Chinese Investor Commences Condo Construction at That Luang Marsh
The Chinese developer that invested in the That Luang Marsh Specific Economic Zone (SEZ) in Vientiane is forging ahead with a new phase in the area’s development, constructing 18 condos that will each be as many as 18 storeys high.
Vice president of the zone’s management board, Mr Pheng Inthilath, told Vientiane Times yesterday the soil levelling had already commenced and the laying of the foundations would take place next month.
He said the condos would be available for rent and sale to people of all nationalities once complete.
There has already been significant progress at the US$1.6 billion SEZ project, which covers an area of 365 hectares.
Chinese developer Wan Feng Shanghai Real Estate Company has already spent more than US$40 million developing the project, including on pre-planning and on compensation payments to affected villagers.
Works to date include the excavation of a large lagoon that will be used for tourism purposes and the construction of a 400 metre long, 36 metre wide access road linking the site to the Phonthan T-junction .
The developer has also completed a design for a road that will cross over marsh land and link up with the villages of Nonkhor and Nonvai.
“Within this year, we will build a number of roads and four bridges in the zone. We also plan to install electricity and water supply facilities to attract entrepreneurs to do business in the zone,” Mr Pheng said.
The developer will soon build shops and a sport centre as part of this year’s plan for the project.
The That Luang Marsh SEZ mega-project will play a significant role in boosting the socio-economic development of Laos.The Lao government signed a land concession agreement with the developer in 2011, aiming to transform the marsh into a modern urban area in the heart of Vientiane.
The ground-breaking ceremony for the project took place in December 2012 and the company expects to spend between 15 and 20 years working on the project.
The project will include a large residential area, public parks and green spaces, a lake, roads and drainage, a sports complex and a commercial centre. There will also be five-star hotels, shopping centres and entertainment venues.
According to a report from the Government Office, the That Luang Marsh SEZ is expected to create around 30,000 jobs and generate considerable income for the Lao economy in the years to come.
The project covers the six villages of Nonvai, Meuang Noi, Nonkhor Neua, Phonthan, Phonpapao and Donkoi, in Xaysettha and Sisattanak districts.
Source: Vientiane Times