VIENTIANE (LAOS) PROPERTY MARKET REPORT JULY 2013
JULY 2013 | VIENTIANE (LAOS) MARKET REPORT
VIENTIANE (LAOS) PROPERTY MARKET REPORT | JULY 2013
VIENTIANE (LAOS) PROPERTY MARKET REPORT
1. Highlights The GDP of Laos increased by around 7.5 to 8% per year during the past few years. The government has a plan to improve Laos from a landlocked country to a land-linked one with new roads and a high-speed train. New special and specific economic zones in Laos have become a new magnet for foreign investors. Vientiane’s population is expected to continue its rapid increase over the next 20 years, presenting opportunities and challenges. The young population will stimulate growth over the next 20 years. There are nearly 1,200upscale hotel rooms at the end of 2013; most hotels in Vientiane are in the guesthouse and economy segments. In 2009, 45% of the apartments for lease in Vientiane were completed and the total supply at the end of 2013 is approximately 300. The total area of office space in Vientiane is almost 49,700 sq m and nearly 79% of that was added to the market from 2010 to 2012. Limited office space is still evident in high occupancy rates. In the retail sector, 45%of the total supply was added in 2011 - 2012. The retail supply in Vientiane at the end of 2013 is approximately 128,000 sq m. The Vientiane property market has begun to modernise at a sustainable pace. Many foreign investors are entering Lao PDR either as part of their business expansions or for new opportunities, so the number of expat and foreign tourists has continued to increase during the past few years and will stimulate growth over the next few years.
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2. INTRODUCTION Vientiane, the capital of Laos, resembles more of a sleepy South American town than the commercial hub of another emerging tiger and this reflects the intention of a more moderate trajectory of growth in the city. The name is translated as “City of Sandalwood”, a tree known for its fragrance. It became the capital of Laos in 1563. It was not until 1986 with the “New Economic Mechanism”, which started the slow process of market-orientated reforms from a centrally planned economy, that the emergence of Vientiane as both the political and commercial capital of the country took place. However, being landlocked and having a small population as well as being cautious in its economic development has meant that the city has only recently taken on the characteristics of modern city life and there is still some way to go. However, that remains the charm of Vientiane for those who have been fortunate enough to experience the city. A significant amount of real estate activity is undertaken by diplomatic missions and Non-Governmental Organisations (NGOs) in the form of villas and leased apartments for their own operations, as well as residences for their expat employees. Over the past ten years, Laos has undertaken a significant amount of hydropower development and is serving the energy needs of its neighbours, as well as becoming an important mining destination and logistical hub for regional trade. Many companies involved in these sectors, especially from Vietnam, China and Thailand, have now located their head offices in Vientiane. A plethora of banks has sprung up in the capital to serve the needs of these investors. Vientiane is also increasingly on the tourist itinerary that also includes Luang Prabang̶ a UNESCO World Heritage site; Vang Vieng a popular destination for backpackers; and the less visited areas in the south of the country, including Tad Lo waterfalls and Si Phan Don (Four Thousand Islands). Many like to spend a few days in the capital before moving on and hotels of all grades are accommodating these tourists and business travellers. Although no international hospital exists, the first private clinic has recently opened and an accredited international school is growing apace. The jigsaw pieces of an international city are fitting into place although the retail component is still mostly in the form of traditional shopping centres. Big C will open its doors next year and more modern retail centres are due to come online over the next few years, but the shopping scene in Udon Thani is still likely to keep the city quiet on weekends for some time. In 2011, the first ever stock exchange started operations in Vientiane with two companies listing, although the number is set to increase over the next few years. The abundance of land in the capital and foreign ownership restrictions mean that no condominiums or apartments for sale can be found in Vientiane. Height restrictions will maintain the unique character of the city and, while the riverfront area is being rejuvenated with eclectic designs that add to the city’s character, other projects are less appealing. The real estate market in Vientiane is awakening but the relaxed charm of this city will remain for some time to come. The introduction of the AEC in 2015 is the major factor for all countries in ASEAN, especially emerging economies such as those of Myanmar, Cambodia, Vietnam and Laos, and numerous foreign investors and businessmen are entering the region looking for business opportunities. To attract foreign investment most countries have launched new investment promotion policies, and are improving internal infrastructure and linkage to other countries in the region, as well as making changes to their foreign investment laws. Laos has been active in this respect as it wishes to become a new manufacturing base and its government has announced the development of new special and specific economic zones for foreign investors along its borders, especially in areas close to all Friendship Bridges connecting Laos with Thailand.
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3. LAOS OVERVIEW
Source: Google Maps
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Laos Key Facts Official Name: Area: Population: Density: Capital: Government: Population Growth Rate: Life Expectancy: Adult Literacy Rate: Language: Religion: Currency:
Lao People’s Democratic Republic (Lao PDR) 236,800 sq km 6,500,000 (2012 estimate) 27.5 people per sq km Vientiane Communist one-party state 1.7% (2011 est.) 67.5 years (UNDP)
The official language is Lao, other languages spoken by various ethnic groups Around two-thirds are Buddhists; the remainder mostly animist Kip (LAK)
Ethnic Breakdown Just over half of the population are ethnic Lao; the second largest group are the Khmou, with just over 10%in the north of the country; and the Hmong, with just under 10% many of whom live outside of Laos due to political problems after the communist government took power in 1975. The rest of the population consists of over a hundred ethnic groups. The Diaspora Since 1970, it is estimated by the UN Population Division that around 540,000 have migrated from Laos, representing nearly 9% of the total population. Many begin new lives abroad and can earn significantly more than the average salary in Laos and have greater capital. This means that the group is often a strong source of investment back into Laos, as is the case in Vietnam and Cambodia. Many buy properties for investment purposes and to house their relatives who have remained in the country. Key destination countries are the United States, Thailand, France, Canada, Australia, Japan, Germany, Belgium and New Zealand.
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DEMOGRAPHICS PERCENTAGE OF AGE GROUPS BETWEEN 15 AND 65
Source: Population Division of the Department of Economic and Social Affairs of the United Nations, and Colliers International Thailand Research
Laos has a young population compared to other countries in the world. This is mostly a result of the war that occurred in the 1970s, which severely reduced the number of births. This means that there are relatively few older people. The period after the war saw a dramatic rise in births and these baby boomers are now reaching the age when they are economically productive. For many countries, this is a significant contributor to economic growth as occurred in Japan in the 1950s to 1970s, and later in Korea and Taiwan in the 1960s to 1980s.
Economic History
When the communist Pathet Lao came to power in 1975, they imposed a Soviet-style command economic system of a similar fashion to Vietnam but it soon became clear that this system was hampering Laos in developing its economy. In 1986, the government announced the New Economic Mechanism (NEM), which tentatively started the reform of the economy to a more market driven one. Over time, the NEM was expanded to include a range of reforms designed to create conditions that allowed for greater private sector activity. Market forces replaced centrally determined prices. The model is similar to that of Vietnam and China with an essentially market economy but with significant central planning and strong state capitalism in key sectors. Laos has limited manufacturing activity and relies upon primary products such as mining and energy. Hydropower is an increasingly important source of revenue to the point where the Industry and Commerce Minister wanted Laos to become the “battery” of South-East Asia. There are 55 dams being planned for the future. Tourism is a high growth area with arrivals increasing significantly every year. The government relies on overseas assistance for investment with only around 22% of the USD5 billion planned for the last five year plan coming from internal sources.
Laos Securities Exchange
The Lao PDR Securities Exchange (LSX) began trading in January 2010. The LSX lists two companies, Electricite du Laos Generation Company, and Banque Pour Le Commerce Exterieur Lao, with more expected to follow. Korea Exchange, the sole securities exchange operator in Korea, has invested USD9.8million, or 49% of the capital in the Exchange, with The Bank of Laos, the country’s central bank, investing the rest. The two Initial Public Offerings rose around USD140 million. It is one of the few stock exchanges that cater to frontier market investors; the others in the region are Mongolia and now Cambodia, although the latter has no companies listed at the end of 2012. A new office building was completed to accommodate the Exchange and securities companies.
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BREAKDOWN OF GDP IN 2012
Source: Department of Economic Statistics, Laos Statistics Bureau, and Colliers International Thailand Research
The underdeveloped nature of the Lao economy is demonstrated by the significance of the agricultural sector and the limited manufacturing activity. Around 80% of the population works in the agricultural sector, mostly in subsistence rice farming. Clearly, most of the country has taken little part in globalisation and has realised few of the benefits it can bring. Total GDP in 2012 was more than USD9.27 billion and increase from 2011 of around 12%. BREAKDOWN OF TOTAL FOREIGN INVESTMENT BY SECTOR IN LAOS FROM JANUARY 2000 TO DECEMBER 2012
Source: Investment Promotion Department and Colliers International Thailand Research
The hydropower and mining sectors are key magnets for foreign investment in Laos in stark comparison to the industrial sector. The service sector attracted the third largest amount of investment in 2011 due to transport and retail activity.
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BREAKDOWN OF INVESTORS BY COUNTRY FROM JANUARY 2000 TO DECEMBER 2012
Source: Investment Promotion Department, and Colliers International Thailand Research
The investors from Vietnam, China and Thai comprise the main foreign investors in Laos, as all three countries share a border with Laos. Eight of the top ten lists are Asian countries. Although Laos no directs access to the sea, abundant natural resources and growing economy over past few years are the main attractions for foreign investment.
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Legal Aspects Land Ownership The government owns all land in Lao PDR. The equivalent of ownership is based on the concept of land-use rights. However, the government may take back the land anytime for symbolic rather than market value. Foreigners are not allowed to own land. Land Leasehold Lao citizens are authorised to lease land from the state for a maximum of 30 years, which can be extended depending on the case. Foreigners may lease from the state. Foreigners wishing to lease developed land from Lao citizens must get approval from the National Land Management Authority based on local administration recommendations. The maximum lease period is 20 years but may be extended on a case-by-case basis. For foreigners who come to invest, the lease period for state land is 50 years but may be extended; for Laotian citizens this period is 30 years. The period for embassies and international organisations is 99 years. Land can be sub-leased with approval from the state and can be inherited. Buildings Foreigners have the right to buy and sell property based on the contract of land lease but the state has priority in buying property. Foreigners are not allowed to buy apartments on a freehold basis and no condominium strata-titles exist. Special and Specific Economic Zone In special economic zones, the maximum period for a land lease is 75 years, but may be extended with approval from the National Assembly.
4. INFRASTRUCTURE DEVELOPMENT Asian Highway Network in Laos The Asian Highway (AH) network in Laos consists of six routes – AH 3,AH 11, AH 12, AH 13, AH 15 and AH 16. All routes pass through a large number of major cities and connect to other countries in the region as indicated in the table below:
Source: Colliers International Thailand Research
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Source: Colliers International Thailand Research (copied from Google Maps)
The Asian Highway network in Laos is connected to four other countries, with one route running in a north-south direction connected to China and Cambodia, and east-west routes connecting with Thailand and Vietnam. Although the road quality in Laos is still far below international standards, the government has announced its intention to develop all transport systems, starting with the main highways in order to save on logistical costs and time.
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Asean Economic Corridor This project is funded by the Asian Development Bank (ADB), which is funding various infrastructure developments in the region, including road transport. A highways network is planned to run between all of the countries in the Greater Mekong Sub-region (“the GMS�): Thailand, China (Yunnan Province), Vietnam, Cambodia, Laos and Myanmar.
Source: Asian Development Bank (ADB), and Colliers International Thailand Research
The Asian Development Bank (ADB) has divided the project into three major parts: North-South Economic Corridor This route starts on an existing road in Bangkok, Thailand, and goes north to the Thai border in Chiang Rai Province, continuing to Yunnan on the R3 road. The Chinese government is also developing a new road in the northern part of Myanmar to link all roads in that area to the R3 road, boosting the logistics and transport network. East-West Economic Corridor This road is intended to be the main highway connecting the western part of Myanmar at Mawlamyine in Mon State to the South China Sea at Danang through Laos and Thailand. Southern Economic Corridor This road is also the main highway connecting the west side of Myanmar at Dawei to the South China Sea at Danang and Vung Tau through Laos and Thailand.
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East-West Economic Corridor China, Thailand, Myanmar, Laos, Cambodia and Vietnam have initiated the development of economic cooperation in the GMS. The main objective is to expand trade, boost foreign investment in the region, and reduce logistics costs. The plan is to develop road and railway systems to link countries in the region. The East-West Economic Corridor (EWEC) or Route 9 (R9) is intended to be the main highway connecting the west side of Myanmar at Mawlamyine in Mon State to the South China Sea at Danang through Laos and Thailand.
Source: Colliers International Thailand Research (copied from Google Maps)
More than 80% of the total length of 1,450 km has been completed, approximately 950 km of which is in Thailand. The segments in Laos and Vietnam are already finished, while the Myanmar section is still not complete. The government announced a new, special economic zone in Savannakhet, with a total area of more than 900 hectares. The Savan – Seno Special Economic Zone in Savannakhet is the most fashionable SEZ in Laos, and many foreign investors have already invested, but they are still waiting for the other infrastructure development, as well as compared to other SEZ in Laos.
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High-Speed Train Project
Source: Colliers International Thailand Research (copied from Google Maps)
Thailand plans to build a 625 km high-speed train line from Bangkok to Nong Khai that will connect to Laos at Vientiane. The Chinese government is waiting for confirmation from Thailand, after which they will provide a loan for Laos to build a high-speed train railway to link the three countries together. The high-speed train in Laos will start at the capital Vientiane and connect to the high-speed train line from Thailand, then up north to Luangnamtha. The line will cross the border into China inthe southern part of Yunnan Province. The Laos parliament approved the 420 km high-speed railway in October 2012, but there has still been little movement onthe project. In addition, Laos has also proposed a link to Thailand and Vietnam by another high-speed train project from Savannakhet to Laobao in Vietnam, along the East-West Economic Corridor and supported special economic zones in Savannakhet and Lao Bao as well as in Mukdaharn, Thailand. The Laotian government is focusing more on infrastructure development and improvements in all areas of the country to reduce logistics costs and time; they are also trying to attract more foreign investors to Laos. In addition, some mega-projects are under construction, such as a hydropower dam on the Mekong River, which is increasing confidence in the energy production of the country.
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5. INVESTMENT ZONES IN LAOS The Laotian government has introduced promotional policies to attract investment and the investment zone has been divided into two sectors; a special or specific economic zone and an investment promotion zone. The incentives and privileges for each zone are different and depend on the location and objective of the investment.
Special or Specific Economic Zone These special economic zones are located along the country’s borders to attract both local and foreign investment. Nine out of the ten zones are located on the border with Thailand and close to all Friendship Bridges. The remaining zone is close to China at Loungnamtha. In addition, the government is planning to increase the number of special or specific economic zones to 41 by 2020.
Source: Laos National Committee for Special Economic Zones
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Only three SEZs are ready for investors, Savan–Seno SEZ in Savannakhet, Boten Beautiful Land SEZ in Loungnamtha and Golden Triangle SEZ in Boten. Savan–Seno SEZ is the most popular with foreign and local investors as it is located along the East–West Economic Corridor (EWEC), one of the main transportation and logistics routes in ASEAN. EWEC connects Myanmar, Thailand, Laos, and Vietnam with a four-lane road running from Mawlamyine in the west of Burma, through Thailand to Laos at Savannakhet, and on to Danang in Vietnam. In addition, this road is the shortest road connecting the Indian Ocean with the South China Sea, so nearby areas are of interest to investors especially when government promotional privileges and incentives are also offered.
Incentives for SEZ Investment Investors in the special economic zone are entitled to receive the following privileges: 1. A one-stop-service from the economic board or management board of the SEZ; 2. Exemption of duty and tax on the importation of equipment, vehicles and raw materials for construction; 3. Reductions in income tax and value-added-tax depending on business type; 4. The right to reside in the Lao PDR along with family during the period of the development investment contract; 5. Other promotional privileges which are formulated by the economic board or management board based on the actual potential and conditions of the SEZ. Notes: All incentives depend on the policies of the individual SEZ.
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Savan–Seno Special Economic Zone (SASEZ)
The Savan–Seno Special Economic Zone is the first special economic zone in Laos in the area along the East West Economic Corridor (EWEC). Many foreign investors, especially from Thailand and Japan, are interested in investing in this zone.
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General information and tax incentives.
Source: Lao National Committee for Special Economic Zones; all data subject to change.
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Zone A
The total area is approximately 305 ha and located close to Friendship Bridge 2. The government plans to develop this zone as an export processing zone, for industry support and as a service centre for international conventions and sports. Recently, Thai Airport Ground Services Co Ltd and the Laos government started developing around 270 ha in this zone.
Zone B
Zone B is located close to the junction of highways nos. 19 and 9 and is about 30 km from Zone A. The total area of this zone is approximately 20 ha and the government plans to develop it into a logistics hub comprising distribution centres, container yards, bonded warehouses, etc. This is because highway no. 9 is the main road to Vietnam and highway no. 13 is the only main road connecting the north and south of the country.
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Investment Promotion Zone
Source: Department for Promotion and Management of Domestic and Foreign Investment Notes: Zone 1: Zones where there is insufficient socio-economic infrastructure favourable to facilitate investments. These zones are mainly mountainous and remote areas and will be classified as the top level for investment promotion Zone 2: Zones where there is some socio-economic infrastructure able to support investments. The difficulties caused by the geographical location of these zones are not as serious as in Zone 1. These zones will be classified as the medium level for investment promotion Zone 3: Zones where there is good infrastructure available to support investments. These zones will be classified as a low level for investment promotion A detailed list of promoted zones will be given with the specific regulations
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VIENTIANE (LAOS) PROPERTY MARKET REPORT | JULY 2013 Promoted sectors under the Investment Law are agriculture, industry, handicrafts, and services. In addition, Laos is split into three zones and the incentives for each zone are different. A detailed list of promoted activities will be determined by the Government on three different levels based on its priorities, policies related to poverty reduction, the improvement of the living standards of the people, construction of infrastructure, human resources development, employment, etc (according to Article 49 of the Law on Investment Promotion). Promotional activities are split into three levels as follow: Level 1: Activities with the top level of promotion Level 2: Activities with the medium level of promotion Level 3: Activities with the low level of promotion Incentives related to profit taxes (according to Article 51 of the Law on Investment Promotion) Incentives related to profit taxes shall be implemented as follows: 1. Zone 1 - Activities with Level 1 of investment promotion shall receive profit tax exemption for 10 years. - Activities with Level 2 of investment promotion shall receive profit tax exemption for 6 years. - Activities with Level 3 of investment promotion shall receive profit tax exemption for 4 years. 2. Zone 2 - Activities with Level 1 of investment promotion shall receive profit tax exemption for 6 years. - Activities with Level 2 of investment promotion shall receive profit tax exemption for 4 years. - Activities with Level 3 of investment promotion shall receive profit tax exemption for 2 years. 3. Zone 3 - Activities with Level 1 of investment promotion shall receive profit tax exemption for 4 years. - Activities with Level 2 of investment promotion shall receive profit tax exemption for 2 years. - Activities with Level 3 of investment promotion shall receive profit tax exemption for 1 year. Profit tax exemption will start from the date the enterprise begins business operations. For the manufacture of new products, research and technology, the profit tax exemption will commence from the date the enterprise starts making a profit. At the end of the profit tax exemption period as mentioned above, the enterprise shall pay profit tax in accordance with the Tax Law. Mining and hydropower concessions and tree plantations shall comply with the concerned laws. Incentives related to customs duty and other taxes (According to Article 52 of the Law on Investment Promotion) In addition to the incentives related to profit tax, investors shall also be entitled to the following customs duty and other tax incentives: 1. Exemption from profit tax in the following accounting year for businesses that invest their net profit for expansion 2. Exemption from import duty on raw materials, equipment, spare parts and vehicles that are directly used for production. Import tax exemption for these items shall comply with specific regulations 3. Exemption from export duty on the export of general products. The export of natural resources and products from natural resources shall comply with the concerned laws and regulations The importation of all types of fuel is not exempted from import duty and taxes 4. Investors may transfer their annual losses to the following year to be deducted from profit within a period of three years; however, the losses shall be audited and certified by the tax officer. After this period, any remaining loss is not allowed to be deducted from profit. In the case of the Special and Specific Economic Zones, the incentives related to customs duties and other taxes shall comply with the decrees on the establishment and management of each zone Note: All investors should check with the Committee for Promotion and Management of Investment (CPMI) for other tax incentives and privileges related to investment in investment promotion zones. This report is written as a general summary guide only. It is not necessarily a comprehensive outline of the subjects it discusses. Where reference is made to law and legal matters, it is not intended as legal advice and therefore should not be relied upon as such. Colliers International Thailand (C.I.T. Property Consultants Co Ltd) is not a legal services provider and readers seeking specific legal advice should consult a professional legal services provider.
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6. LAOS HOTEL MARKET TOTAL SUPPLY OF HOTEL ROOMS IN LAOS, JULY 2013 FROM 2003 TO 2011
Source: Tourism Development Department Tourism Research Division and Colliers International Thailand Research
There has been a steady rise in the number of hotel rooms throughout the country to reflect the growing importance of tourism in Laos. There were just over 38,000 rooms in all categories in 2011. HOTEL SUPPLY IN SELECTED DESTINATIONS BY YEAR FROM 2003 TO 2011
Source: Laos National Tourism Administration and Colliers International Thailand Research Note: Above number includes hotels, resorts and guesthouses.
The four most important destinations outside of Vientiane are Luang Prabang, a UNESCO World Heritage City, a popular draw for many visitors to Laos that has distanced itself from the mass tourism market. Savannakhet is the second largest city in Laos and an important hub for Thailand, Vietnam, Vientiane and the south of the country. It has less appeal as a tourist destination but has a pleasant relaxed atmosphere. Champasak is home to Khmer ruins that are also a UNESCO World Heritage site, and the town of Pakse, which is the commercial centre of the south of the country and close to the Thailand border. In all destinations, there has been a rise in the number of hotel rooms to cater to the growing number of tourists.
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OCCUPANCY RATE BY PROVINCE FROM 2003 TO 2011
Source: Laos National Tourism Administration and Colliers International Thailand Research Note: Above figures include all grades of hotels.
During the years, 2005 - 2009, Luang Prabang had the highest occupancy rates. In 2007, the occupancy rate in Savannakhet increased approximately 12% from the previous year, due to the Friendship Bridge opening, although in 2008 this dropped by 4.4% and then picked up again in 2009.
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7. VIENTIANE OVERVIEW Vientiane Defined Vientiane relates to three administrative entities. Vientiane Capital is the formal name for the main city and official capital. This is the area considered in the report and will be known as Vientiane. The city forms part of Vientiane Prefecture, which includes five districts in Vientiane Capital and four outside. In 1989, the prefecture was split from Vientiane Province, which represents a larger area surrounding the prefecture. HISTORICAL AND ESTIMATED POPULATION OF VIENTIANE
Source: Population Division of the Department of Economic and Social Affairs of the United Nations, and Colliers International Thailand Research
With its young population and the attractions of the largest commercial city in the country for internal migration, the population of Vientiane has more than doubled in size over the course of the past 25 years. Further economic growth is likely to lead to a further movement of population from a rural to an urban environment, and the population could nearly double again within the next 15 years to exceed 1.5 million. This will present a challenge for authorities in regards to services and infrastructure, and present an opportunity for property developers in the residential and retail sectors.
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VIENTIANE CAPITAL BOUNDARIES Vientiane Capital is the largest city in Laos as well as the commercial centre of the country. Vientiane Capital is located on the eastern bank of the Mekong River, opposite Nong Khai province in Thailand. Access between the two countries is by the Friendship Bridge from Hadxayfong district to Nong Khai province. Vientiane Capital is comprised of the following districts: • Chantabuly • Sikhottabong • Sisattanak • Xaysetha • Hadxayfong. Note: Spelling varies based onRomanisation of the Lao language
Zoning For this report, Colliers International Thailand will focus on four of the five districts within Vientiane Capital, as the vast majority of the property market in this report is located in these four districts.
Sikhottabong District: Sikhottabong district is a new area for business and residential purposes. Wattay International Airport is located in this district and a number of office and retail centres are starting to spring up. Chantabuly District: Most of the government offices, hotels and guesthouses are located in this district. The area on or close to the river in this district is considered as downtown and is popular with tourists as well as being the location of a number of offices. Sisattanak District: This district contains the lion’s share of embassies as well as offices for NGOs and companies located in houses rather than offices. It is also the location of the Vientiane International School and other English-language schools. Therefore, the area is very popular for expats working in the city. Most live in rented houses or apartments. Xaysetha District: In addition to Chantabuly district, many government offices are also located in this district, including some embassies and office buildings. Most office buildings were completed in the past two years.
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8. VIENTIANE HOTEL MARKET HOTEL CLASSIFICATION No formal classification exists for hotels in Laos and as such, Colliers International Thailand has distinguished between those in the upscale category, which also includes hotels of luxury standard, and those below upscale. Upscale hotels in Laos are usually of a size to support high staffing levels, and a significantly greater quality and range of facilities. Reception and other public rooms are spacious with a number of restaurants. All bedrooms have full en suite bathrooms and offer a good standard of comfort and equipment, such as hair dryer, telephone and toiletries. Currently, the standard of hotels in general may not reach the level of those in other countries.
HISTORICAL SUPPLY OF HOTEL ROOMS IN VIENTIANE
Source: Ministry of Hotels and Tourism, and Colliers International Thailand Research Remark: Total numbers of hotel rooms include all grades of hotel in Vientiane.
The number of hotel rooms in every category, for the whole of Vientiane, was 12,128 rooms in 2011. The more than 2,600 new rooms added in 2011 was the highest increase over the past six years. Approximately 3,500 rooms or 32% of the total hotel rooms in Vientiane are in guesthouses, as budget tourists makeup a significant percentage of the tourism market.
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UPSCALE HOTEL MARKET SUPPLY HISTORICAL SUPPLY IN VIENTIANE, JULY 2013
Source: Colliers International Thailand Research Note: F = Forecast
Vientiane is the capital and main business city of the country, so some hotels began operations a long time ago. Approximately 200 of the upscale hotel rooms in Vientiane were added before 1994 and around 130 rooms were added in1994, when the first Friendship Bridge (NongKhai – Vientiane) officially opened. The Asian Financial Crisis also affected Laos, so there were no new hotels during 1995 -1999, although 44 rooms were added in 2000; there were no new hotels from 2001 to 2002. The Government of Laos designated Vientiane as the venue for regional meetings and sporting events, such as the ASEAN Summit in 2004 and the SEA Games in 2009, during which time there were a small number of hotel rooms added. SUPPLY BY LOCATION, JULY 2013
Source: Colliers International Thailand Research
Approximately 45% of the total numbers of upscale hotel rooms in Vientiane are located in Chantabuly district. This district is popular for the covered downtown area, and the location of the government centre, temples, bus terminals and restaurants. In addition, many guesthouses are located in Chantabuly and Sisattanak districts, especially in the area close to the Mekong River.
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CUMULATIVE FUTURE SUPPLY, JULY 2013
Source: Colliers International Thailand Research
Due to the growth of tourism and business travel to Vientiane, there are a few new hotel developments under construction. Although Vientiane is not the main tourist attraction in Laos, the city is the country’s transport hub. Tourists can take a public bus or train to other provinces or neighbouring countries very easily from the centre; as a result, the majority of journeys start and finish in the city. Approximately 990 rooms are scheduled to be completed in 2014 in three districts with approximately 350 rooms in each district. The Ministry of National Defence and The Regal Global Investment and Development Group from Singapore will sign an agreement in September 2011 to build a luxury hotel with a budget of US$100 million. This project is a luxury, mixed-use project comprising 350 hotel rooms, a shopping mall, entertainment centre and cinema, and will be 28 storeys tall. The project was started construction in March 2012 and scheduled to be completed in 2014. Another international hotel planning expansion in Laos from Accor Group, which has announced the opening of the Ibis Vientiane in August 2013, with 64 rooms and a restaurant. This hotel was located in the main tourist and entertainment area of Vientiane. The Vietnamese Hoang Anh Gia Lai Group (HAGL) started construction on their four-star hotel in Vientiane in early 2012. This project is located at the Papasak junction near the Mekong River. Total investment for this project is approximately US$16.5 million for 169 guestrooms; it is expected to be completed in 2014. Some large-scale mixed-use projects are planned for future development in Vientiane with hotels, such as the Vientiane New World, located along the Mekong River; the World Trade Centre in the centre of Vientiane; the Vientiane Complex; and another hotel project built by the BIM Group.
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DEMAND NUMBER OF TOURISTS ARRIVING IN LAOS PER YEAR
Source: Tourism Development Department, Tourism Research Division, and Colliers International Thailand Research
After the official opening of the first Friendship Bridge (NongKhai – Vientiane) in 1994, the number of tourists in 1995 increased by more than 137%, an increase of just over 200,000 from the previous year. The second Friendship Bridge (Mukdaharn – Savannakhet) was opened in 2006 and boosted the number of tourists in 2007 by 34% with an increase of over 400,000 from the previous year. Due to the SEA Games in 2009 in Vientiane, there was a boost in the number of tourists arriving in Laos and this number continued to grow in 2010 and 2011. The number of tourists arriving in Laos in 2012 was higher than that in 2011, at approximately three million, probably the highest on record. This was due to the new government policies that attracted more tourists, such as visa exemptions, new airline routes and the promotional campaign, Visit Laos Year 2012. Laos forecasts achieving 3.7 million visitors for 2013, up 14 percent from 2012.
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MARKET SHARE OF TOURIST ARRIVALS BY REGION IN 2011
Source: Tourism Development Department Tourism Research Division and Colliers International Thailand Research
Tourists from ASEAN comprise the majority of the market in Laos, making up approximately 82% of the total or more than 2,191,000.Thaisarethe largest group with nearly 1,580,000 arrivals in 2011 or 58% of the total tourists, followed by Vietnamese and Chinese with around 561,000 and 150,000 respectively. There are no direct flights from Europe or America, and limited flights from some countries in East Asia, so all are routed through Thailand before landing in Laos. Vientiane is the gateway into Laos for the majority of tourists, as they can find transport to the main attractions, such as Luang Prabang, Pakse, Savannakhet and Champassak. Onward travel to Vietnam, Cambodia and Myanmar is also possible from Vientiane, with the Wattay International Airport and city bus terminals catering to a variety of travellers. MARKET SHARE OF TOURIST ARRIVALS BY REGION FROM 2005 TO 2011
Source: National Tourism Authority of Lao P.D.R and Colliers International Thailand Research
The most noticeable emerging tourist market is tourists from ASEAN. From 2005 to 2011, numbers increased 175% from 794,044 in 2005 to 2,191,224 in 2011. In addition, tourists from East Asia, especially China, also increased more than 155,540 in these six years, but the total is still lower than that from ASEAN countries.
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OCCUPANCY RATE AVERAGE OCCUPANCY RATE OF ALL HOTEL GRADES IN VIENTIANE FROM 2003 TO2011
Source: Tourism Development Department, Tourism Research Division, and Colliers International Thailand Research Note: Above figures include all grades of hotels.
Most foreign tourists in Vientiane are looking for budget accommodation and prefer to stay in guesthouses or 2- to 3-star hotels, which offer a cheaper rate and can easily provide a one- or two-night stay prior to travel to other attractions such as Luang Prabang. This is because 44% of foreign tourists arriving in Laos are between 20 and 29 years old, and they prefer to stay in guesthouses. The average occupancy rates of upscale hotels in Vientiane are still lower than mid-range hotels and guesthouses. The majority of tourists staying in the upscale hotels are from Thailand. International Hotel Chains At present, only one international hotel chain, Accor Group, has opened a hotel, the Mercure, in Vientiane and Ibis Vientiane in 2013. This could change as the country continues to open and operators feel confident about setting up in Laos. The country’s hospitality industry will benefit from the experience and global reach that these operators provide.
Summary 2013 and Forecast for 2014 Vientiane is the capital of Laos and the main transport hub of the country. Most foreign tourists who visit Laos arrive in Vientiane and then go on to other provinces or cities. Friendship Bridge 1 (Nong Khai –Vientiane), the main gateway for foreign tourists, is not far from Vientiane and provides access for 27% of the people entering the country. Although the number of foreign tourists arriving in Laos increases year on year, the number of hotels is also higher than in the past, with an increasing number constructed over the past few years. The average occupancy rate of all hotels in Vientiane is approximately 63%, and this rate has not changed much in the recent past. The number of foreign tourists in 2012 was more than three million, the highest on record. This was due to the new government policies to attract more tourists, such as visa exemptions, new airline routes and the promotional campaign, Visit Laos Year 2012. Vientiane is the main business city of Laos, and most foreign investors who expect to invest in Laos will initially arrive in Vientiane. The opening up of ASEAN to greater trade and investment will lead to more business trips. Some new international hotel chains have expanded to Laos already, especially to Vientiane, and some other chains are also looking for opportunities. The opening of AEC in 2015 is the most important factor for development in all countries in the region, with some of them, such as Laos, only emerging on the regional stage during the past few years.
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9. VIENTIANE APARTMENT MARKET Definition Apartments for lease include buildings that lease out residential space, usually for long-term contracts but sometimes for short stays. The levels of service and facilities provided in such apartments vary. Only some apartments could be considered serviced apartments where cleaning would be provided on a daily basis and with a small restaurant available. In many cases, cleaning takes place two or three times a week with minimal communal facilities. Most do not have swimming pools or gyms. For the purposes of this report, the term apartment refers to apartments for lease.
SUPPLY HISTORICAL SUPPLY, JULY 2013
Source: Colliers International Thailand Research Note: F = Forecast
Most foreigners, who came to work in Vientiane in the past, rented houses for their residences and offices. However, the number of foreign tourists and businessmen increased year on year, but no any new apartment projects for foreigners from 2002 to 2008, although only 12 units were added to the market in 2007. More than 120 units were completed in 2009 or 45% of the total supply in 2012.The total apartment supply in Vientiane is nearly 270 units and is expected to reach 300 units at the end of 2013. Many expats in Vientiane stay in individual houses which is residential and/or office use. In addition, many expats prefer to stay in hotels, because of the better facilities and services.
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SUPPLY BY LOCATION, JULY 2013
Source: Colliers International Thailand Research
Approximately 51%, or around 155 apartments, in Vientiane are in Sisattanak district because that is where many embassies and NGO offices are located. In addition, many vacant lots at reasonable prices are also found in Sisattanak district.
ROOM SIZE SMALLEST AND LARGEST SIZES OF ROOMS IN APARTMENTS FOR LEASE BY TYPE
Source: Colliers International Thailand Research
Nearly 40% of the total supply is one-bedroom units, while two-bedroom units comprise around 33% of the total market. The size of the rooms in various apartments is different for every project, depending on project concept, size, location and year opened. The most recent apartment project in Yangon is Parkview Executive Suite and every type of room is larger than in other projects.
RATE LOWEST AND HIGHEST RENTOF APARTMENTS BY ROOM TYPE, JULY 2013
Source: Colliers International Thailand Research
Rental rates of apartments in Vientiane start from USD450 per month for a studio unit with an area of around 35 sq m, while the highest rent is US$2,800 per month for three-bedroom units of 174 sq m. The rental rates at Parkview Executive Suite and HHI Apartments are more than 250%higher than at other apartments due to the higher level of services and facilities available.
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FUTURE SUPPLY, JULY 2013 At present there are no indications of any future apartment buildings being constructed, but some mixed-use projects are planned for development in the future with apartments or serviced apartments.
DEMAND OCCUPANCY RATE BY LOCATION, JULY 2013
Source: Colliers International Thailand Research
Every apartment projects in Vientiane has a high occupancy rate. The average occupancy rate in Chanthabuly district is the highest, as there are only 30 units and almost all are occupied. The average occupancy rate in Sisattanak in 2013 is lower than in the previous year, because anew project added approximately 30 units to the market, but there are no new projects in other locations. Most residents of apartments are expats who work in Vientiane, including Japanese, Koreans, Chinese, Europeans and Thais. Others work in other parts of Laos but return to Vientiane for weekends or sporadically, and apartments offer a more cost-effective choice than a landed property. In some cases, rooms are provided to companies for use by their employees.
Summary 2013 and Forecast for 2014 The number of apartments in Vientiane is limited and no new supply is expected in the next two years. As this dearth of supply is likely to continue, occupancy rates in all projects are high. Although some expats still rent their own houses, but lack facilities such as swimming pools, gyms, cleaning services, internet, and security guards, many of them who work in Vientiane are moving to apartments. Most of the apartments are not of an international standard and no internationally recognised serviced apartment brand has yet to arrive in Vientiane. The number of foreign investors wanting to extend their businesses to Laos and also invest in new projects has kept increasing so this is a positive factor for the apartment business. Many special economic zones are located around Vientiane which is another reason why the demand for apartments should increase in the future.
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10. VIENTIANE OFFICE MARKET SUPPLY HISTORICAL SUPPLY, JULY 2013
Source: Colliers International Thailand Research Note: F = Forecast
The total area of office space in Vientiane is almost 49,700 sq m and nearly 79% of that was added to the market from 2010 to 2012. The average size of office buildings recently completed has risen dramatically. Office buildings completed before 2010 had an average area of only 2,550 sq m per building, but the new buildings that were completed from 2010 to2012 have more than 5,200 sq m per building. Many foreign companies in Lao were renting individual houses or shophouses for office use. Many were operating in Laos in various industries and they required quality office space with security systems, adequate parking space and high quality management. However, the older office buildings in Vientiane could not provide them with these facilities, so they developed their own office buildings for their own use as well as for leasing out to other tenants.
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SUPPLY BY LOCATION, JULY 2013
Source: Colliers International Thailand Research Note: F = Forecast
The first office building was built in Vientiane in 1993 in Chantabuly district and this district had the largest share of the market until 2010. This was due to one new office buildings were added in the market in Xaysetha district. The limited available plots of land and the increasing land prices in Chantabuly district are the major obstacles to real estate development in Chantabuly district, so many new development projects are located in other districts.
Source: Colliers International Thailand Research
Approximately 40% of the total supply is located in Xaysetha and around 68% of the total supply consists of just four buildings. Four new office buildings of a total of seven completed during 2010-2011 were located in Xaysetha district, comprising 82% of the total space; especially along the Singha Road, as many government offices are also located along this road.
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FUTURE SUPPLY, JULY 2013 Only one office space in Thatluang Shopping Centre of approximately 7,500 sq m, was expected to be completed in 2013. The other large-scale mixed-use project in Sisattanak district is under construction comprising an office building and a residential building; the project is scheduled for completion in 2014. However, there are some small buildings and shophouses under construction, which can be converted to office space.
DEMAND OCCUPANCY RATE, JULY 2013
Source: Colliers International Thailand Research
The average occupancy rate in Vientiane was approximately 82% and increased from previous year by around 5%, with the highest occupancy rate in Sikhottabong district. While, Sisattanak district shows the lowest occupancy rate, as the head office of the Laos Securities Exchange on Kampheang Muang Road still has space available as the stock market is still in its embryonic stage, with just two companies listed. More are expected to list in the future. Occupiers Most occupiers of office space in Vientiane are large multinational businesses that invest and operate in the country. However, a significant number of Non-Governmental Organisations operate in the country and are large occupiers in relation to commercial enterprises, of a similar fashion to Cambodia and Myanmar. However, most operate from rented residential-style properties.
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RENTAL RATE, JULY 2013
Source: Colliers International Thailand Research
The average range of rental rates for office buildings in Vientiane is USD5 to 15 psm per month, depending on facilities and location. Some small office buildings rent for USD5 psm, but they lack parking space, and have poor management and services. The average rents in Xaysetha district are higher than in other districts as most of office buildings in the district are new and have good management and services, as well as a lot of parking space and other facilities. Single Occupier Offices Laos has a liberalised financial sector and many foreign banks actively operate in Vientiane. Most occupy their own dedicated office buildings and are not considered in this report.
Summary 2013 and Forecast 2014 Most office buildings in Vientiane have a high occupancy rate, although there is some space still available, especially in buildings located away from the main business hub. In addition, many companies rent individual houses or shop-houses using the ground floors for their offices and the upstairs for residential purposes. In general, office buildings struggle to provide the expected facilities for conducting international business such as security systems and adequate parking space. No internationally recognised A grade standard office buildings exists in the city. A lack of parking space in some office buildings is one of the main negative factors apart from the lack of other facilities and services For the past 2-3 years, the Laotian economy has been growing fast, albeit from a low base. If the country moves into a development model similar to that of Vietnam and Cambodia then prospects for long-term sustainable growth are enormous as the country can fit itself into and benefit from the AEC in 2015. Although, Myanmar has been the most attractive destination in the past one to two years, Laos is also still in the eye of foreign investors. This is due to the new special economic zones along the border and new infrastructure development linking Laos to China, Thailand, Myanmar, Cambodia and Vietnam.
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11. VIENTIANE RETAIL MARKET SUPPLY HISTORICAL SUPPLY, JULY 2013
Source: Colliers International Thailand Research Note: F = Forecast
There were no modern retail centres in operation prior to 2011. Approximately 36% of the total supply was opened before 2003, after which, no new supply was added to the market until 2011. The first shopping mall in Vientiane was Talat Sao Mall Phase 1 which had a total building area of around 23,000 sq m. Talat Sao Mall was developed by the Crescendas Group from Singapore. The total retail space in Vientiane, as of July 2013, is more than 128,000 sq m. More than 34,000 sq m was added in 2011 at Talat Sao Mall Phase 2 and other projects. Vientiane is only a two-hour drive from Thailand, so on the weekends, Laotians will cross the border to Thailand to visit shopping malls and hypermarkets in Udon Thani and Nong Khai. Two new shopping malls are scheduled to open in October 2013, Thatluang Shopping Centre and Nakhone Sup Shopping Plaza with a total area of more than 32,000 sq m.
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HISTORICAL SUPPLY BY LOCATION, JULY 2013
Source: Colliers International Thailand Research
Talat Sao Mall Phases 1 and 2in Chanthabuly district are the largest shopping malls in Vientiane, so the total area of the retail market in this district accounts for approximately 70% of retail in the city.Another retail centre in Vientiane is Sanjiang Shopping Mall in Sikhottabong district, where most of the products are imported from China; it has parking for 800 cars and 5,000 motorbikes.
FUTURE SUPPLY, JULY 2013 Two shopping mall projects are scheduled to be completed in 2013, Thatluang Shopping Centre and Nakhone Sup Shopping Plaza with a total retail area of more than 32,400 sq m. No new retail projects are under construction or expected to be completed within the next few years. However, the development of two new large-scale mixed-use projects in Vientiane has been announced. World Trade Centre, in the area behind Talat Sao Mall, will comprise a five-star hotel, luxury shopping mall, Grade A office complex, commercial area and residential units on around 11 hectares. The other is Vientiane New World on approximately 42 ha fronting the Mekong River for an investment of more than USD600 million by Chinese and Laos investors; this project is comprised of commercial and residential elements. These two projects are the most modern and largest projects in Laos, especially Vientiane New World in the riverfront area; a completion year has not been announced.
PRICE RENTAL RATES, JULY 2013 Most of the retail centres in Vientiane are leasehold with terms usually of 40 to 50 years or freehold with a title-deed. The average price for a 40-year leasehold contract is approximately USD30,000 - 75,000 per unit with an area of around 12 sq m. Rents in existing shopping malls in Vientiane are approximately USD500 - 1,000 per month for general retail space, depending on the location.
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DEMAND AVERAGE OCCUPANCY RATE OF RETAIL IN VIENTIANE BY LOCATION, JULY 2013
Source: Colliers International Thailand Research
The average occupancy rate for retail centres in Vientiane was approximately 82% an increase of only 1% over the previous year. This was due to the development of new retail centres that motivated tenants to relocate, creating high vacancy levels. Some shopping malls in Chantabuly district are facing a limited parking space problem; so many people prefer to go to retail centres with more parking spaces and more convenience.
DEMAND DRIVERS POPULATION IN VIENTIANE CAPITAL
Source: Ministry of Population and Colliers International Thailand Research
The total population of Vientiane is approximately 797,000, an increase of more than 14,000 over the previous year. Vientiane grew for more than seven years from 2005 to 2012. The total population of Vientiane accounts for more than 12% of the 6.5 million populations of Laos. Vientiane is the capital of Laos as well as its main commercial centre, so many people are moving to Vientiane for work and study. Many foreign investors would like to extend their business to Laos and also invest in new projects. This will lead to more expats locating here.
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Summary 2013 and Forecast 2014 The supply of retail centres in Vientiane is limited and most were added in the past few years only. However, the level of retail centres is still lower than international standard, and the tenant mix is also a negative factor. Many Laotians cross the border to Thailand by the Friendship Bridge (Nong Khai窶天ientiane) to do shopping in the modern shopping malls and superstores in Udon Thani, as it takes only about two hours to drive from Vientiane to Thailand. Some large-scale mixed-use projects in Vientiane are the new demand drivers for the retail business, as they include retail, hotel, and office space and serviced apartments. Therefore, Vientiane will probably become the new tourist destination in the future and not just the transportation hub for visits to Luang Prabang, once all the new projects have been completed. Some superstore, mall and shopping mall developers in Thailand are looking to open their first stores in Laos, especially in Vientiane and Luang Prabang. However, smaller formats are planned, due to the limited population.
12. LARGE-SCALE MIXED-USE PROJECTS Vientiane New World
The project is located alongside the Mekong River and Chao Anouvong Park, between the ASEM Villas and the Landmark Hotel, on Fa Ngum and Don Chan Roads. The project will be built by a joint venture between Krittaphong Group Co.Ltd. from Lao, and the Chinese company, CAMC Engineering Co.Ltd, by setting up a new company, CAMCE Investment (Lao) Co.Ltd. Total project will cost more than USD600 million for all development in total 42 hectares of land, and is expected to take six to eight years to complete. The first phase of this project, 50 luxury villas and supporting facilities, was completed in 2012, for supported Asia-Europe Meeting (ASEM) from 5 to 6 November 2012. The government is planning to lease out all 50 ASEM villas in the project to Laotians or foreigners. The other phase is still being designed and the project concept revised. Vientiane New World will consist of a shopping mall, food complex, entertainment complex, serviced apartments, condominiums, office building and a luxury hotel.
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World Trade Centre
The World Trade Centre project is located in the centre of Vientiane, 900 m from the Mekong River, approximately 4.5 km from Wattay International Airport, and not far from Talat Sao Mall. The Lao International Development Co. Ltd was successful in obtaining a concession of over 400,000 sq m of land in the Nongchanh area to build an integrated World Trade Centre project. This project will comprise an international shopping mall, food complex, shopping street, apartments, exhibition centre, office buildings, luxury hotel and other international standard support facilities. The exhibition centre is almost completed, while the total project is scheduled to be completed in the next few years.
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Vientiane’s Largest 5 star Hotel
The largest hotel project in Vientiane will be built by the Singapore-based Regal Global Investment Development group, after The Ministry of National Defence and the Singapore-based Regal Global Investment Development Group signed an agreement in September 2011 to build the joint-venture USD100 million hotel. This project was built on a 120,000 sq m site in the same location as Rasavong Hotel. They are started the construction of a 28-storey luxury hotel in early 2012 and it is scheduled to be completed in 2014. Rasavong Hotel is still open and operating there, so this project could be postponed.
Vientiane Complex The 5-star hotel and shopping mall called the Vientiane Complex, close to the riverfront Chao Fa Ngum Park, built by Vietnamese developer BIM Group in a joint venture with the Logistics Department of the Ministry of Public Security, set up the Vientiane Investment Development Company, owned 80% by BIM with 20% belonging to Laos. The complex will be built on 20,000 sq m of land and they are planning to build 11 storey building comprised with luxury hotel, 174 apartments for lease, 11,000 sq m of office space and an international standard shopping mall.
The New Vientiane City The first phase of the new city for Vientiane Capital in Vieng Kham is scheduled to be completed in 2015 and the second phase in 2020. The Laotian government approved a budget of approximately USD137 million for development of this new city. It will encompass 8,000 ha in the north of Vientiane Capital and will accommodate all government offices in all areas around 750 hectares and other support facilities for government and business purposes.
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Nongtha Paradise Land Project
The first phase of the Nongtha Paradise Land project in Chantabuly district was completed more than 50% of total 15 ha of land area. This phase will comprise hotels, commercial centre, parking, houses and condominiums for sale as well as all supporting facilities. This project was built by Vietnamese investors, Hado International Investment Co.Ltd and the first phase is expected to be completed in 2015. The total area of the project is almost 75 ha of land and the developer will build all supporting facilities, residential zone, commercial zone, hospital, hotels, resort, restaurants and tourist facilities. The Hado Group was expected to be completed to total three phases in 2020 for a total cost of about USD250 million.
Special and specific economic zone All ten special and specific economic zones (SEZ) are large-scale development projects in Laos. This is because they will consist of industrial, residential, commercial, trade and logistics centres, as well as tourist attractions on plots oflandranging50 to more than 4,800 ha at the SEZs around the country. The Laotian government developed all of the SEZs to attract foreign investors to Laos and to improve the economy, technology and per capita income of Laotians in the future. Note: Most of large-scale projects in Laos are under construction, while some projects still no any movement after their announced to the public. Although, all projects were cooperated between Laos government and foreign company, but the progress on all projects is slow compared to other countries in the region, even Myanmar.
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VIENTIANE (LAOS) PROPERTY MARKET REPORT | JULY 2013 COLLIERS INTERNATIONAL THAILAND MANAGEMENT TEAM RESEARCH Surachet Kongcheep | Associate Director ADVISORY SERVICES | HOSPITALITY Jean Marc Garret | Director RETAIL SERVICES Asharawan Wachananont | Associate Director OFFICE SERVICES Nattawan Radomyos | Senior Manager PROJECT SALES & MARKETING Wanna Sutitosatham | Associate Director RESIDENTIAL SALES & LEASING Napaswan Chotephard | Manager INDUSTRIAL SERVICES Narumon Rodsiravoraphat | Associate Director ADVISORY SERVICES Napatr Tienchutima | Associate Director REAL ESTATE MANAGEMENT SERVICES Thanasit Tonsatcha | Associate Director INVESTMENT SERVICES Nukarn Suwatikul | Associate Director Ravinthorn Toungtrikoon | Senior Manager
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