Found in 1917, Chulalongkorn University, a.k.a. Chula, is Thailand’s most prestigious higher education institution. With 1.76 sq kilometers (1,100 rai) of property in the heart of Bangkok, it’s also sitting on some of the most valuable real estate in Thailand. After years of asking, Chula has finally gained the government’s nod of approval to knock down shophouses to make way for its multi-billion-baht redevelopment projects but shopkeepers in Siam and Sam Yan—some of whom have been renting there for decades—are understandably upset. We spoke to Associate Professor Permyot Kosolbhand, chief of the Chulalongkorn University Property Management Office, to get his spin on Chula’s big plans.

“It’s a dilemma. If we don’t do anything, the university will die. On the other hand, we also need to deal with angry renters who have been here for several decades,” says Permyot. As he points out, the university is now partially privatized, with the government funding only 30% of the budget and the tuition fees and alumni donations bringing in a negligible revenue. Chula is therefore dependent on its real estate but little shophouses selling t-shirts or noodles are obviously not paying the kind of money needed for a competitive university in the 21st century.

The irony is that Chula needs private funding, but the government’s stake means it also needs cabinet approval for any project with a budget greater than one billion baht. “People say we’re rushing to knock down those Sam Yan shophouses, but actually it’s long overdue. We’ve been asking the last four governments for permission [to develop the area],” says Permyot.

But does Bangkok really need another ‘lifestyle’ mall or hotel where small, individual businesses once stood? “The shophouses are over a half-century old. They could collapse any time. It’s impossible to find a harmonious solution for everyone, but we’re still trying. This is Chula’s biggest facelift ever, but we want the old Siam and Sam Yan to remain recognizable. It’s not that we don’t preserve old things, it’s that we preserve them in our own way.”

The relationship with the tenants will also be profoundly different. Gone are the days when Chula could afford to simply build and rent. “The Sam Yan area alone is almost 14 rais [22,400 sq meters] so we decided to invite private enterprises to invest and then share the profits,” says Permyot.

We’re skeptical that anything recognizable will remain of our teen memories and we really don’t need another mall. At least, Chula is getting in bed with bland retail/hotel/condo developers for a good cause—education—as opposed to simply lining some investors (or government official’s) pocket—though only time will tell.