Nong Or development project to commence construction
The Nong Or project to develop a tourism site in Sikhottabong district, Vientiane will commence construction in the near future after a project design model was selected recently.
The project is now awaiting approval from the Vientiane authorities after the developer, Kanghua Investment Co., Ltd, proposed the model, one of the project's partners told local media recently.
Nong Or zone is set to become a tourism site in the future.
The project is projected to cost US$40 million (320 billion kip), with the zone to feature a nature-themed tourism park, a shopping mall, apartments, hotels and entertainment venues.
The project area covers some 24 hectares in Kaoliew village with the land concession granted extending for a period of 70 years.
The project has already received the agreement of the Vientiane Administration Office, signed off on by Vientiane Planning and Investment Department Director, Mr Phoukhong Bannavong, Leading Real Estate Development Company President, Mr Qing Jikang and Automart Import-Export Sole Company President, Mr Thongsavanh Onkorlabout in January 2016.
Leading Real Estate Development Company owns 95 percent of the project with the remaining five percent held by Automart Import-Export Sole Company.
If the project is completed, it will offer more choice for Vientiane residents to go shopping and relaxing with friends and family, Mr Qing Jikang said.
The project will also attract more visitors to Vientiane and serve to reduce the numbers of Lao people going shopping in neighbouring countries.
Vientiane authorities have given approval for different domestic and foreign investors to undertake feasibility studies and construct similar projects in order to develop Vientiane city as a tourist attraction in its own right.
Many projects have already had agreements signed for project development, while some are still under feasibility study and others are awaiting approval by Vientiane authorities from the relevant sectors.
They include the Nongtha Paradise Land and Nong Ping development projects in Chanthabouly district and Nong Paen development project in Hadxaifong district.
Vientiane authorities believe that the expansion of these development projects will contribute to socio-economic development, especially in the services sector.
The rate of services sector expansion last year reached 8.5 percent, which covered 39.8 percent of GDP, the government reported.
Trade value including retail and wholesale and service costs reached about 30.1 trillion kip, which compared to fiscal year 2014-215 was an increase of 9.9 percent.
That figure is expected to rise to 41.8 trillion kip this year.
By Times Reporters
(Latest Update January 19, 2017)