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Abstract
At present, PPP (Public-Private Partnership) plays an important role in infrastructure project development. This is attributable to the fact that many governments around the world have a budget constraint and may try to prioritize their budget for other developments in need. Allowing a private sector to participate in investment is an important step towards the cost-saving for a government. The private sector has an advantageous opportunity in the investment partnership, and public users tend to have superior service. Thai government envisages potential advantages of PPP and adopts this practice in various projects. However, the new mega project linking 3 airports is one of the first highspeed rail projects in Thailand of which the Thai government has insufficient experience. There are serious concerns whether the PPP adoption could enable a viable option. Therefore, this study aims to analyze benefits and risks of PPP adoption in the High-Speed Rail Project Linking 3 Airports in Thailand. Lifecycle assessment has been carried out by breaking down the project into various phases. Field data have been gathered from different sources such as an official website, feasibility study reports, annual reports of related government agencies, and opinions from technical experts in private sector. Financial analysis is used to analyze and calculate related financial values. The results reveal that the PPP adoption in this project yields different benefits and risks depending on each phase of the project. Adopting PPP can overcome key limitations and provide some real benefits that the traditional approach cannot. Simultaneously, there are risks incurred from the PPP adoption due to the complexity in PPP partnership such additional transaction costs and interrelation complexity. However, the risks can be managed by a rigorous plan and practice. Both governmental and private sectors need to collaborate to ascertain the project's success.
Highlights
PPP (Public-Private Partnership) plays an important role in any investment that needs high initial capital such as a railway project
The high-speed rail (HSR) project connecting 3 airports will be implemented on existing infrastructures and route corridors of existing ARL (Airport Rail Link Line)
The business space development to support the railway services in Makkasan area, which belongs to SRT (State Railway of Thailand) of 150 rai, needs to be integrated with the development of the HSR line extensions to maximize benefits and value
Summary
PPP (Public-Private Partnership) plays an important role in any investment that needs high initial capital such as a railway project. The most recent project that has adopted this investment approach is the new High-Speed Rail Project, connecting 3 airports including Suvarnabhumi International Airport, Don Mueang International Airport, and U-Tapao International Airport (Eastern Economic Corridor Office, 2018). The high-speed rail (HSR) project connecting 3 airports will be implemented on existing infrastructures and route corridors of existing ARL (Airport Rail Link Line). This HSR project adopts the standard-gauge rail track system. Its corridor contains 9 high-speed stations, namely, Don Mueang, Bang Sue, Makkasan, Suvarnabhumi, Chachoengsao, Chonburi, Sriracha, Pattaya, and U-Tapao. The business space development to support the railway services in Makkasan area, which belongs to SRT (State Railway of Thailand) of 150 rai, needs to be integrated with the development of the HSR line extensions to maximize benefits and value. The area of 25 rai at Sri Racha station can be re-developed as a Transit-Oriented Development (TOD) immediately (Fig. 1)
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