Policy makers have approved the Finance Ministry's plan to rent 497 rai of land from the State Railway of Thailand for 99 years for 62 billion baht.
The decision was made at the State Enterprise Policy Office meeting chaired by Prime Minister Prayut Chan-o-cha on Monday.
To clear 61.85 billion baht of its 100-billion-baht debts, the SRT will rent its prime Makkasan plot to the Finance Ministry for 99 years.
However, the Transport Ministry and Interior Ministry must first propose a law amendment to pave the way for the Finance Ministry to lease land for more than 50 years.
The ministry's Treasury Department will develop the land after the SRT hands it over in two years.
The SRT hopes to break even in five years.