Construction of a new 5-star hotel and entertainment complex in Vientiane will begin in September or October this year after a joint venture agreement for the project was signed on Monday. The agreement was signed by the BIM Group’s Halong Investment and Development Company and the Ministry of Public Security’s Logistics Department. The complex will be complete in 2013 and will be a significant economic development in Vientiane. The project will cost about 592 billion kip (US$ 70 million). Laos will hold a 20 percent share in the project. The complex will cover an area of 20.000 square metres on Samsenthai Road in Nongduangneua village, Sikhottabong district. The site will include three buildings: one of 11 storeys and two others of 3 storeys each. It will include a 5-star hotel, movie theatre and large shopping centre, as well as facilities for conferences or parties of 1.000 to 2.000 people. Investors are currently working on obtaining investment funds, conducting site studies and land excavation. The two parties will jointly operate the project for 45 years, after which it will belong to the Ministry of Public Security.
Source: Vientiane Times
