On June 16, 2025, the State Railway of Thailand (SRT) announced that its Board of Directors had approved the selection of a commercial operator for Bangkok Apiwat Central Station following an open bid process. The rights were awarded to the PGWR joint venture, comprising Prem Group Engineering Co., Ltd. and Warapatthanasap Co., Ltd.
PGWR has been granted the right to operate commercial spaces within Bangkok Apiwat Central Station, covering a total area of 47,675 square meters for a period of 20 years. The project aims to transform the station into a new lifestyle destination in central Bangkok, featuring retail centers, restaurants, leisure zones, and comprehensive services, generating sustainable income for SRT.
The commercial space will be handed over in phases:
- Year 1: Approx. 10,687 sq.m.
- Year 2: Additional 7,694 sq.m.
- Year 3: Additional 7,694 sq.m.
- Remaining 21,600 sq.m. expected by Year 5, aligned with the launch of the Bangkok–Nakhon Ratchasima high-speed rail and the three-airport rail link.
PGWR proposed a minimum guaranteed return of ฿79.9 million in the first year, with total returns (including rental and maintenance fees) reaching ฿158.6 million—higher than SRT’s other nearby leases.
SRT projects the following revenues:
- Year 2: ฿222 million
- Year 3: ฿288 million
- Year 5: approx. ฿487 million
These projections account for the area delivered, rental rates, and inflation-adjusted minimum guarantees, as well as a 10% increase in common area fees every three years. Over the 20-year contract, SRT expects to collect about ฿8 billion in total returns.
To mitigate project risk, PGWR is required to provide a performance guarantee throughout the contract duration. SRT’s board also directed the formation of a dedicated oversight committee to ensure the contract's objectives are strictly followed. This project marks a significant milestone in SRT’s asset management strategy, positioning Bangkok Apiwat as a national transportation and commercial hub.