Thailand
Thailand: Tobacco firm to rent plots
The Tobacco Authority of Thailand (TOAT) plans to rent out its land plots in prime areas in Bangkok and the provinces, aiming to increase revenue.
The move is in line with the board’s resolution to rent out its plots with potential.
The authority’s acting governor Nophadol Hantanasarn said the TOAT wants to auction off three plots this year.
The rental period is for 30 years.
The first plot is on Charoen Krung Road nearby the Chao Phraya River, totalling five rai. It is where the first tobacco plant was situated.
The other two plots are in Chiang Rai. One occupies 14 rai in the heart of the province, while the other is in Mae Sai district and covers 75 rai.
The TOAT estimates it will gain at least 1.3 billion baht from leasing these three plots for 30 years.
Mr Nophadol said the auction would be transparent and observed by representatives of the Anti-Corruption Organization of Thailand.
The state authority is scheduled to hold a market sounding event for these three plots on June 28, then sell the bid documents in August before bids are required to be submitted sometime in November.
The TOAT will consider bidders’ proposals in terms of their plans to develop the land, investment value and the benefits the state authority and nearby communities will gain, he said.
The state authority is expected to announce plans to auction additional plots for rent at the end of this year, said Mr Nophadol.
These plots are in Bangkok and northeastern Thailand, he said.
Mr Nophadol said the state authority has several plots in Bangkok and the provinces with potential for development. This property development business is expected to increase the state authority’s revenue.
The TOAT has 6,000 rai of plots across the country, of which 2,000 rai can be rented out as most have been leased to tobacco farmers to plant tobacco.
Source: https://www.bangkokpost.com/business/2327273/tobacco-firm-to-rent-plots