That Luang shopping mall to be built
(KPL) A new shopping mall will be established in Vientiane Capital when two private companies decided to invest more than US$17 million to develop the That Luang market as the That Luang shopping mall.
The Head of That Luang Shopping Mall and Modern Market Construction Projects, Mr Bouasone Hueangpaseuth said the construction was expected to be started this month. Mr Bouasone, a local businessman, owner of the Heuangpaseuth Construction Company, has just completed 20 years of the That Luang market concession and extended the concession of That Luang market.
At present, the Heuangpaserth Company has entered into a joint venture with the International Transportation, and Alice Computer Companies to develop That Luang market to become the That Luang shopping mall and a modern market.
The Hueangpaserth company holds 60 per cent of share and the two companies hold 20 per cent each.
The That Luang shopping mall and a modern market will be built on 18,000 square metres, of which 7,612 square metres will be set aside for the construction of the That Luang shopping mall, said Mr Bouasone.
The construction of the two buildings will start this month.
The new shopping mall to cost US$7.8 million will be a four-storey building with more than 300 rooms.
A parking area for hundreds of vehicles will also be built.
This project is expected to be over and opened to the public at the end of 2012, he said.
“However, the first storey of the That Luang shopping mall will be completed before the celebration of the Vientiane’s 450th proclaiming anniversary as national capital in November this year,” added Mr Bouasone.
“After completing the construction of the That Luang shopping mall, we will further construct the modern market which is expected to be completed by 2014,” he said.
The modern market on a total land of 10,435 square metres will cost more than US$9.7 million. However, the merchants in the current That Luang market will be moved to a nearby market - Houa Khoua market, Saysettha district, Vientiane Capital, on a temporary basis.
He hoped that people and other merchants would be delighted with the construction.
“Once the two projects are completed they will transform the That Luang area to one of the significant shopping malls in Vientiane Capital” said Mr Bouasone.
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