Laos builds tourism town

VIENTIANE  Real estate developers will invest an estimated USD3 billion in the Nongpaen Lao-Asean Tourism Complex Project in Vientiane, according to the lead partner, Lao Asia Trading International Company (LATIC) Sole Ltd
According to a report in the Vientiane Times, the company recently signed a Memorandum of Understanding with a local company and two Korean firms to build a golf course on a 50 hectare parcel of land.
The consortium has been granted a 70-year land concession on 150 hectares in Hadxaifong district to develop the project, located near the well-known Xieng Khuan Buddha Park.
LATIC president, Thanakit Souvannavong, was quoted as saying the company required 300 hectares for the full project to be realised. It is seeking to buy more land plots.
Inside 5The plan calls for a five-star hotel, golf course, artificial lake, international trade centre, amusement park and residences for sale designed to reflect the architectural styles of ASEAN countries.
In the long run it will have entertainment venues, an international school, a modern hospital to turn into a tourism-related enclave.
The Lao government has issued a license to the registered company to carry out the project under the name Lao-Asean Nongpaen Tourism Company Sole Ltd with registered capital of USD50 million, the president said.
It will take at least six years to build the project.
Overall the investment could reach USD3 billion and foreign companies will be needed for the various components including the hospital.
“Foreign companies from Singapore, Malaysia, Hong Kong, China and Europe are part of the discussions,” Mr Thanakit claimed.
The land is being cleared at present.
Work will soon begin on construction of the 18-hole golf course after signing of the MoU, followed by a long list of amenities including banks, hospital and hotels.
Last year, the country attracted 4,158,719 visitors, an increase of about 10% compared to 3,779,490 visitors in 2013.

sourced:ttrweekly.com