UK News Football Star Joe Cole Lost Fortune in Thai Property

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Posted: 05 May 2009 | 2:42 pm

Leading UK news tabloid the Mirror has reported that Chelsea football star Joe Cole invested into Hua Hin Country Club and now is 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 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. There has been much local speculation in the market about the completion of the existing properties, though the company has continued to operate offices here on the island.

Press like this certainly is not a positive for the market and there have historically been few project defaults in the past. This looks to be a developing story as while the UK news have reported Joe Coles side of the story, there needs to be a balance on facts and certainly a statement from the Phuket group would be helpful.

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The failure of Lersuang is just the tip of the iceberg and many Phuket developers use smoke and mirrors to convince innocent buyers part with their money,
Yes, some projects may never finish but some have been taking deposits for 3 0r 4 years and building has never started. A prime example is the Stoney Monday company and their phantom developments. Four years old, many deposits and not even a road started. And, if that's not enough, they have now started timeshare.
We should be made aware of companies that are clearly only here for the short term and care little about the reputation of Phuket.

Dave, 20 May 2009 | 4:22 pm

Bill,
Why don't you do an expose of what's really happening in the Phuket property market - who's still building, which projects have reached completion over the last 6 years (I can't think of many) and so on. Haven't we had enough of how resilient the Phuket property market is in the news and would be good to get actual facts.
Lersuang has been on hold (that's a polite way of saying its gone tits up) for ages, and there are many others in similar boats (some with bigger leaks than others).
Come on Bill, you know the market as well as anyone on the island - isn't it time for a few home truths?
Peter

Bill Barnett responds:
The Phuket Gazette is currently doing an investigative piece on the Lersuang issue and its going to be interesting reading, we believe the Gazette are a solid outfit and its going to be a well researched piece. Stay tuned.

Peter Griffin, 11 May 2009 | 9:37 am

Yes, and as we all know the deal to sell Turtle Cove to David Lloyd also fell through. Scary...

Bill Barnett responds:
Lets see the outcome of The Phuket Gazette story which has been promised soon.

Ian, 11 May 2009 | 9:01 am