Makkasan land deal derails
The Finance Ministry has backed away from developing the 500-rai Makkasan plot owned by the State Railway of Thailand under a debt-for-land deal with the rail agency. The State Enterprise Policy Commission, or the superboard, earlier agreed to a proposal that the SRT lease the Makkasan plot to the Finance Ministry’s Treasury Department for 99 years for commercial development in return for clearing 61-billion-baht of its debt. The Council of State later gave the deal the green light, saying SRT land could be developed for commercial purposes. Deputy Transport Minister Ormsin Chivapruck said Finance Minister Apisak Tantivorawong suggested the SRT develop the land itself if it is ready to do so. If the Finance Ministry is to develop the land, it needs to hire consultants to conduct a feasibility study again, Mr Ormsin said, citing Mr Apisak. The SRT had hired consultancy firms to conduct a study again, Mr Ormsin said, citing Mr Apisak. The SRT had hired consultancy firms to conduct a study earlier, the deputy transport minister said.
