The Treasury Department has hired an adviser to devise a plan to develop its 12.5 million rai of land plots, its chief says.
The plan is expected to be completed this year, said director-general Chakkrit Parapuntakul.
The adviser is responsible for educating the department on the long-term direction of the country's property market and crafting a plan on how to develop government land, he said. For instance, it needs to conduct a feasibility study for land banks in prime urban locations owned by the military, determining which areas should be developed for commercial purposes to maximise their potential benefit, such as in Nakhon Ratchasima and Kanchanaburi.
Mr Chakkrit said since it is national land, the first priority of any new development should be to benefit the people.
Around 100,000 rai of the 12.5 million have been developed for commercial purposes, generating 4.5 billion baht of revenue a year for the government. Commercial development must be considered for some of the land bank, as many plots lie unused.
The three major goals for development are government offices, public parks and improved logistics. The department has also been with finding land to support the government's industrial clustering policy.
"There are up to 10 big plots in Bangkok that can be developed to their full potential instead of being used as offices or warehouses," he said.
The department has asked for the return of more than 500 plots, or 8,000 rai, being used by state agencies as offices for redevelopment to create more state revenue. The return of some 1,600 rai has been agreed.