State-run bus operator Transport Co wants to turn some of its land holdings into extra income. The firm announced it hopes to lease two of the four plots it owns with the company expected to open bidding in the next few months.
The land being made available includes a plot near Fai Chai intersection on the Thonburi-side of Bangkok that is currently vacant and a bus terminal in Chonburi. Both sites are being offered to interested parties on 30-year lease agreements with Transport Co making no mention of extensions.
It remains to be seen just how much interest the pair of leasehold plots brings in, but the bus operator may not be done making moves regardless. It has two other parcels in its portfolio, including the highly-coveted Bangkok Eastern Bus Terminal that is situated next to the Ekkamai BTS station along Sukhumvit Road.
Transport Co has already announced plans to relocate that bus terminal to a site close to Bang Na BTS station near BITEC. It remains to be seen what the future holds for the plot after the move. The Bangkok Post reported this land is valued at roughly THB2.5 billion.
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What will Transport Co do with the Ekkamai land plot?
This is the THB2.5 billion question for Transport Co’s plot near Ekkamai. Given the most recent announcement, it appears that the state-run bus operator prefers not to sell the land outright which would limit the number of interested parties from the start.
Looking at the surrounding area, APAC Ekkamai, a 26-storey office tower, is already being built a few meters across the street. Meanwhile, the Gateway Ekkamai shopping mall is having issues securing tenants despite being connected to the BTS station. Leasehold condominium projects struggle to find buyers without an exclusive location, exceptional branding or both.
Even with a great location, it’s hard to envision anything here being successful in the short term. The best option would be for the site to be converted into a public park or community green space. Of course, that is also the most unrealistic option.
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