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Posted: 25 Jul 2010 | 7:48 am
For astute readers of the Phuket Gazette a number have picked up a public notice published that Director's Errol Salih and Selwyn Casey are no longer associated with Club Lersuang Co., Ltd..
For island property the Lersuang debacle continues to create angst amongst purchasers of the Turtle Cove, Infinity Heights and Lersuang Village projects. Tamarind Hills is under rehabilitation attempts by Sepco Asia. In the meantime there remain few answers for investors in the other three properties except quotes in the press that the global financial downturn led to the demise of the group.
Recently journalist Andrew Drummond who runs a news site wrote about the associated collapse of the Hua Hin Country Club project in which English football star Joe Cole was reportedly an investor in. The story makes an interesting read and can be viewed at Hua Hin Country Club Story
While for the most part the Phuket real estate industry has seen few defaults even during the voliatile political and enonomic times of late, this episode continues to cast a dark shadow over the sector. For the moment the most unfortunatle victims in this story were the purchasers who have not received either the product purchased or compensation for money put down.
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