Source: Vientiane Times
Excavation work to prepare land for construction of Disney Laos in the Thakhaek Specific Economic Zone in Khammuan province will begin next month, according to the project developer.
The planned construction of the Thakhaek Ehsan International Financial Centre owned by the company and its business partners will also begin in the near future.
Chairman of the Akane Farm Sole Company Limited, Mr Somjith Aliyaphaphone, told Vientiane Times yesterday the project included three different phases, with the construction of Disney Laos to be part of the last phase.
“Currently we are working on the first phase of the project by building an international finance centre. Work to level the land for the building is now between 80 percent and 90 percent complete,” he said.
The project includes several developments, while Disney Laos is one of the project plans.
“We are still waiting to sign an agreement with our contractors to work on the financial centre and that will be arranged soon,” Mr Somjith said.
The project is set to invest about US$5 billion with an additional US$3 billion to be spent on the international financial centre and other facilities.
“Overall our plan is to have the project completed in 7-10 years,” he said, adding that any further progress on the project would be released at the end of this month.
According to an initial release from the company, total investment for the three phases is estimated at US$10 billion with the government granting a 75-year concession with a possible 15-year extension.
Disney Laos was set in motion by the company and its five business partners after they inked a land concession agreement with the government in October 2014 allowing them to proceed with the project.
Akane Farm Sole Company Limited is the largest shareholder with a 30 percent share in the project. There are also three Malaysian investors – one holds 25 percent, the second 13 percent and the other a 7 percent share in the project. A Thai investor also holds a 20 percent share, while the remaining 5 percent is owned by a Lao investor.