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Baht/$ 34.05/10 (Bid/Ask)
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13,350
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PROPERTY
WICHIT CHANTANUSORNSIRI
Dhanarak Asset Development plans to invest 200 million baht in a pilot project to develop property for commercial use under expressways in Bangkok.
Managing director Surachai Eamvachirasakul said space would be developed into mini-malls and rented out to entrepreneurs.
The Expressway and Rapid Transit Authority, the owner of expressway property in Bangkok, has already finalised an agreement to lease out space to Dhanarak Asset Development (DAD).
DAD in turn would renovate the space for use by small-scale entrepreneurs in keeping with policies set by Finance Minister Surapong Suebwonglee that the government should offer greater assistance to low-income residents and small businesses to spur development.
Four areas have been identified for the programme, expected to start in November: Sukhumvit Road near Soi Nana; Silom Road near Lerdsin Hospital; space along the Ekamai-Rarm Intra Road; and expressway property near the Victory Monument.
Mr Surachai said DAD would build 2,000 booths, each covering nine square metres, for leasing to entrepreneurs at 100 baht per day or to companies at a commercial rate of 600 baht per day.
''We want to attract larger retailers as well to use the space, as they will serve as magnets to draw consumers to the area,'' said Mr Surachai. But he added that priority would be given to small-scale entrepreneurs.
Booths would follow a single standard to simplify construction and minimise cost but were expected to be used in different ways.
''The concept will be different for each area,'' said Mr Surachai. ''The Sukhumvit area might use a 'Shopping Street' concept, while at Ekamai-Rarm Intra, we could develop the area to be a night shopping bazaar.''
The Finance Ministry ultimately hopes to open 10,000 booths at 15 locations, although final figures will depend on demand from potential shop operators.
Mr Surachai said the 200-million-baht investment budget for developing facilities in the first four areas was expected to be returned within six to seven years.
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