Morchit land is expected to be developed into a commercial complex starting yearend

The Treasury Department is expected to propose to the Finance Ministry this week its plan to develop the 63-rai Crown Property land at Morchit bus terminal into a commercial complex and communication hub estimated to cost about 26 billion baht.

The department chief, Mr Chakkrit Parapanthakul, said that once the mega project, to be developed by Bangkok Terminal Company, received the blessing from finance permanent secretary Somchai Satjapong, it would be forwarded to the Office of Attorney-General to check legal compliance of the plan before it is to be submitted to the cabinet for final approval.

He expected construction of the project to kick off at the end of this year.

Developer of the project will have the right to utilize the Crown Property land for 30 years.

Regarding another plot of land at the so-called Rong Phasi Roi Chak Sam beside the Chao Phraya river on Charoen Krung road, the lease of the land, Thanayong Company, has asked the Treasury Department to extend the leasing period up to 50 years as an office of the marine police and another office of the fire brigade are yet to be relocated.

Talks on the extension of the leasing period are expected to be concluded by the yearend.

Source: Thai Public Broadcasting Service (Thai PBS)