Bangkok Revives Stalled Mega-Project to Generate 1.25 Billion Baht

The State Property Fund has revived the Mochit Complex project, a major mixed-use development on prime Bangkok land that has stalled for over three decades, aiming to generate 1.25 billion baht in state revenue.

Akkrut Santhayanan, director-general of the State Property Fund, revealed positive momentum on the Mochit Complex project—a real estate development at the former bus terminal site—after a 32-year delay since 1992. Bangkok Terminal Company (BKT), the original concession holder, is now moving forward under the existing contract without renegotiating. The project concept design is expected to be finalized soon.

"My goal is to push this project forward within the next year before my retirement, achieving clear and tangible results," he stated.

If the project succeeds, it is projected to generate approximately 1.25 billion baht in revenue for the Ministry of Finance through two main streams: an upfront fee of around 400 million baht, and recovery payments from funds previously advanced to the Bangkok Mass Transit System (BTS) to lay foundational infrastructure for future real estate development.

The development framework remains unchanged: the project will utilize approximately 700,000 square meters, allowing the private developer to construct hotels, shopping malls, or residential units as appropriate, with the requirement to reserve 1,000 square meters for a bus terminal.

Recently, plans for an elevated link connecting Vibhavadi Rangsit Road and Don Muang tollway have been canceled, eliminating the need for additional land acquisition and allowing normal road access to be restored.

The concession period follows cabinet resolution, setting a 50-year term divided into 30+10+10 years. However, the timeline does not begin until construction is completed.