The state-owned GH Bank will join with the Port Authority of Thailand (PAT) to develop a high-rise residential project in the Klong Toey area for low-income earners.
The project, which is to replace a slum, will have units for rent or lease to low-income earners living in the Bangkok port area, said Deputy Prime Minister Somkid Jatusripitak.
"I delegated Chatchai [Sirilai, the GH Bank president] on March 20 to speed up talking with PAT to develop a high-rise residential project for low-income earners in the Klong Toey area and facilities such as schools," Mr Somkid said.
He said the residential project is the best solution to develop the Bangkok port area and community.
"The location of Bangkok port has high potential for property development because it is close to business centres of Bangkok such as Sukhumvit," Mr Somkid said. "The development can benefit the Klong Toey community because dwellers can operate business and tourism."
The PAT can also generate higher revenue from commercial complex development, of which the high-rise residential project will be a part.
PAT assets amounted to 1 trillion baht in 2018, but the agency generated a mere 5 billion baht in profit.
Mr Chatchai said GH Bank and PAT officials will meet next week to discuss the development plan.
Previously, Mr Somkid authorised the Transport Ministry to conduct a master plan to develop 2,353 rai of Bangkok port's land plots spanning 31 communities with 13,000 families.
To conform to the initiative, the PAT will let the private sector develop the land plots as a new landmark in Bangkok with a 30-year development period, building smart communities to solve congestion problems.
The auction is set for some time this year.
According to the master plan, the complex will comprise three commercial zones: exhibition and convention centre, commercial areas and logistics centre, and serviced apartments.
Earlier, Deputy Transport Minister Pailin Chuchottaworn said the PAT would spend 7.5 billion baht to build 6,144 condo units at Soi Trimitr on Rama IV Road for dwellers of 26 slum communities encroaching on PAT land spanning nearly 200 rai in Klong Toey district.
The project will comprise four 25-storey residential towers with a total of 6,144 units. Each tower will have 1,536 units, each sized at 33 square metres. The first to fifth floors will be for common areas and parking, and the sixth to 25th floors will be for residential units.
