Crown-owned Chidlom plot linked to bribery scandal up for lease

The plot on Chidlom Road, where the head office of the now-defunct Telephone Organisation of Thailand was located, began making headlines last month after the developer was taken to court for bribery charges.

The suspect is a younger brother of former Future Forward Party leader Thanathorn Juangroongruangkit.

The developer, Sakulthorn Juangroongruangkit who is CEO of Real Asset Development, was charged in the Central Criminal Court for Corruption and Misconduct Cases on September 19.

He was charged with paying a bribe of 20 million baht to Prasit Apaipolcharn, a former officer of the bureau, and broker, Surakit Tungwithoonwanit, in 2017. Both Prasit and Surakit were slapped with jail sentences and released in December 2020.

Sakulthorn, meanwhile, has denied all charges and the court has scheduled the first hearing on November 16.

The plot is being eyed by many leading real estate developers because it is in a prime location and is next to several mega mixed-use projects.

Sources from the Crown Property Bureau said it has been inviting interested developers to buy terms of reference to tender their proposals during the past month.

The bureau provides options for developers to lease the plot for 30, 50 or 60 years, depending on their plans. The type of development is not restricted and can be any mixed-use development, shopping mall, office building or anything else the developer may want.

Sources said the bureau will have bidders submit their envelopes on December 22 and winners should be selected within January.

The price of the plot has been estimated by the Treasury Department at 1 million baht per square wah, though the market price in the zone is about 3.6 million baht per square wah, believed to be the most expensive in Thailand.