Controversial Land Purchase by Sansiri Raises Questions About Price Inflation

The Most Expensive Land Purchase in Thailand’s History Sparks Controversy

In a recent Facebook post, Mr. Chuvit Kamolwisit, a former politician, drew attention to a staggering land price of 4 million baht per square wah, marking it as the highest ever recorded in Thailand. The land in question is located on Sarasin Road in the Lumpini area and was acquired by renowned land development company, Sansiri, in 2019.

The specific plot encompasses an area of 399.7 square wah, with a total price tag of 1,570 million baht. This jaw-dropping figure has been duly noted in the records of the Lands Department, further fueling the intrigue surrounding the transaction.

Given that the current market appraisal value stands at a mere 1 million baht per square wah, questions naturally arise about the reasons behind such an exorbitant purchase. While one might argue that the purchase price already exceeded the appraisal value, the critical question remains: was Sansiri willing to pay such a considerably higher price?

In response to these inquiries, Sansiri clarified that they paid a portion of the amount, specifically 301,000 baht, in cash, while the remainder was paid through checks and cashier’s checks. Interestingly, an individual with only 10,000 Sansiri shares, currently valued at 18,500 baht, was requested to present checks for verification of the payment. This raises further questions about the identity of the check issuer, the associated bank, the payment date, and the exact amount.

As a publicly listed company, Sansiri cannot conceal this information, particularly considering that the check is allegedly issued by someone other than the landowner. This substantially impacts the explanation provided, as the term used is “change” instead of “deposit” for the hundreds of millions of baht transacted.

While it is unreasonable to expect such a significant sum to be paid in cash, even for an individual, the volume and nature of the checks utilized by Sansiri remain undisclosed. Whose names appear on these checks? How many checks were issued, and for what amounts? These vital details continue to elude the public.

A Matter of Integrity in the Face of Potential Leadership

Compounding the intrigue is the fact that Sansiri’s former senior executive is poised to become Thailand’s future prime minister. However, Mr. Srettha, the Managing Director, vehemently denies personal involvement, emphasizing that his actions were solely carried out with the appropriate approvals.

Comparably, this echoes the responsibility of a prime minister. Can one hold the position accountable for corruption when they claim sole responsibility for approval while subordinates allegedly proceed independently? History serves as a reminder, referring to the case of the “rice pledging scheme” where former Prime Minister Yingluck was implicated, ultimately resulting in her evasion of legal consequences while her subordinates faced imprisonment.

While awaiting potential premiership, it is crucial to learn from such cases and maintain impeccable integrity. Alternatively, Mr. Srettha may consider reverting to his previous profession as a land trader, as the scrutiny associated with political leadership could prove unforgiving.

Only time will reveal the true outcome—will he succeed as prime minister or succumb to the challenges posed by public scrutiny.

Mr Chuvit Kamolwisit, a former politician, posted on Facebook stating that the land is 4 million per square wah.

The most expensive Thailand has ever had.

Price of land on Sarasin Road, Lumpini, which has been bought by a big land development company like Sansiri since 2019.

Area 399.7 square wah, total price 1,570 million baht, there is a record in the Lands Department for this purchase price.

it will be spinning price or what is the price so high

Although the current appraisal price is only 1 million baht per square wah.

He can say that “it’s a purchase price” is already higher than the appraisal price.

But will Sansiri be willing to buy at a price that much higher than the market price?

Sansiri responded that Pay in cash only 301,000 baht, otherwise pay by check and cashier’s check

Who has only 10,000 Sansiri shares, the current market value is only 18,500 baht?

Please help present checks for check paying Sansiri Plc Who is the name checker? Which bank? When is the payment date? How much money?

Bring a copy of the check for verification. Being a listed company cannot be hidden.

Because the name on the check is not actually the name of the “seller”

That is the key to the answer. Hundreds of millions of baht deposit noted in the Land Department Enter a check payment in the name of someone other than the owner of the land

He called it “change” not “deposit”.

Of course, Sansiri wouldn’t have paid that much in cash anyway. Payment must be made by check according to the large company’s system.

Even a normal person would not use that much cash as a land deposit.

But how many checks are there? How many cards How much is each card? Whose name?

This is a listed company. and former senior executives is the man who is set to become Thailand’s prime minister in the near future

Mr. Srettha only insists that he is righteous “Managing Director” is not about himself. Act for approval only

It’s the same as the next. “Prime Minister” when there is corruption, can you say that? I am the only person signing the approval. The rest of the subordinates continue.

Don’t know about it, like the case of “promising rice” that the former Prime Minister Yingluck has to escape the case to this day. and left his subordinates to go to prison in rows

Learn well as you are not prime minister yet.

or better go back to being a land trader

When is the prime minister I will not survive.

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