Bangkok: The Thailand Tobacco Monopoly (TTM) is taking a significant step towards enhancing the value of its real estate assets by partnering with private companies to develop prime locations in Chiang Rai, Khon Kaen, and Bangkok. This initiative aims to leverage the potential of these properties to stimulate economic growth and address social needs.
According to Thai News Agency, TTM recently held a signing ceremony marking a new three-party integrity agreement with the Anti-Corruption Organization (Thailand) (ACT) and the leaseholders. The selected projects emerged from a competitive bidding process and are expected to transform the respective areas.
In Chiang Rai, ChivaCare Co., Ltd. secured a 10-year lease for the former tobacco office warehouse, intending to convert it into a health center, nursing home, and rehabilitation facility. This development aims to cater to the needs of the elderly population and improve healthcare services in the province.
In Khon Kaen, PTT Oil and Retail Public Company Limited (OR) won a 30-year lease for the Ban Phai Tobacco Office's employee housing unit. The plan is to establish a comprehensive fuel station and retail business, creating jobs and driving economic activity in Ban Phai district.
The Bangkok project, awarded to Rods Antique Co., Ltd., involves a 10-year lease of the Warehouse R.Y.S. 1 on Charoen Krung Road. This initiative focuses on conserving the architectural heritage, following guidelines from the Fine Arts Department, while transforming the site into a commercial and cultural hub.
Mr. Phumijit Pongphanngam, Governor of TTM, emphasized that these projects, backed by integrity agreements, national partners like PTT, and specialized companies such as ChivaCare and Rods Antique, underscore TTM's commitment to sustainable economic and social policies. The developments are set to become significant economic landmarks, showcasing TTM's strategic real estate capabilities.
The Anti-Corruption Organization (Thailand) (ACT) observer, Mr. Prayong Hiranyavanich, praised TTM's proactive approach in adopting the Integrity Pact principle for property leasing. He highlighted the importance of transparency in the bidding process, which is vital for establishing public participation standards and ensuring sustainable government revenue.
Looking ahead, TTM plans to auction additional promising land plots, including significant properties in Bangkok and Chiang Rai. These auctions are expected to attract investors and contribute further to regional economic development.
Potential investors are encouraged to contact the Property Management Division of the Tobacco Authority of Thailand for more information or visit their website for updates on property rentals and registration details.