Across the Asia-Pacific, bold riverside or harbor projects are creating more explosive places than ever.
A few years ago, many of Bangkok’s most beautiful people appeared in Thonglor, Chidlom, Sathorn or any other fashionable metropolitan area in the Thai capital. But today, the focus has shifted to the areas around the Chao Phraya River – the heart of the capital and the center of development of the new culture.
With lively eateries, high-end design projects such as The Jam Factory, stylish apartments such as The River Bangkok and a variety of medium-sized hotels such as The Siam and Sala Rattanakosin, the river of kings “has always been the place to be.
Bangkok’s riverbanks may be the latest in the area to attract attention, but it is not the only one. Asia Pacific is in the booming phase of riparian urban projects. And investors are not hiding their ambitions in other cities like Sydney and Singapore.
“The stability and growth of local economies has made real estate projects along the river more attractive,” said Chua Yang Liang, head of Southeast Asia and Singapore Studies at JLL. Investors in the entertainment and housing segment develop ideas that are unique and different from the typical development in the country. “
In Sydney, for example, foreign investors are fighting to acquire existing hotel properties at Darling Harbor. At the same time, new projects such as The Harbor Royale Developments (A $ 10 million) are under construction. Meanwhile in Manila, Bay City’s redevelopment project is being set up to rebuild the capital.
According to Chua Yang Liang, “In modern cities, green spaces are a high standard, but the view of the river or the harbor creates a sense of openness and connection with the world itself. This is a key point. “Both buyers and investors are attracted by the riverside location that offers an open view and appropriate lifestyle for the resort.”
Some cities have developed riverine areas with careful planning. In Singapore, for example, thanks to the Urban Development Authority (URA), the Lion City has a 3.5-kilometer walkway that is sheltered by three windshields that are equipped with an inductive fan to avoid part of it. sunshine. Operating from 2010, the area around Marina Bay Sands has become one of the most successful development stories in the area.
However, not all projects are as successful as in Singapore. For example, in Thailand, Chua Yang Liang pointed out that “riverfront access is weak. Construction regulations are also one of the most stringent regulations along the river, making this development. There are many challenges. “
These difficulties explained why the river was left behind other parts of the city for a long time. With the help of Bangkok River Partners, things are changing, but it’s a process that takes time.
In Hong Kong, demand for port real estate has existed for decades, but making large-scale changes in Singapore is difficult. Numerous daring proposals for pedestrian walkways and artificial beaches along Victoria Harbor have been made, but for the most part riverside areas are not open to the public, making these tasks virtually impossible. not easy.
“There are not too many riparian areas in developed cities or countries, but investors will follow where buyers want to go,” Chua said.
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