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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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