Thai to seek return of bond

Thai to seek return of bond

BANGKOK (AFP): A Thai property developer said yesterday its
joint venture in the Philippines would seek the return of a 100
million peso (US$3.8 million) bond lodged as part of its failed
bid to develop a former U.S. military recreation camp.

Thailand's Land and Houses Public Co. Ltd. said it had not
signed a contract with the Philippine government as scheduled
because the amount of land available at the Camp John Hay site
was less than expected.

Only about 121 hectares were available, not 247 hectares as it
originally believed, because part of the site was reserved for
forests and other uses.

The Bases Conversion Development Authority (BCDA) in the
Philippines said on Thursday that it had declared the joint
venture Manuela Land and Houses Corp. in default for its failure
to sign the lease agreement for the Camp John Hay project by the
Sept. 9 deadline.