An aerial view shows a new Bang Sue station under construction. (Post Today photo)

The State of Railway of Thailand plans to open bids for the commercial development of land plots at Bang Sue Grand Station worth about 9 billion baht early next year.

Sirima Hiruncharoenvate, director of the SRT's Property Management & Development Department, said on Saturday that the bidding at Bang Sue grand railway station's zone A, covering 32 rai of land, which will be developed for commercial purposes, was expected to be held in March next year.

The project has been approved by Transport Minister Arkhom Termpittayapaisith. Private firms will be chosen for public-private partnership ventures to invest in the project as well, she said.

According to a market analysis, Ms Sirima said private companies both in the country and overseas expressed interest in the project. "The entire investment will be offered for private firms in the project with a 30-year contract. They can also extend the contract for more 30 years, excluding the construction period," she added.

Ms Sirima said Mr Arkhom also instructed the SRT to adjust the project details to be in line with the Office of Transport and Traffic Policy and Planning's (OTP) development plan of the Phahon Yothin Transport Complex before forwarding it to the State Enterprise Policy Office and the PPP committee for approval.

After the bidding, project construction will begin and is expected to be completed in 2019, roughly the same time that Bang Sue station will connect the Red Line railway to Rangsit which is expected to officially open in early 2020.

Ms Sirima said the SRT will adjust a master plan for Bang Sue station's development to be in line with information and suggestions from the Office of the National Economic and Social Development Board and the Japan International Cooperation Agency as well as energy giant PTT Plc's smart city study, incorporating sustainable and eco-friendly energy concepts. As for the bidding for zone B covering 78 rai of land and C covering 105 rai of the station, they are expected to be held at least two years after zone A's bidding as railway systems must be completed first while zone D covering 87 rai area is now under consideration by the OTP.

Meanwhile, Mr Arkhom said the ministry also discussed the commercial development of Bang Sue station with Jica, adding the agency was asked to help in the project as it had expertise in capitalising land for commercial purposes.

The agency also agreed to hold field trips for Thai railway personnel to observe railway systems in Japan, he said.