BANGKOK: A second major wave of investment is taking shape along both banks of Bangkok’s Chao Phraya River as large corporations develop luxury hotels, entertainment attractions and mixed-use projects intended to strengthen the capital’s tourism economy.
The latest expansion follows the development of Iconsiam by Siam Piwat Co Ltd, Magnolia Quality Development Corp and Charoen Pokphand Group, which helped establish the riverside as a major investment and tourism district.
The 60 billion baht development occupies 55 rai and was positioned as a central part of the Chao Phraya River Vision Master Plan, a national collaboration intended to develop both riverbanks into an international tourism destination.
Development around Iconsiam and Charoen Nakhon Road was followed by an increase in land prices from 250,000 baht to 700,000 baht per square wah, while riverside businesses expanded by more than 60%, according to the information provided.
One square wah is equal to approximately 43.056 sq ft. Hotel room rates and occupancy also continued to rise, while more than 60 property projects were developed within a one-km radius.
The approach resembles waterfront regeneration in cities such as Singapore, where Marina Bay has developed into a mixed-use and architectural district, and Shanghai, where former shipyards and factories along the Huangpu River have been converted into public spaces, viewpoints and business districts.
London has similarly redeveloped areas along the River Thames, including the conversion of the former coal-fired Battersea Power Station into an Art Deco mixed-use district.
Asset World Corp Pcl (AWC
) plans to continue investing in the expansion of Asiatique The Riverfront after almost 15 years of operation.
The property group, controlled by Charoen Sirivadhanabhakdi, has assets valued at about 220 billion baht and is allocating 10 billion baht to the wider redevelopment.
AWC plans to invest another eight billion baht in the next phase of Asiatique and has prepared a further four billion baht for surrounding areas, with the spending to be phased according to market conditions.
The company previously introduced Jurassic World: The Experience, an immersive attraction developed at a cost of 1.2 billion baht and opened in August 2025.
It also opened Skyflyers: Wings of Garudapterus in November 2025 following an investment of two billion baht.
The attraction reaches the equivalent height of a 36-storey building and is described as the tallest aerial ride in the Asia-Pacific region and among the three tallest worldwide.
AWC president and chief executive Wallapa Traisorat said the company planned to expand Asiatique from about 40,000 sq m to 224,000 sq m, increasing the site’s total area sixfold.
Transport infrastructure was expanded to connect road, rail and river services, including electric train links. The development was also described as helping attract more than 115 million overseas visitors to Thailand.
Major corporations are now introducing new attractions and luxury hotels while redeveloping historic land and buildings along the river.
One of its main projects is Avatar: Guardians of Eywa, developed with EMM Williams Productions under licence from the Avatar film franchise.
The 4,000 sq m immersive attraction will use The Magic Walk Experience format to place visitors inside the fictional world of Pandora.
It will be housed in the Blue Dome at Asiatique Destination, designed by Japanese architect and Pritzker Prize winner Shigeru Ban.
The domes were originally created for Expo 2025 in Osaka. AWC purchased two of the larger structures for reuse rather than constructing new buildings.
“Asiatique will open the new 16,000 sq m Blue Dome zone in the fourth quarter of 2026, combining entertainment, culture, architecture, shopping and dining,” Wallapa said. “Avatar: Guardians of Eywa itself will open in 2027.”
AWC also plans to invest two billion baht in an environmentally focused cable car crossing the Chao Phraya River.
The cable car would connect Asiatique directly with Australia’s Museum of Old and New Art (Mona) Bangkok, a planned immersive art museum on land in the Charoen Nakhon area.
The project is being developed in collaboration with Mona.
“The cable car will connect directly to Mona Bangkok, one of the world’s most influential contemporary art museums, attracting visitors from around the world each year,” Wallapa said.
AWC has meanwhile reviewed an earlier plan to build a 100-storey mixed-use tower on its riverfront land beside the Asiatique Ferris wheel.
Wallapa previously said the proposal remained in the company’s plan but would not proceed until economic and market conditions were suitable.
“The 100-storey skyscraper project is not being developed now, but it remains in the plan and the land beside the Chao Phraya has been reserved for it,” she said.
“We will assess market readiness before studying and reviving the project in the future because some developments should not be rushed when the market is not yet strong.” AWC is also developing The Ritz-Carlton Bangkok, The Riverside across three plots on both banks of the Chao Phraya.
The largest plot is The Lhong 1919 Riverside Heritage Destination, where AWC leased eight rai of historic land from Wang Lee Co Ltd for 64 years.
The site will contain a 20-storey main building with 167 luxury rooms, a rooftop restaurant with panoramic views, a large ballroom and other dining facilities.
Its top floor will include a presidential suite expected to command the highest room rate in Bangkok.
Also, 20% of the rooms will contain two or three bedrooms to accommodate larger groups and long-stay visitors.
Two further plots in the Song Wat district on the opposite side of the river will provide 24 luxury rooms, a convention venue and restaurants.
Wallapa previously put the total investment at five billion baht.
The project is being developed with Marriott International under the Ritz-Carlton ultra-luxury brand and is scheduled to open in 2028.
It will also connect with AWC’s The River Journey, a low-carbon tourism route linking cultural landmarks along the Chao Phraya.
Destinations on the route include Song Wat Road, Asiatique The Riverfront Destination and Pak Khlong Talat, with future connections planned to Woeng Nakhon Kasem and Yaowarat.
AWC is separately converting the former East Asiatic Company building into The Plaza Athenee Nobu Hotel and Spa Bangkok.
The building, which is more than a century old, belonged to the East Asiatic Company, founded in 1884 by Danish sea captain Hans Niels Andersen.
The hotel is scheduled to open in 2026.
The project will preserve the original structure and architectural features while introducing luxury accommodation, food and beverage services and other modern facilities.
Rabbit Holdings, part of BTS Group, is working with Langham Hospitality Group to develop The Langham, Custom House Bangkok.
The luxury hotel is scheduled to open in 2026 following an investment of more than six billion baht.
It is being developed at the former Customs House, also known as Rong Phasi Roi Chak Sam, a historic riverside property about 130 years old. — The Nation/ANN
