S. Korean company invests in accommodation to boost Lao real estate market

The grand opening of the apartment building took place in Vientiane last week. - VT

VIENTIANE (Vientiane Times/Asia News Network): A South Korean company has completed the construction of a world class, premium apartment building in Laos, marking a significant development in Laos’ real estate market and related financial markets.

The Riverfront Apartments is the first-ever project to be financed and operated by the KB financial group and will target business groups as its main customers.

The grand opening of the apartment building took place in Vientiane last week.

The ceremony was attended by Minister of Information, Culture and Tourism Suanesavanh Vignaket, Deputy Minister of Planning and Investment Phonevanh Outhavong, CEO of KB Capital Co Ltd Mr SooNam Hwang, South Korea Ambassador to Laos Yungsoo Jung, and the CEO of Kb Kolao Leasing Company Limited Sikyung Yi.

“KB and partners shared the same idea that Laos needs a world-class premium riverfront apartment block. We started construction at the beginning of 2021 and finished in September this year. Since then we have been recruiting and training employees as well as strengthening services,” the CEO of Kb Kolao Leasing Company Limited Sikyung Yi, said.

“The Riverfront Apartments are the first-ever project to be directly invested in and operated by the KB financial group. I strongly believe that this project will lay the groundwork for the development of the Lao real estate market and related financial markets,” the CEO of KB Capital Co Ltd SooNam Hwang, said.

KB took a big step forward by embarking on the riverfront apartment building for residential real estate investment, in order to create a bridgehead for the new market, he added.

KB is a financial group that has been growing along with the development of the South Korean economy and real estate market. KB has affiliates specialising in real estate finance, trust and asset management, as well as years of related know-how and experience.

KB also promises to focus on various fields of Lao real estate and to actively expand investment to contribute to the development of the tourism industry and economic development in Laos, he added.

The Riverfront Apartments are top quality and are located in Vientiane in Phanman village, Sisattanak district. The apartments come with a full range of facilities and a river view, so residents can enjoy spectacular and peaceful sunsets and sunrises over the Mekong River.

The apartment block has nine floors and houses 39 apartments of varying sizes, including one bedroom, two bedroom and three bedroom units, and a penthouse suite. There is also a rooftop pool, a theatre, an indoor golf simulator, and a fitness centre.