Central Ladprao shopping mall is preparing to celebrate after the State Railway of Thailand's asset oversight subcommittee conducted a detailed review of the lease agreement for the 47.22-rai Phaholyothin Triangle land. They are set to present the findings to the board for approval on 15 Jan 2026, following new terms agreed upon by SRTA and Central to renovate the nearly 50-year-old building.
A source from the State Railway of Thailand (SRT) revealed progress in negotiating the lease for the approximately 47.22-rai land at the Phaholyothin Triangle, currently home to Central Ladprao shopping center. The existing lease will expire on 18 December 2028. Currently, the review and verification of the lease details and new improvement conditions between SRT Asset Company Limited (SRTA), an SRT subsidiary, and Central Inter Development Company Limited, are proceeding smoothly.
The source stated that the SRT asset management oversight subcommittee has thoroughly examined the negotiation results from all aspects—including legal, financial, and future project development plans. The preliminary findings are positive, with no issues hindering the next steps.
SRTA reported to the subcommittee that Central Inter Development Company Limited is ready to invest an additional approximately 4.5 billion baht under the revised lease agreement. Beyond commercial development, negotiations included SRT's proposals emphasizing structural improvements to the building and overall project to enhance the long-term value of state assets.
The source added that the Central Ladprao shopping center building has been in use for nearly 50 years. This renovation and redevelopment present a key opportunity to increase the potential of SRT's land and assets, aligning with current economic conditions and usage. Both parties have agreed in principle and finalized key terms.
Next, the SRT asset management oversight subcommittee will compile the review results and negotiation outcomes between SRTA and Central Inter Development Company Limited to present to the State Railway of Thailand's board meeting scheduled for 15 January 2026. The board will consider approval of the new lease plan and the development plan for the 47.22-rai Phaholyothin Triangle land officially.
Reporters noted that on 25 December 2025, the SRT board asked for a review of the negotiation report with Central Inter Development Company Limited regarding the use of the shopping center land at the Phaholyothin Triangle (Central Ladprao project). The review focused on returns and suitability of the proposal. The board did not yet approve SRTA to proceed with the lease agreement.
This was because the board wanted the SRT asset management oversight subcommittee, responsible for asset management, commercial area development, and revenue generation, to further examine the returns proposed by the private party. There was a possibility of negotiating additional details to ensure SRT gains the maximum benefit from managing these assets.
However, according to SRTA's report, the key point of the lease renewal plan is to extend the lease for an additional 30 years beyond the current expiration in 2028. The private lessee, Central, has preliminarily proposed investing about 4.5 billion baht to renovate the building and upgrade infrastructure systems such as elevators and escalators.