HONG Kong buyers of the Phuket Palace condominium in Thailand have formed a group to try to seek compensation from the developers.
The move follows a Sunday Money story, revealing the existence of a lawsuit between Phuket Palace and the Bank of Asia.
The group has met several times to discuss what action to take. It is understood that some buyers are considering withdrawing their investment, while others are looking at possible legal action.
Two Hong Kong investors said last week that, because of new problems with the developer, they wanted to link-up with others in the same boat.
One of the investors said he was astonished at a letter he received from the developer last week, demanding an extra 11 per cent on top of the initial price decided in the contract.
The letter said: ''The Land Department has made its final calculation of the total area of each apartment and your apartment measures 50 square metres, an extra five square metres.