Land concessions for development continue in Vientiane
Land concessions for development continue in Vientiane
The Vientiane Planning and Investment Department reports that it has approved land concession agreements for local and foreign investors from 2010 until the present totaling more than 7.65 trillion kip (almost US$945 million) and the figure is expected to keep increasing.
The department reported recently that it had approved investments of 1,488.33 hectares for 39 development projects in the districts of Xaysettha, Chanthabouly, Sikhottabong, Sisattanak, Xaythany, Hadxaifong, Naxaithong and Sangthong.
The 39 projects consist of investment in real estate, trade centres, car parks, new cities development, parks, tourism sites, landfill development areas and educational institutions.
The projects also include investment in sports fields, livestock farms, vegetable farms, resorts, agricultural purp oses, markets, hotels, apartments, processing plants and concrete factories.
Some of the shopping centre development projects are joint developments while others are wholly o wned by local investors and foreign investors from China, Vietnam and other neighbouring countries.
Of the 39 land concession projects, Sisattanak has the largest investment value at about US$379.5 million for eight projects, followed by Chanthabouly with around US$157.75 million for six projects, Hadxaifong more than US$141 million with eight projects and Sikhottabong about US$102 million with three projects.
Xaysettha has over US$86.7 million in investment in three projects, Xaythany around US$53 million with three projects, Sangthong has over US$20.4 million with four projects and Naxaithong has one project at a cost of US$12.5 million.
One of the most recent property developments is the Vientiane Centre at Nongchanh in Sisattanak district, which opened in March last year. It is a three-phase joint development project owned by the Chinese and local investors and they have a concession period of 50 years and an option to extend for a further 20 years.
Another major development is That Luang Square, which opened in April last year in Xaysettha district. It was backed by local investors.
Other developments are also in the pipeline now, with the Planning and Investment Department having approved land concessions for both local and foreign investors.
Some investors have signed a Memorandum of Understanding and are now carrying out project feasibility studies.
The department also reported that, in Vientiane, there also are about 12 projects that are under study on an area of more than 700 hectares and the investment cost is expected to be much more than US$150 million.
Vientiane is the largest centre of economic growth in Laos, thanks to its status as the capital and proximity to Thailand.
