Construction of two 45-storey luxury apartments set to begin
Construction of two 45-storey luxury apartments set to begin
Construction of two 45-storey luxury serviced apartments and other business facilities is set to begin in the Thakhaek Specific Economic Zone in Khammuan province after the developer and sub-contractor reached a deal on Saturday.
Akane Development Lao SEZ Co. Ltd., the project developer, and Hubei Haoyi Construction Group Co., Ltd. signed a Memorandum of Agreement (MOA) in which the latter will carry out construction of the facilities in the Zone A package invested by the developer.
The facilities to be built in the Zone A package under the MOA include two 45-storey blocks of serviced apartments Tower A and B, a five-storey specialised clinic, basement floors, and other infrastructure.
Construction is expected to begin in early December and will take three and a half years to complete at a total cost of US$200 million.
The Zone A package is being developed on 7 hectares of land where a 35-storey five-star hotel, shopping malls, a 32-storey four-star hotel, and the 65-storey Ehsan International Financial Centre, to be known as an iconic structur e, will also be built.
The development of the Zone A package is part of the Thakhaek Dream World City project, which Akane Farm Sole Co., Ltd. and its two Malaysian partners will build in the Thakhaek Specific Economic Zone located at the edge of the third Mekong Friendship Bridge linking the central Lao province and Thailand's Nakhon Phanom.
The Thakhaek Dream World City project will cost investors a projected US$10 billion with registered capital of US$1.5 billion, operating under Akane Development Lao Co., Ltd.
Some 1,035 hectares of land have been granted for the project with a 75-year concession and the option to exte nd for another 15 years, the project Director and Chairman of Akane Farm Sole Co., Ltd., Mr Somjith Aliyaphaphone, told Vientiane Times.
The project, which comprises three phases, will also build a Theme Park or Fun Park, with a cable car which it is believed will attract a significant number of visitors to the province. Residential and superior lifestyle communities are also planned under the project.
The developer said the whole project is expected to take about 15 years to complete.
Located in the central province of Khammuan, which shares a border with Thailand and Vietnam, the developer said the project is best suited to provide investment opportunities for those who are interested in doing business with the project.
The MOA was signed by Project Director and Chairman of Akane Farm Sole Co., Ltd. Mr Somjith Aliyaphaphone, Chairman of Hubei Haoyi Construction Group Co., Ltd. Mr Zou Jinfeng, and other officials.
The ceremony was attended by the President of the Thakhaek Specific Economic Zone's Executive Board, Mr Daolay Keoduangdy, and representatives of the parties involved.
Speaking at the signing ceremony, Vice President of the Thakhaek Specific Economic Zone's Executive Board, Mr Nongsavanh Thammavong, said the province attached great importance to the development of the specific economic zone in order to attract both domestic and foreign investment into the zone and give a significant boost to the province's socio-economic development.
Akane Development Lao Co., Ltd. is one of 21 companies that intend to invest in the specific economic zone.
