Lao World Public Company (Lao World) plans to invest US$30 million constructing the new Thongkhankham market in Chanthabouly district, Vientiane.
The project development agreement is expected to be signed this month according to the Vientiane Planning and Investment Department.
This new market and shopping complex will comprise a six-storey high building and 18,000 square metres of retail outlets and parking.
More details of the project will be released by the company once both parties have signed the agreement. This project is one of largest market developments in Vientiane with Lao World having similar complexes in Savannakhet and Champassak provincial capitals.
The company is also constructing and will operate another big market in Laos, namely ITECC Market.
The ITECC Market will comprise a supermarket, duty free shops, sports stores, grand convention halls, business and entertainment venues, health and beauty centres, financial service providers as well as restaurants.
ITECC Market is the second phase of the established Lao ITECC project. The new market will be nine-storeys high and is being built on a 16,000sqm site in front of the existing Lao ITECC building.
There are several big markets and malls in Vientiane providing venues suitable for various events and receptions.
Numerous markets and shopping centres have been developed in the capital, but the developers believe that none of them will offer the same facilities to be available in the new Lao World ITECC complex.
This development will also house shops selling all types of consumer goods, while also offering entertainment venues and business facilities under the same roof.
The market will also focus on high-end consumers, while products made under the ‘One District, One Product’ scheme and other brand name products will also be displayed.
Another major difference is the complex’s convenient location and large parking area, which can accommodate about 3,000 cars.
The company plans to complete the project at the end of this year and has an 80-year lease on the site.
The ITECC market project is also welcoming severely impacted vendors from the Thongkhankham market fire who are seeking to restart their businesses. Lao World group’s investments in Laos cover agriculture, engineering, construction, hotels and the tourism sectors.
Source: Vientiane Times