CPB triples rents

16 02 2019

The Crown Property Bureau has often argued that it is a kind of “social entrepreneur” or should we say “social rentier,” claiming to maintain low rents for long-term clients.

We know this to be something of an exaggeration as it was hugely increased rents that assisted the CPB’s recovery following the Asian economic and financial crisis in 1997-98.

As regular readers will know, PPT has been posting on King Vajiralongkorn’s personal control of property and land. The latter including much property in the so-called Royal Plaza area.

Hence, a couple of sentences in a recent Bangkok Post story caught our attention:

The Suksapan store’s Ratchadamnoen branch, a state stationery store, finally closed its door on Friday after faithfully serving parents and students for almost seven decades.

The Suksapan store falls under the umbrella of the Ministry of Education. It is a subsidised commercial project under the Office of the Welfare Promotion Commission for Teachers and Educational Personnel (Otep), a state body responsible for publishing school textbooks.

Sukon Tourton, a former manager at the Suksapan store’s Rajadamnoen branch, said:

The rental fee was too high. The branch had to pay about one million baht per month as rent to the Crown Property Bureau and the fee was set to increase to three million baht per month if we wanted to stay at the same spot. We cannot make a profit under these circumstances….

Tripling rents on CPB property will certainly put the squeeze on many CPB renters. The notion of the CPB as “social rentier” is no longer a viable “excuse” for the CPB’s continuing secrecy about its finances and massive income. Of course, all that income goes to the king’s pocket.



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