Whilst the FIDF acquired a significant amount of land which it has tried to sell by auction, 3 sales are of particular interest, which include the plot sold to Pojaman Shinawatra in December 2003. All were sold within a relatively short period of time by the FIDF, all are located very close to the Thai Cultural Centre and all were purchased from Erawan Trust by the FIDF.18th August 2003
35 rai (56,000 sq m) of land directly next to the cultural centre was sold to the Ministry of Culture to expand the Thai cultural centre for:
538 Million baht. (38,500 baht sq wah)
18th December 2003
33 rai (53,000 sq m) of land near to the cultural centre was sold to Pojaman Shinawatra to use as a private residence for:
772 Million baht. (58,000 baht/ sq wah)
25th June 2004
50 rai (80,000 sq m) of land adjacent to the cultural centre was sold to MCOT Corporation to expand their Ratchada offices for:
1.12 Billion baht. (55,500 baht sq wah)
Thailand uses it's own measurement for land. The measurements used are:
Square wah (1 sq.wah = 4 sq Metres)
Ngan (100 sq.wah = 1 ngan)
Rai (4 Ngan = 1 Rai)
For imperial measurements: 10 Rai = 4 acres.
In total The FIDF purchased 2 blocks of land on 24th August 1995. The largest measuring a total of 85 Rai, 3 ngan & 65 Sq Wah (85-3-65) was divided into 18 plots. This was converted into 2 land sales The first for 35 Rai, 2 ngan 35 Sq Wah (35-2-35) which was purchased by the Ministry of Culture, and the second 50 Rai, 1 ngan, 30 Sq Wah (50-1-30) was purchased by the MCOT Corporation.
The second and smaller Block measured a total 35 Rai, 2 Ngan & 69 Sq Wah (35-2-69) was divided into 13 plots. After failure to sell this block of land, 2 Rai was removed from the block and a new block measuring 33 Rai, 0 Ngan & 78.9 Sq Wah (33-0-78.9)was purchased by Pojaman Shinawatra.
Property Development company, Land and houses Public Company Limited, put bids in for both the 33 rai plot which was sold to Pojaman Shinawatra and the 50 rai plot which was sold to MCOT Public Company Limited.
On the 24th September 2010, the Civil court ruled to invalidate the sale; citing the Supreme Court ruling. The court ordered Pojaman to return the deeds to the land, and in return was repaid the full purchase price plus interest, for a total of 823 Million baht. The FIDF decided not to appeal.
On the 17th August 2011, Sopon Pornchokchai(โสภณ พรโชคชัย), the FIDF executive chairman for real estate affairs announced that the four plots of land had been auctioned. The winning bid was from real estate developer, Supalai PLC at a price of Baht 1,815,000,000.
