Klong Toey revamp plan to hit cabinet this month

The final report on the 490-billionbaht development of the Klong Toey port area is expected to be wrapped up before the end of this month before it is tabled for consideration, says the Port Authority of Thailand (PAT).

The plan carries with it the ambition to turn the port area in Bangkok into a world-class trading centre, said Somchai Hemthong, the PAT assistant director-general for asset management and business development.

The PAT-prepared development plan for the 2,300-rai port area aims to provide a new revenue stream for the government and pull in tourists.

Mr Somchai said if cabinet approves the plan, the PAT will establish a subsidiary firm to manage the assets.

The land earmarked for the plan is divided into four zones, he said. Zone A comprises land for offices and so-called “smart community” residences. Zone B will feature a “smart port” and centre for water transport logistics. Zone C is for retail commerce, hotels and department stores. Zone D has been designated for warehouses and a sports complex.

Worawat Wassanont, deputy manager of the group formed to study the master plan, said the Bangkok Port sits among areas in the city with the highest potential for commercial development.

The project will be called “Siam Gate” to reflect its goal of creating a global trading centre. Companies will lease the land for 60 years and the project will generate an estimated 10 trillion baht during the concession period, of which around 1.4 trillion baht will be profit.

Mr Worawat said the project will cost 490 billion baht over 20 years.