He backtracked from his earlier statement that the tower would cost Bt7.6billion.

Atisit also sought to explain that the project needed the Cabinet approval because it would be developed on a plot of land belonging to the Finance Ministry’s Treasury Department.

Located in Bangkok’s Klong San district, this plot sits by the Chao Phraya River.

“The 30-year land lease comes with a rental fee of Bt198million,” Atisit said.

He added that the Bangkok Sky Tower Foundation, which has brought together several private firms, would pay the construction costs.

On Tuesday, Atisit said the Cabinet resolved to exempt the tower project from the State Enterprise Policy Office’s regulation that requires a bidding process.

The Cabinet has waived the need for bidding in a move to speed up the project.