3.5 Billion Baht Solution Needed for Extension of Bangkok’s Green Line
THE BANGKOK Metropolitan Administration (BMA) will propose to the Bangkok Metropolitan Council (BMC) a sum of Bt3.5 billion to cover the asset transfer of the Green Line’s extensions between the Mo Chit-Kukot and Bearing-Samut Prakan sections.
“The asset transfer should be made before the end of March as scheduled,” said Suthon Anakul, deputy director of the BMA’s Traffic and Transportation Department.
The money, which will be paid to the Mass Rapid Transit Authority of Thailand (MRTA), covers land ownership, real estate surveys, advisory services in accordance with PPP law, advice on design and selection, civil engineering work, and local taxes.
The council, which holds its ordinary annual meeting today, will consider whether to allow the BMA to spend retained funds of Bt3.2 billion on urgent business given the shortfall in its annual budget for the 2017 fiscal year, BMC chairman Pol Sub-Lieutenant Krengsak Lohachala said.
He said the council would also consider a proposal from the BMA on additional budgeting for fiscal year 2017. The BMA will ask for approval in principle to operate the Green Line extension project with its request for an increased budget.
In addition, the BMA will pay more for loans, including principal and interest, and lending fees for the remaining civil engineering works worth Bt17.54 billion, including the principal of Bt15.42 billion and interest of Bt1.88 billion with a lending fee of Bt232 million, said Suthon.
“The BMA wants to open services of the Green Line extension for the Bearing-Samut Prakan section as quickly as possible or at least one station from Bearing to Samrong, which is already completed,” he said, adding that the BMA would be unable to operate the extended metro line if it had not paid for asset transfers.
He said the BMA might confer with the MRTA on whether it could operate the extended line in case the assets was not transferred by March as scheduled. According to MRTA rules, anyone using its assets must pay a rental fee.
However, Suthon said the two agencies needed to talk to find a resolution because the issue dealt with a public service.
“We expect the asset transfer to be completed in March ahead of full completion of the Green Line’s extended section [Bearing-Samut Prakan] as scheduled in 2018,” he added.
Up to 15% Returns on Investment
Fixed return investments fully backed by properties.
*15% p.a. paid at the end of the term on capital gain option*
Submit your email address and a member of our team will contact you shortly. Usual response time is 1-2 hours.
Indian and foreign firms committed an investment of nearly Rs 36,128 crore in Gujarat’s ports sector at the ninth Vibrant Gujarat Global Investors Summit on Friday. Port of Amsterdam signed atripartite agreement for developing a cruise terminal in Porbandar. An...
The facility, which will be utilised for the company's powertrain business, is scheduled to begin production by early 2020. Technology firm Continental on Thursday said it is investing approximately 30 million euros (Rs 240 crore) to set up a new manufacturing plant...
M12 Partner Rashmi Gopinath said the entity will invest in enterprise B2B startups, participating in series A to C rounds with cheque sizes ranging between USD 2-10 million. Betting big on the burgeoning Indian startup ecosystem, Microsoft's corporate venture fund,...
UP TO 15% PER YEAR FIXED RETURN
3 year investment plan, ideal for first-time investors.
Flexible Payment Options
Option to receive interest payments monthly or quarterly.