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.