Phongsavanh Group has invested approximately USD 580 million to construct a Smart City development project in the capital of Laos.
The groundbreaking ceremony for constructing the smart city took place in Vientiane Capital on Thursday, attended by the Mayor of Vientiane Capital, Mr. Atsaphangthong Siphandone, Lao Phattana News reports.
Managing Director of Phongsavanh Bank, Mr. Phaiboun Phongsavanh says that the smart city project’s structures and other facilities will be constructed on 1,500 hectares of land, with Phongsavanh Group contributing to the project’s design and development on 300 hectares.
The project would cost about USD 580 million to construct and cover 300 hectares of land, said Mr. Phaiboun Phongsavanh.
Surbana Jurong, a Singaporean government-owned consultancy company focusing on infrastructure and urban development, has begun working on designs for the first phase of the development, according to Mr. Phaiboun.
“The Smart City development by Phongsavanh group will be comprised of six zones, including residential zones, public, and transport zones, green and industrial zones, commercial area areas, hotels, and other facilities zones,” Mr. Phaiboun added.
The government of Laos granted local investors permission to conduct a feasibility study for a Smart City project in Vientiane Capital and has frozen land across two districts to ensure space for the project.
A Smart City has been described as an urban area that uses technology to provide services and solve city problems, such as improving transportation and accessibility, improving social services, and promoting sustainability.
According to Mr. Phaiboun, a smart city means the creation of a hub for economic development, culture, environmental protection, and comprehensive infrastructure development that includes roads, utilities, hospitals, schools, and shopping facilities.
News of the smart city project was first announced in November last year when Douangchaleun Development Construction Group, the construction company expected to build the smart city, released plans and designs to the media.
Join our Telegram channel to receive our regular news updates.