Vientiane Centre 30 percent complete
Vientiane Centre 30 percent complete
The first phase of the Vientiane Centre at Nongchan marsh in Xaysettha district, Vientiane, is 30 percent complete and is set for completion by the end of next year.
This phase includes the four floors of the shopping centre and the nine storey office block, North Nongchan Complex Development Co., Ltd. Managing Director, Mr Xu Yuguang, told local media during an interview on Wednesday.
The first phase is expected to cost about US$70 million, Mr Xu said, while the entire three phases of the project will cost about US$120 million in total.
The second phase will involve the construction of hotels, conference facilities and an exhibition centre and is expected to be finished in 2015, while the third phase will involve the construction of residential apartments over 2016 and 2017.
However, the company is struggling to source the manpower and equipment needed to complete the project because Laos lacks experienced workers and some equipment has to be imported from China, Mr Xu said.
In the last few days though, the company signed an agreement to sell units in the shopping centre to Thai companies, with some of the shops expected to open in December.
The model apartments may be improved so that some are bigger or higher, Mr Xu added.
The company's Deputy Managing Director, Ms Luo Yanping, explained their marketing strategy at the shopping centre.
It will have a focus on Thai products and Thai traders because these are the most popular with Lao consumers.
“As we know, most Lao people with money in their pocket like to cross the border to go shopping in Thailand. This project will encourage them to do their shopping in Laos instead and keep more money here.”
The venture will also generate jobs for Lao people and bring in genuine high-tech goods from Thailand for sale at the shopping centre, while the government can earn tax from foreign traders, Ms Luo said.
The development of Nongchan marsh as the Vientiane Centre is one of the priority projects stipulated in the capital's development plans. It is also in line with the government's policy to attract domestic and foreign investment.
The Vientiane Centre will be a new landmark in Vientiane and will have better and more modern facilities. It will not only serve tourists but will also contribute to overall socio-economic development.
The project is a shareholding between the Yunnan Construction Engineering Group Co., Ltd. and the Krittaphong Group Co., Ltd.
The concession period runs for 50 years with the option to extend for a further 20 years.
vientiane times
