CPB to draft ToR for property projects
The Crown Property Bureau plans to draft the terms of reference this year for three sites that it owns in central Bangkok with a combined 9.3 rai while developing its first condominium on Lang Suan Road.
"Our policy is to develop our underused land after the environment around them changed. That will make them generate more return than now," Somboon Chaidejsuriya, director of CPB Equity Co, said at a group interview yesterday.
Construction of the condo project on 13 rai of land will commence in the last quarter of this year and will be completed in 2014.
The largest of the three sites is the Chalermrat fresh market, which occupies seven rai in the Pratunam area. Located at the junction of Ratchaprop and New Phetchaburi roads, this market has been in business for more than 30 years but its infrastructure and facilities have never been renovated.
The CPB will seek a company to redevelop this market and construct a commercial building to serve market demand.
The CPB has already sent a letter to the tenants and plans to clear all of the older rental contracts by the middle of next year.
"However, we have a condition in the ToR for this plot that the party that gets the new contract has to take care of our older tenants," Somboon said.
The CPB will disclose the winner for this plot in the middle of this year.
The next plot with two rai, three ngan of land is at the Ratchathewi intersection. Bidding will be opened in the last quarter of this year.
And the last one is a 300-square-wah spot on Soi Pipat off Silom Road. The ToR can be picked up from May 10-June 21 and the winner will be known in September.