KPL) Twenty-eight houses (in Dongpasack Villa project), which were built for the delegates and guests to the 10th ASEAN Summit in Laos in 2004, are now for sale. The villa is located near t(he Lao-Chinese Sang Chieng market in Oubmong village, Sikhottabong district, Vientiane Capital, and this seven-hectare high class-housing cluster belongs to the Lao World Company. Mr Souliyong Gnouivanisvong, Managing Director of the Lao World Company, said that after the 2004 ASEAN Summit the houses were vacant for as long as two years. Recently, he said his company managed to sell 15 houses and to rent out 10 houses and three houses are vacant. He added that outright sale of all the houses is the objective of the company so as to get cash for investment. �We have spent US$5 million on building the houses and we have also spent money to furnish and maintain them and all these mean that we are at risk of losing money if we are not decisive,� he told KPL News.
They are selling it because it's very expensive to up keep and it will very tough to sell at the prices they wanted. They didn't have a good exit strategy of what they want and how it will work for them when they built these properties.
nice house. if Laos government don't change the real estate law. it would be very hard to sale it.let the none a laos citizen to buy them and government collect property taxes. I would buy it.
