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Companies to develop Vientiane commercial zone

About 50,000 square metres of land in Vientiane's Thatluangtai village will be developed as a modern commercial zone.

An agreement on the land concession for the project was signed on Friday between the Vientiane Planning and Investment Department, Chitchareune Construction Company and the An Phu Joint Stock Company.

According to the agreement, the two companies will invest around US$60 million in the project through the construction of a shopping centre, parking lots, offices for rent and high-class apartments on the land.

“Regarding the town construction plan of Vientiane, the area is close to and also a part of the city centre, therefore the proposed construction is very appropriate,” Chitchareune Construction Deputy Director, Mr Xiengvong Khammoungkhoun said at the signing ceremony.

According to a document released at the ceremony, the shopping centre will be built on an area of about 10,000 sq metres, while around 12,000 sq metres will be used for parking lots, 7,500 sq metres for offices and 4,500 sq metres for apartments.

In addition, about 3,000 sq metres will be reserved for the construction of roads, and 2,000 sq metres for a panorama flower garden.

“The investment in transforming Thatluang market responds to the needs of the capital city and country, and it will provide a quality urban environment,” Mr Xiengvong added.

In his remarks at the ceremony, Vientiane Vice Mayor Mr Anouphab Tounalom said the Vientiane Party Committee had suggested directions to improve the area for some time, however, this had proved unsuccessful until two months ago when the committee agreed to the project investment.

“This project responds to the development direction of Vientiane as the area will become a model of investment and also resolve traffic congestion,” he said.

Under the agreement, the land concession period will last for 50 years, during which the project investors must pay US$1 million to Vientiane authorities.

The construction of the commercial area will start in October this year and will take two years to complete.

“We will develop the area so that it becomes the prime modern shopping centre in the country and one of the most modern shopping centres in the region,” Chitchareune Construction Director, Mr Somvang Vongvilay said.

“In the future, the area will be a commercial, cultural and tourism centre. It is our big hope that the project will be a model of cooperation between neighbouring countries,” Mr Anouphab stated.

 

By Somxay Sengdara
(Latest Update August 30, 2010)