Klong Toey revamp plan to hit cabinet this month

Klong Toey revamp plan to hit cabinet this month

A view of Klong Toey market in Bangkok in August. (Photo by Patipat Janthong)
A view of Klong Toey market in Bangkok in August. (Photo by Patipat Janthong)

The final report on the 490-billion-baht development of the Klong Toey port area is expected to wrap up before the end of this month before it is tabled for consideration, said the Port Authority of Thailand (PAT).

The plan carries with it the ambition to turn the port area in Bangkok into a world-class trading centre, said Somchai Hemthong, the PAT assistant director-general for asset management and business development.

The PAT-prepared development plan for the 2,300-rai port area aims to provide a new revenue stream for the government and pull in tourists.

Mr Somchai said if cabinet approves the plan, the PAT will establish a subsidiary firm to manage the assets.

The land earmarked for the plan is divided into four zones, he said. Zone A comprises land for offices and so-called “smart community” residences. Zone B will feature a “smart port” and centre for water transport logistics. Zone C is for retail commerce, hotels and department stores. Zone D has been designated for warehouses and a sports complex.

Worawat Wassanont, deputy manager of the group formed to study the master plan, said the Bangkok Port sits among areas in the city with the highest potential for commercial development.

The project will be called “Siam Gate” to reflect its goal of creating a global trading centre. Companies will lease the land for 60 years and the project will generate an estimated 10 trillion baht during the concession period, of which around 1.4 trillion baht will be profit.

Mr Worawat said the project will cost 490 billion baht over two phases spanning 20 years.


Do you like the content of this article?
COMMENT (2)

Virus fears push Southeast Asia markets closer to bear levels

Southeast Asian equity markets, already suffering from foreign outflows, are now at the brink of witnessing bear markets for some of its members as the coronavirus-induced sell-off continues.

20:11

Honda expects slow drive of motocycle sales again

AP Honda, the local distributor arm of Japanese motorcycles, expects Thailand's motorcycle market to drop 2.3% in 2020 to 1.7 million units, citing unfavourable risks in bearish GDP growth and low crop pricing.

19:16

Headwinds push growth below 2.5%, says UTCC

Widespread drought, a strong baht, disarray over the annual budget, toxic dust and the latest deadly virus outbreak may bludgeon Thailand’s economic growth to below 2.5% this year, says the Thai Chamber of Commerce.

19:07