But has anyone wondered why so few companies have established their headquarters there, except for the fact that the road is famous as a strip of massage parlours and some night-entertainment venues (before new ones sprang up on nearby Rama IX Road)?

Probably there is a curse on this thoroughfare that casts a dark cloud over the operations of companies located on it.

Prior to the 1997 financial crisis, First City Investment fell victim to share manipulators. Later, the finance company, majority owned by Khunying Patcharee Wongpaitoon, was among the 56 finance companies shut down by the government during the financial meltdown.

Then it was the turn of Industrial Finance of Thailand (IFCT). For its entire history, IFCT was mired in financial problems. It complained all along about a legal complication that caused huge foreign-exchange losses for the quasi-state lending institution. Then after the losses piled up, the Finance Ministry decided to merge it with Thai Military Bank and DBS Thai Danu Bank. Ten years from now, nobody will even remember there was once a financial institution called IFCT.

In the middle of the stretch of road is the office tower owned by Italian-Thai Development (ITD), which moved there from an old building on the other side of the road. So far, ITD has managed to be the country's largest construction company, but for two years now, as one of the partners of ITO Joint Venture, it has been implicated in a possible corruption case involving Suvarnabhumi Airport's baggage-handling contract. The Assets Examination Committee is still probing the case.

The latest sacrifice is the Thai Rak Thai Party, which came under social scrutiny shortly after the political party moved its headquarters from Vibhavadi-Rangsit Road to Phetchaburi Road.

At the time, the party was so proud of the new headquarters. Its former leader, Thaksin Shinawatra, gave a big smile when the doors were formally opened to members. And in his head must have been the bright idea of how to expand the party and institutionalise it.

Now, the party has a new leader, with the previous one is still roaming around abroad. Thaksin himself must be fretting about when the Thai government will revoke his diplomatic passport, which would rob him of travel privileges.

Luckily, the road is rather crowded, or more companies could have located there and fallen victim to the not-yet-established curse.

achara_d@nationgroup.com