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Sep. 5--The government's decision to scrap the Purple and Orange subway lines and replace them with a cheaper bus transport system not only disappointed people in several Bangkok suburbs, but will likely have a major impact on the national economy.
The revised plan will probably and immediately cause a drop in both land prices and business activity in the areas where the subway was mapped and prepared for construction. Housing estate developers are likely to be hit hardest in coming weeks and months, as some have already acquired land at prices inflated by the expectation of convenient mass-transit links.
Commercial property developers and retailers who had been counting on being near a subway route also expect economic problems. At least, they can count on a customer base from their immediate neighbourhoods and communities.
Phisut Methakijvaroon, the project manager for JP Max Co, the operator of ...