New Thongkhankham mall to cost Lao World US$20 million
New Thongkhankham mall to cost Lao World US$20 million
Vientiane will have another modern shopping mall after the Lao World Public Company signed an agreement last week in Vientiane to develop the former Thongkhankham market area.
The agreement was signed by Director of the Vientiane Planning and Investment Department Mr Phoukhong Bannavong and President and Executive Director of Lao World Public Company, Mr Sakxai Vongmalasith, witnessed by Vientiane Vice Mayor, Mr Saithong Keoduangdy, Chanthaboury district Governor, Ms Bualon Vongdarasane and President of the Vientiane State Audit Organisation Mr Sihoun Sitthileuxay.
According to Social-Economic newspaper Mr Sakxai said during the signing ceremony that the shopping mall will cover 16,260 square metres, replacing the old building that burned down with a six-storey modern shopping mall costing US$20 million (about 161 billion kip) in total with a concession granted to the company for 70 years.
The total amount of the cost will be borne by Lao World and starting from now they will take about three years for the mall's construction to turn the area into a very modern place for shopping.
This project is one of the largest market developments in Vientiane with Lao World having similar complexes in Savannakhet and Champassak provincial capitals. The company is also constructing and will operate another big market in Laos, the ITECC Market, which will comprise a supermarket, duty free shops, sports stores, grand convention halls, business and entertainment venues, health and beauty centres, financial service providers as well as restaurants.
In the past Thongkhankham market was the largest of its kind, located in the heart of Vientiane and offering an almost complete assortment of consumables before it burned down in March this year
vientiane times
