Construction
work started Thursday on a US$180 million project to develop 25 hectares of Don
Chan Island in central Vientiane into a new modern urban area.
The project will start with the construction
of 50 villas and two conference facilities to be used when Laos hosts the Asia
Europe Meeting (ASEM) in Vientiane in November next year.
The government has granted approval for the
CAMCE Investment (Lao) Company, a joint venture between Lao and Chinese
companies, to develop the island with a concession period of 50 years, which
can be extended for another 40 years.
The whole project is divided into three
phases, with the first phase to include construction of 50 villas and other
facilities for the ASEM on an area of 8.1 hectares, which will be complete by
August 2012.
The second phase will include construction of
a modern village of rental houses, a hotel, hospital, school, restaurants and
public areas. This phase will run from 2013 to 2017. The third phase will
include the construction of a trade centre, offices and residential houses.
This phase of the project will run from 2017 to 2021.
The government has already constructed a 1.5km
road, which includes footpaths and street lights, from the project site to the
main road.
CAMCE has given US$3 to the government to
compensate more than 100 villagers affected by the project. The government has
allocated 40 by 40 metre land plots for affected families in the Dongbanxay
area of Xaythany district, about 18km from the city centre. The government will
continue to negotiate and mediate with the remaining affected villagers to
enable the project to proceed and be completed as scheduled.
The ASEM brings together the heads of state of
the 27 European Union member states and of 16 Asian countries, as well as the
European Commission and the secretariat of the Association of South-East Asian
Nations. ASEM will be the largest event ever to be held in Laos and the
government attaches great importance to hosting the event, as success will
contribute to enhancing the profile of Laos in the international arena.
The government is building and improving other
facilities ahead of the event, including an upgrade to Wattay International
Airport in Vientiane and a new Lao International Convention Center, which is to
host the ninth Asia-Europe Meeting (ASEM) on November 4-6, 2012..
Stephan
J&C Expat Services
Business & Investment Opportunities
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