Lao, Vietnamese businessmen join investment in Vientiane modern commercial zone

VIENTIANE,30.AUG (KPL) - The Chitchareune Construction Company of Laos and the An Phu-Lao Joint Stock Company have decided to joint venture to invest almost US$60 million to develop old That Luang market in That Luangtay village, Saysettha district as a modern commercial zone.
An agreement on That Luang Trade Centre Construction Project was signed in Vientiane last Friday between the Head of Vientiane Planning and Investment Service, Mr. Visay Savanna, Director General of Chitchareune Construction Co., Ltd, Mr. Somvang Vongvilay, and Director General of An Phu-Lao Joint Stock Company, Mr. Tran Hoai Duc.
Two companies will develop the land for construction of the trade centre, offices for rent, high-class apartment, and modern parking area.
The That Luang modern shopping centre will be built on 50,000 square metres, of which 10,000 sq metres will be used for main building of modern shopping centre, 12,000 sq metres for parking area, 7,500 sq metres for offices and 4,500 sq metres for apartments.
Two project contractors confirmed that the construction of That Luang modern commercial zone will be kicked off early October this year and expected to be completed for two years.
The land concession period is 50 years, and can extend for 20 years.