The State Railway of Thailand's (SRT) plan to exchange its 500-rai plot of land in Makkasan to clear its multi-billion baht debt is poor value for money, says the State Railway Workers' Union of Thailand (SRWUT).
The union was dissatisfied with a deal between the SRT and the Treasury Department, in which the department stands to pay 60 billion baht to lease 497 rai of prime land for 99 years, a figure that has sparked controversy over the actual value of the land, says Bulakorn Thammanon, the SRWUT's secretary-general.
The union said it would seek a meeting with the transport minister next week to discuss the matter.
"Is this considered correct and fair?" asked Mr Bulakorn, who says the land's value is at least 200 billion and the SRT's debt is much less at 70 billion baht.
The plot should be turned into a park to serve the public above ground, while the underground part could be a railway repairs factory, he said.
Conflicting appraisal values between the SRT and the Treasury have delayed proposals to develop the Makkasan land.
The union says the land also has historic significance, so should not be leased for less than it's worth. King Rama V gave the Makkasan area to the SRT, hoping the land would be used to support the railway business, reduce costs and provide inexpensive services to people, he said.
A past government also tried to sign a deal with a private company to develop the land, to no avail. Now the current government is trying to follow suit, the union said.
In its plan to protest against the SRTTreasury Department deal, the union asked SRT staff to prepare for action.
If talks fail, the union would send a decisive message signalling it was time to move, it said.