it remains to be seen whether other landmark developments will act as catalysts to revitalise other riverside locations.

Another emerging riverside location is along Charoen Krung Road, with the development of the Four Seasons Residences along with Four Seasons and Capella hotels. Other developments including Mae Nam Residences condominium and Asiatique, a successful tourist retail attraction, have sped up the area's transformation to become a more prime residential and commercial location.

It is now clear that certain parts of Bangkok's riverside are now as attractive to luxury residential purchasers as the more established areas of Sukhumvit, Lumphini, and Sathon. This has been proven by average prices of 300,000 baht a sq m and above being achieved for super luxury-grade condominiums in these areas.

Chotika Tungsirisurp is an associate director and Natwatoo Rattanapairote is an analyst at CBRE Research and Consulting, CBRE Thailand. They can be reached at bangkok@cbre.co.th Facebook: CBRE.Thailand Twitter: @CBREThailand LinkedIn: CBRE Thailand and website: www.cbre.co.th