Board of Airport of Thailand Plc has approved plan to lease out 37 pieces of land around the Suvarnabhumi Airport for seven development projects in an auction, according to managing director Serirat Prusutanont.

A combined of 1,140 rai (475 acre) land set to be developed for a shopping arcade of office buildings, entertainment complex, hotels and hospital with 10-20 year contract is expected to cost around 10 billion baht to build.

“We have studied the possibility of the project for years. It is set to kick off in the last year but it has been prolonged due to the country’s economic recession,” Mr. Serirat said.

He said the investment would be formed as a joint venture according to the state Act that requires projects of more than 1.0 billion baht in value to operate using the state lands.