Vientiane New World
Vientiane New World
02/05/2012 J&C
A Lao-Chinese joint venture is injecting a massive amount of investment in real estate project in Vientiane, vowing to give the capital city facelift. CAMCE Investment, a joint venture between a Chinese state-owned enterprise CAMC Engineering and Kitriphong Group, plans to spend over US$600 million to complete a construction complex project in three phases on 42 hectares of Don Chan Mekong Island in Vientiane over six to eight years. With a planned total construction area of more than 700 thousand square meter and a development scheme of Vientiane New World, Glory of Laos, the company is currently building 50 villas, the first phase of the project, in southern part of the island and will complete in about five months so that the Lao government can use the facilities to accommodate heads of Asia-Europe delegations during the 9th ASEM Summit in this coming November.
Mr Yao, Managing Director of CAMCE Investment, said that ASEM Summit is an event of historical significance. Each of the past Meetings has witnessed great enhancement of regional consensus. ASEM Villa, a tribute to this years event, will also have remarkable value after the meeting is over. The company has been
approached by some international organizations who intend to rent the villas as head offices, as well as individual buyers. The company will kick off the second phase of the real estate development project in the second half of this year, which will consist of two parts: the International Cultural and Tourist Center and the International Residence Center. Mr Yao said that after completion, the International Cultural and Tourist Center will become one of the best walking streets in Laos, with a large variety of shops, bars, nightclubs and etc. The company aims to create for the public a shopping paradise, a food paradise, an entertainment paradise as well as a traveling paradise. He also said that a shopping mall will be built next to the walking street and will accommodate Vientianes first international-standard cinema. The International Residence Center, Mr Yao said, will become the best international community in Vientiane. He said that in Vientiane, there are more than 100 thousand foreigners whose accommodation needs are not fully fulfilled at present. The VNW International Residence Center, a concentrated urban residence area, will be designed with international standard to meet the needs of difference people. Residence area will be equipped with comprehensive facilities and will be surrounded by shops, restaurants and etc. The third phase of the real estate development project is to build International Business Centre where local and foreign companies can locate their offices in.
According to Mr Yao, Laos is now experiencing fast economic development, where foreign investment flows in and local companies grow continuously, both calling for a high-quality office environment. To fulfill different needs, the company will build three types of offices: independent headquarter buildings for large enterprises, SOHO for medium- and small- companies, even with a living functionality, as well as a landmark office building, which is going to be the highest construction in Vientiane with a height of more than 100 meter.
We hiked a number of consultants to conduct feasibility studies. We finally find out that this is good opportunity for us to invest, Mr. Yao told Vientiane Times, expressing his confidence in real estate market in Laos. Mr. Yao said that one of the main reasons that the company decided to invest in Laos was that it saw bright future of the country. Located in the middle of the Mekong region, Laos will become logistic centre and transit point among other neighboring countries. He also said that a large number of international tourists will come to Laos over upcoming years. Compared to other Southeastern countries, Laos still has a lot of potential in tourism. With its rapid economic progress and the development of transportation system, an enormous growth can be expected. Mr Yao said that CAMCE saw the promising future in Laoss real estate market and believes that it will be a good investment. CAMCE really appreciates the strong support and encouragement from the Lao government, said Mr. Yao. The company has received 50 years land concession with 40 years renewable. It is one of the biggest favorable conditions foreign companies have ever gotten. Mr Yao said as a real estate project, the company pays great attention to localization. CAMCE has had successful collaboration with local employees in the past, so the company believes that in the future, local employees will take up more responsibilities and make bigger contributions. Mr. Yao said that once the project was completed, it expects to create more than 5,000 direct and indirect jobs for Laos. Source: Vientiane Times