Two significant land parcels owned by the State Railway of Thailand (SRT), situated in prime Bangkok locations, are currently undergoing the process of lease agreement renewals.
The first, the renowned Jatujak Weekend Market, a sprawling 68-rai site and the world’s largest weekend market, benefits from excellent connectivity, particularly its proximity to the BTS Skytrain’s Mo Chit station. The Bangkok Metropolitan Administration (BMA) currently manages the market, with its lease agreement set to conclude in December 2027.
A key development is the indication from Bangkok Governor Chatchart Sittiphan, following his return for a second term, that he is prepared to transfer management of the Jatujak Weekend Market back to the SRT, the land’s rightful owner. Governor Chatchart stated, “The BMA is just managing and administering it as per the government’s policy in 2018. It’s difficult because the rent is set at 1,800 baht per stall per month, and any changes require permission from the State Railway.”
While an informal agreement on the handover is reported to exist between high-level officials from the BMA and the Ministry of Transport, a significant hurdle remains: a debt of 1.338 billion baht owed by the BMA for rent dating back to the initial year of its management. Governor Chatchart has affirmed his principle that “debts must be repaid if the figures are accurate and fair.” However, this statement is met with skepticism, particularly given that the Jatujak Weekend Market, comprising 10,334 stalls, collects monthly rent from vendors. Vendors report consistently paying their rent, which ranges from 3,000 to 30,000 baht per stall per month depending on location, even amidst a reported 60% drop in sales due to the COVID-19 pandemic.
Vendors also express concern that a shift in management from the BMA to the SRT could lead to an increase in rental fees, potentially reverting to rates similar to those seen in 2012, which stood at 3,157 baht per stall per month. These higher rates were in effect from 2012 to 2018 before the management was returned to the BMA under the Prayut administration.
The second notable property is the Or Tor Kor Market, a 35-rai site located near the Jatujak Weekend Market and the MRT’s Kamphaeng Phet station. Its lease is also scheduled to expire at the end of 2027. Managed by the Ministry of Agriculture and Cooperatives, Or Tor Kor Market is recognized globally as a premier fresh market, having been ranked the 4th best in the world in 2017.
Currently, Or Tor Kor Market is experiencing a downturn in purchasing power and a decline in the number of operating shops, attributed to the sluggish economy and uncertainty surrounding its lease with the SRT. A fruit vendor reported that approximately 40% of the stalls have closed due to poor sales, with revenues falling by 50-60%. While loyal customers continue to patronize the market, their spending has decreased. This vendor has reduced their stall count from two to one, halving their monthly rent from 20,000 to 10,000 baht per stall. The primary anxieties among vendors revolve around potential rent hikes post-lease expiration and the lack of recent improvements or maintenance to the market area, which has reportedly been neglected for an extended period.
These concerns voiced by vendors from both landmark markets serve as a critical appeal to management and government authorities, urging timely action to avert the potential decline of these iconic marketplaces into mere historical footnotes.