The SRT board has approved a 30-year lease extension for Central Ladprao, with rental income totaling 33 billion baht. The contract signing is expected in March 2026, with the new lease starting in 2028.
Mr. Anan Phonnimdaeng, Deputy Governor and Acting Governor of the State Railway of Thailand (SRT). He revealed that the SRT board meeting, chaired by Mr. Jirut Wisanjit, approved the lease agreement for the 47.22-rai area at the Phahonyothin Triangle (Central Ladprao) with Central Pattana Public Company Limited, as proposed by SRT Asset Company Limited (SRTA), a subsidiary managing land contracts.
The new lease will last 30 years, from 19 December 2028 to 18 December 2058. Over this period, SRT will receive a total return exceeding 33 billion baht. It is expected that SRTA will sign the lease agreement this March.
Additionally, Central has proposed an investment of no less than 4.5 billion baht to renovate existing buildings and related systems such as electrical, ventilation, communication, sanitation, and fire protection systems, which have been in use for nearly 50 years. The upgrade will also include enhancements to withstand earthquakes. Central plans to complete these renovations within four years.
“Central’s current lease contract expires in December 2028. All building assets, valued at approximately 7.6 billion baht, will revert to the railway. This value is included in calculating the returns for SRTA’s sublease development. The expected return is at least equal to this value, given the area’s high potential and the previous 20-year lease yielding about 21 billion baht. The new 30-year lease thus increases the value to approximately 33 billion baht, which is appropriate and consistent with the extended term.”
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