Proposal on subsidiary to develop Makkasan area

BANGKOK, Sept 1 (TNA) -- The Transport Ministry will seek the cabinet’s approval for the establishment of a subsidiary within November to develop the 500-rai land plot of the State Railway of Thailand’s Makkasan compound in Bangkok. Deputy Transport Minister Pichit Akrathit said the State Railway of Thailand (SRT) would found a subsidiary to supervise the commercial development of its land. The plan should reach the State Enterprise Policy Office in two months and be proposed to the cabinet within November. Afterwards the SRT will draft terms of reference for the development of a 32-rai plot worth about 10 billion baht at the Bang Sue station and a 130-rai plot in the Makkasan compound. Bidding contests will be held next year to select developers. The bidding contest for the Bang Sue development will happen first due to the readiness of the project. Mr Pichit said that the SRT would hold 100 per cent shares in the subsidiary. SRT deputy governor Worawut Mala said the SRT was likely to grant a 30-year-long concession to the developer of the Makkasan area. However, the concession period can be extended to 50 or 99 years to meet the private sector’s demand if the development includes shopping centers and residential buildings, he said. According to Mr Worawut , the SRT expects the Makkasan area in inner Bangkok to be a gateway and support connection to the Eastern Economic Corridor. It will also include a 150-rai public park as instructed by the government. The Makkasan land plot will have easy access to high-speed and electric commuter trains. (TNA)