The winner will be announced in April 2007. The project will call for an investment of up to Bt10 billion.

Earlier, seven property developers offered their proposals to develop the Suan Lum Night Bazaar into office buildings, retail areas, residential and entertainment complexes.

They included TCC Land Co, the property arm of beverage tycoon Charoen Siriwadhanabhakdi, Sansiri, Natural Park, Siam Piwan Co in partnership with MBK, Central Pattana, City Realty and the Maleenont Group.

The lease between P Con Development (Thai) Co Ltd - which developed the 120-rai plot on Rama IV into the Suan Lum Night Bazaar - and the Crown Property Bureau (CPB) expired on March 31, 2006. But P Con Development could not yield the land to the bureau on time. As a result the bureau had to delay its decision for a final deal with another property developer to establish new integrated projects at this location.

"We have set up a period to move all buildings and shops out of the Suan Lum Night Bazaar by the end of April 2007 or 10 month from now. If they don't do anything, we will turn to the legal process," Chirayu Issarangkun Na Ayutthaya, director of the bureau, said at a press conference yesterday.

The Crown Property Bureau, an agency that manages assets for the monarchy, is also considering developing its 15-rai plot at Rang Suan Lumpini on Wireless Road into a retail or residential complex next year. This project will involve negotiating with existing renters to jointly develop the project, he said.

He added that the bureau's policy was to develop its assets into profitable ventures and have a good relationship with its renters and the Bangkok community.

"Profit is not our goal," Chiraya said. "We want to take part in developing communities which are located on our land and to pursue social goals. We plan to set up a budget of up to 30 per cent of our income to develop our communities - up to 100 now - and achieve social targets such as education. We also plan to renovate old buildings and oldest fresh market in the Kingdom."

The bureau expects revenue of nearly Bt10 billion this year. Eighty per cent of its revenue will be in the form of dividend payments from its three subsidiaries: Siam Commercial Bank, which pays dividends of Bt3 per share, Siam City Cement Plc, which pays Bt15 per share, and Daves Insurance Plc, Bt12 per share. Rental fees from 34,000 contracts around the country comprise the rest of its revenue. 24,000 of its rentals are in Bangkok.

 Chirayu said that the bureau now had 34 communities under development through "Baan Mang Khong", a joint venture with the government to provide housing for low-income earners. "Ruam Samakee on Ramkamhaeng 29" is the first project completed in the development under Baan Mang Khong.

The CPB is also considering adjusting rents to support low-income individuals who have rental contracts with the bureau. These represent 8,000 contracts, which have to be renewed this year, out of 24,000 in Bangkok.

"We had a plan to increase rental fees to nearly the market level but now the cost of living increase following the oil price rise has caused us to adjust our rental fees lower than our target, depending on location and our renter's income," he said.

Meanwhile, a Bt10-billion plan to renovate the middle of Ratchadamnoen Road into a shopping and cultural area has continued to develop based on a draft by the National Economic and Development Board.

Chirayu said that after the Government Lottery Office decided to move from Ratchadamnoen Road the way was open to develop the area according to plan.

"We believe that this project will be completed by 2008, the year to celebrate His Majesty the King's 80th birthday," he said.

Somluck Srimalee

The Nation