THAI announces plan to sell unused/under-utilized properties

Thai Airways International Public Company Limited (THAI) announced the intention to sell properties in Thailand and overseas which are unused or not fully utilized, based on property management principles for the company’s benefit.

 

Mr. Charamporn Jotikasthira, THAI President, said that property management is part of the company’s transformation plan in order to reduce repair and maintenance expenses. The intention is to optimize property management since it is not part of core aviation business. THAI’s Board of Directors approved the initiative on 19 October and 28 December 2015.

 

The company’s properties that are up for sale are land, office buildings, and residences for staff in Thailand and overseas that are no longer necessary or are not fully utilized. There are nine properties in Thailand that have been unused for several years, which the company has no plans to utilize them, including: Mae Hong Son, Phitsanulok, Udon Thani, Nan, Trang, Surat Thani, Phuket, and two properties in Hat Yai.

 

There are 10 overseas properties including staff residences in London, Jakarta, Copenhagen, and two properties in Singapore, sales offices in Sydney, Rome, Madrid, Hong Kong, and Penang. Even though THAI continues to serve these destinations, these buildings are no longer suitable for current business operations as they are either too large or not necessary and need repair that incur expense and administration.

 

The management of THAI’s properties will proceed transparently based on the company’s policy, which will begin by hiring a property assessor and realtor. Those interested in purchasing these properties will be given the opportunity to deal directly with the company, which will take consideration to value, suitability based on market value, and the property management viewpoint.

 

In addition, the company also plans to adjust property utilization by allowing the rental of office space in its buildings.