AVIC Townhouse launch offers modern living
AVIC Townhouse successfully hosted a Sales Opening on Saturday, with the project financed by AVIC International Engineering (Hong Kong) Co., Ltd. and Krittaphong Group Co., Ltd., marking AVIC's first real estate project in Laos and testing the market.
The day coincided with the traditional Chinese Zongzi Festival. The sales opening was held at the Vientiane Centre Mall and attracted crowds of people, who were entertained by lively dances, music, delicious food and interesting games. Those present included more than 300 Chinese business operators, expatriate Chinese, and Lao people.
The Chinese embassy to Laos's Economic and Commercial Counsellor, Zhao Wenyu, also attended the ceremony.
The AVIC Townhouse complex is located in Phonphanao village, Xaysettha district, Vientiane. It has 53 units, covers an area of 9,800 square metres and cost AVIC about US$10 million to build.
The architectural style of the complex is modern minimalist. Each house is built to the same design and has three floors, as well as parking and a small garden. The whole project will be finished and delivered to customers by the end of September this year as planned. The sample house has been finished and is open to customers. When complete, the AVIC Townhouse project will be the first international residential development with mature property management in Vientiane.
In a recent interview with the Xinhua news agency, General Manager Zheng Yi said that, as a large state-owned Chinese enterprise, AVIC was very bullish on the commercial real estate market in Laos. This project would be a starting point for intensified investment in the Lao property market.
The new large commercial complex project is preparation for AVIC to occupy a new position in emerging markets with rapid development in Laos.
The company will uphold the idea of GO BEYOND COMMERCE FOR A BETTER WORLD, bring the experience gained from the first project to new projects, and contribute to Vientiane's goal of modernisation and urbanisation. Zheng Yi said 40 percent of the units had been sold.
Each unit was built on an area of 210 square metres, was artistically decorated, located in an attractive residential zone of Vientiane and had a sale price of US$220,000.
The reasonable pricing of the units would make them highly competitive in Laos' real estate market.
With economic growth in Lao s holding firm at 7-8 percent annually in recent years and the commercial property market also developing, many Chinese companies are now investing in real estate projects in Laos. These include apartments and modern commercial complexes, and are viewed as the start of a real estate investment boom.