First High Rise Luxury Apartments Set To Transform Vientiane
CAMCE Investment (Lao) Co Ltd plans to invest a massive amount of money on its major real estate project in Laos, which will see the first international standard high rise residences in Vientiane emerge along the Mekong riverfront.
The Vientiane New World project is a joint venture between the Chinese state-owned enterprise CAMC Engineering and Lao Krittaphong Group, who unveiled the concept plans for the US$600 million real estate development recently. CAMCE Investment are confident it will transform Vientiane into an international city, providing some of the most prestigious residences in Laos.
The international resi-dential centre boasts a prime location
According to the Vientiane New World project concept plan, the international residence centre will be located in the same precinct as the businesses, shopping and entertainment centre, making the lives of people living in the area more comfortable and enjoyable.
One of the best things is that the residence centre is located along the riverfront where residents can enjoy the Mekong meandering south on its way towards the ocean. The river also marks the border and people will be able to enjoy looking across to Thailand from their living rooms, the developers say.
Despite the fact that the international residence centre is located in the heart of Vientiane, residents will also be able to enjoy jogging in the park and breathe in the fresh air, especially at sunset time. Not far from the residence centre, there is also Chao Anouvong Park, one of the newly established parks in Vientiane, where people enjoy jogging and aerobic dancing in the mornings and the evenings.
It is rare in the world today to have residences located in prime business and commercial areas yet enjoying river views and staying close to nature, allowing residents to enjoy the views, go shopping and dining, and enjoy the public parks below.
Growing market for upmarket residences in Laos
Demand for upmarket residences is growing in the country, especially in the capital Vientiane, thanks to the sustained economic growth over the past five years. Foreign direct investment is increasing and government policy to welcome foreign business people has seen many flock to invest in the country.
According to a report from the Ministry of Planning and Investment, economic growth in Laos has been above 7.5 percent over the past five years and the government now aims to maintain economic growth of above 8 percent from 2011 to 2015.
The economic growth is driven largely by investment in the mining and hydropower sector, as well as agriculture and tourism.
The top three foreign investors in Laos are Vietnam, China and Thailand. Investments from Korea, Australia and India are growing as well, as these countries expect to benefit from Laos becoming a member of the WTO and the Asean Free Trade Area in 2015.
From the prospective of Vientiane New World Project investors, investing in Laos is the same as investing in Asean. In 2015, the region will establish a single market where goods, services, labour forces and investment funds will be allowed to flow freely throughout the countries of the region.
It is arguable that most of the Asean member countries will not be able to provide the prime locations that Laos offers business people in particular, as it transforms into the transport hub of the region.
According to a leading real estate company in Laos, foreigners living in Vientiane now number around 50,000 and most of them rent houses somewhere in the capital.
Despite the growing number of houses for rent in Vientiane, most of them do not live up to international standards, creating a large potential market for CAMCE Investment Laos, which will offer truly international apartment living.
The Lao government also has a policy to give foreigners who invest more than US$500,000 to own up to 800 square metres of land in their own right. This will enable them to locate their residences and offices here, and boost investment in real estate developments in the country.
The Lao government also plans to allow foreigners with Lao origins to have land use rights, with the move creating confidence among expatriate investors when it comes to building houses and businesses in Laos, secure in the knowledge they will be able to make them succeed.
There are more than 700,000 people with Lao origins living around the world including in the USA, Canada, Australia and Japan. Despite getting used to new modern lifestyles abroad, many of them still want to return home after their retirement because they are still drawn to the Lao food and culture of their roots.
CAMCE Investment is confident about investing in Laos
CAMCE Chairperson Ms Luo Yan has expressed the confidence the company has about investing in Laos, thanks to political stability, strong economic growth and the growing relationship between Laos and China.
“In recent years, the Lao economy has experienced rapid growth. We really like the cultural environment and the people here. The company is willing to undertake more investment projects in the country in the future,” she revealed in an exclusive interview with Vientiane Times back in May.
“As CAMCE is a multinational company, we have to make sure that the political environment is very stable and the relationship with China is good. I think that with these conditions, we are happy to invest in Laos.”
Source: Vientiane Times