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MRTA plans realty development near 3 routes

The Mass Rapid Transit Authority will develop commercial property projects in locations on three rail routes, and expects them to generate combined revenue of Bt23 billion, MRTA governor Yongsit Rojanasrikul said yesterday.

The MRTA, which will set up a joint venture with the National Housing Authority to undertake the project, is conducting a feasibility study on the project’s business plan. The joint venture is expected to be up and running this year. It might take out loans to develop the land plots commercially.

The three MRTA real-estate developments will be in the Bang Ping area on the planned MRT Green Line; the Min Buri area on the planned Pink Line; and the Bang Yai area on the Purple Line. The projects are expected to generate revenue of Bt2 billion, Bt20 billion and Bt1 billion respectively.

The Min Buri project had been earmarked for property development since the start of the Pink Line project.

Transport Minister Chadchart Sittipunt said he supported the plan, as the government does not want to see the transport agencies generating revenue by raising fare prices.

The MRTA plans to extend its mass-transit system by 224 kilometres over the next eight years. Yongsit said the government should set up a national level committee to make crucial decisions on matters relating to electric-rail projects.

Source : The Nation 2 February 2013

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