SRT to revise terms of 10 land leases expiring this year to gain more revenue

“Currently SRT has about 30,000 rai [4,800 hectares] of land and we aim to maximise the profit from commercial use of those lands,” he said. “There are 10 land contracts that are about to expire within this year, such as the land at Or Tor Kor Market, Chatuchak Fish Market, and the plot next to Saphan Khwai BTS station. These lands have higher earning potential than their current usage, so we plan to put them up for auction for different purposes when the contract expires to attract new investors, or extend the contract with current tenants but with different rental rates.”
Ake added that his division would propose the plan for new usage of the lands to the SRT board when it meets on November 12.
“SRT had recently established an asset management subsidiary, but it would take time before it could be fully operational, therefore in the mean time the Asset Management Business division would be responsible for maximising the earning potential of existing assets to ensure uninterrupted revenue generation for SRT,” he added. “The plan that we propose, either to extend the contracts or re-auction the lands, would be under short-term contracts to ensure smooth transition when the subsidiary becomes ready to take over the whole asset management operations.
“As for the big lot lands such as at Mae Nam, Km11, and Bang Sue stations, the Asset Management Business division would not adjust the terms of commercial use in the contracts but would let the asset management subsidiary handle it when it becomes ready,” he added.
A source from the SRT revealed that the previous board meeting on October 15 had decided to appoint a chief executive officer for SRT's asset management subsidiary as soon as possible, while its registration as a state enterprise, nomination of board members and recruitment of staff must be completed before the end of this year.