BANGKOK — A new business consortium has secured a 20-year concession to manage nearly 48,000 square metres of commercial space at Thailand’s central rail terminal, following a tender process overseen by the State Railway of Thailand (SRT).
On 12 June 2025, the SRT Board approved the concession for Krung Thep Aphiwat Central Terminal—also known as Bang Sue Grand Station—to PGWR Consortium, the only bidder to submit a proposal after tenders were released in March 2023. The commercial space under contract spans 47,675 square metres within the country’s primary rail hub.
PGWR Consortium has committed to a first-year minimum revenue guarantee of 79.9 million baht (approximately $2.4 million), plus monthly rental fees and service charges. The deal includes a 500 baht per square metre rental rate, inflation-linked price adjustments every three years, and a monthly common area service fee of 150 baht per square metre, subject to a 10 percent increase every three years. These terms are expected to generate around 158.6 million baht ($4.82 million) in revenue for the SRT in the first year alone.
Krung Thep Aphiwat Central Terminal, located between Chatuchak and Bang Sue districts, has served as Thailand’s main railway terminal since January 19, 2023. It is the largest station in Southeast Asia, covering over 274,000 square metres of floor space with 26 platforms and a total site area of 919 acres. The facility replaced the historic Hua Lamphong station for long-distance rail operations.
The winning consortium comprises Prem Group Engineering Co., Ltd. and Warapattanasub Co., Ltd. Prem Group has completed 62 government contracts valued at more than 1.6 billion baht ($49 million), working with agencies such as the Ministry of Finance, Royal Thai Police, Bangkok Metropolitan Administration, and international firms including Siemens and Sumitomo Corporation.
Warapattanasub Co., Ltd. is known for developing City Park Chaeng Watthana – Muang Thong Thani, a 1 billion baht ($30.5 million) retail project that opened in 2016. The development blends commercial space with urban greenery and draws design inspiration from iconic New York City landmarks.
