Chinese Company makes major development investment
Chinese Company makes major development investment
Savandaendin Real Estate Development Company (China) is to make an investment of US$320 million to build a department store and other business premises after a ground breaking ceremony for the project was held in the That Luang Marsh Specific Economic Zone in Vientiane on Friday.
Construction of the department store and related buildings will take the next three years.
The development also includes a hotel, private accommodation, venues for relaxing and exercising, a walking street, and other facilities.
The ground breaking ceremony was led by Deputy Prime Minister Somsavat Lengsavad, deputy ministers, the president of Savandaendin Real Estate Development Company Mr Li Zhong Zi and senior officials from the two countries.
Mr Somsavat said there will be many jobs for local people once the development is finished. He said this project is particularly interesting as it will attract more tourism as well as business to the zone.
This construction project in the That Luang Marsh Specific Economic Zone will take the next 15 years and an investment of US$1600 million to complete. But after about 20 years this economic zone will seem almost like a new city.
Eventually the zone will be able to offer good land, a natural river waterway, environmental protection, tree planting, a lake covering about 50 hectares on which water activities like the boat races will be held and a traditional Lao style tower on the riverbank 153 metres high.
There are plans to build a museum to focus on the Lane Xang period in Lao history set in natural parkland. An additional investment of US$107.42 million has already being made to build 12 condominium blocks each 18 floors high which began in 2013.
