Phuket property developer under fire in one-sided news report

PHUKET: A leading UK news tabloid, the Daily Mirror, reported earlier this week that Chelsea football star Joe Cole invested in the Hua Hin Country Club and is now demanding his money back as the project has remained an empty field for the past two years. Phuket has figured into the headline grabbing news as Cole has alleged that local Phuket development firm Lersuang is at fault, and the Mirror claims that calls to the group’s offices were not returned.

Lersuang is the developer of the stalled Turtle Cove, Tamarind Hills, Infinity Heights and Lersuang Village projects in Phuket. There has been much local speculation in the market about the completion of the existing properties, though the company has continued to operate its offices here on the island.

Press like this certainly is not a positive for the Phuket market and there have historically been few project defaults in Phuket in the past. This looks to be a developing story as the UK news has given only Joe Cole’s side of the story. There needs to be a balance in the sources for the story and certainly a statement from the Phuket group would be helpful.

NOTE: The Phuket Gazette had no difficulty in reaching management at Lersuang’s Phuket office for comment yesterday. The Gazette is now preparing a special report for publication early next week.

— thephuketinsider.com