Private investors to convert Houayhong market to luxury shopping complex
Private investors to convert Houayhong market to luxury shopping complex
A group of overseas investors will commit more than 121.9 billion kip by the end of this year to build the Houayhong Shopping Complex.
The project is now going ahead after the owner of the Houayhong market, Mr Souly Milamay reached a cooperation agreement with the Managing Director of MBTEC Laos Company Limited, Mr Khamthong Tran, in Vientiane on Monday.
MBTEC Laos Company Limited in this case acted as an investment broker, seeking investors from overseas, while Houayhong market is a privately-owned market currently accommodating over 400 stalls.
On behal f of the project developer, Mr Khamthong told Vientiane Times yesterday that MBTEC Laos Company Limited is working as a coordinator to attract overseas developers to invest in the project.
“At the moment there are quite a few modern shopping malls in Vientiane, however this shopping complex will also include plenty of parking spaces,” he said.
Development of the Houayhong Shopping Complex starts with a six-month period of design and the project overview will be soon publicised, he said.
According to Mr Khamthong, the Houayhong Shopping Complex will include a shopping mall, commercial building, condominium and car park building. These buildings will cover a total of 21,000 square metres.
“Most importantly, the car park building will be able to accommodate more than 2,000 vehicles which will make this shopping complex unique here,” Mr Khamthong said.
The new shopping complex will replace the old building of the Houayhong market but the project developer has decided to retain the former style of vending environment which is greatly appreciated by shoppers.
The Houayhong Shopping Complex is slated for completion and will formally open in 2017.
“The shopping complex won't be just a mall because it will include a convention hall, bowling club, theatre and children's playground inside the complex,” Mr Khamthong said, adding that the rapid growth of numerous shopping malls in Vientiane will also attract more local shoppers.
“I don't think we will be in direct competition with other Vientiane shopping malls; we will be another option for domestic customers to do some shopping so they don't have to go to neighbouring countries to shop and their money won't disappear to other countries as well,” he added.
vientiane times
