The State Railway of Thailand (SRT) expects to complete a feasibility study for two pieces of land to be developed commercially in March.
The land is worth billions of baht and if developed commercially on a long-term lease could deliver a big boost to SRT revenue, sources said.
Panthop Malakul Na Ayutthaya, a SRT deputy governor overseeing property management, said he plans to ask SRT governor Wuthichart Kalyanamitra to set up a panel to select a consulting company to conduct the study.
It will cover a piece of land near Mae Nam railway station in Klong Toey district covering a total of 260 rai, and a 359-rai plot of land near Energy Complex.
The first plot of land is worth more than 10 billion baht while the second is worth about 18 billion baht.
Owned by the SRT, the land will be developed for commercial purposes to help generate money for the organisation.
He said the SRT expects the studies to be completed in March as the projects are under the Public-Private Partnership (PPP) fast-track scheme.
The consultancy must speed up its work to ensure it finishes in the next three months after a panel is set up, he said, adding a feasibility study usually takes about six to nine months.
Mr Panthop said the SRT would lease out the land to private companies for long-term periods of 30 years.
The company will be asked to study the projects and design work, how to make the most of the land commercially and business opportunities in each area.
Options include office spaces, department stores, residential buildings and recreational areas.
A new feasibility study is needed as the value of land is ever changing, Mr Panthop said, adding a similar study for the two pieces of land was once conducted in 2011.
The value must be assessed based on current data.
Meanwhile, a study shows the SRT-owned Bang Sue Grand Station area should be developed into a business centre, Mr Panthop said.
The SRT is speeding up a report for the project to ensure it is completed this month.