The government of Laos has approved the sale of land along either side of the 450 Years Road in Vientiane Capital.
The Vientiane Capital Department of Natural Resources and Environment issued a notice regarding the sale of some 283,500 square meters of land on either side of 450 Years Road.
The land had been previously reserved for the construction of new government buildings and lease by concession to private investors.
Now, the government has announced it will begin the sale of some areas of this land to individuals in order to raise funds.
93 plots of land within 50 meters along both sides of the 450 Years Road, will be sold off at market rates with the aim of raising funds to repay the Bank of the Lao PDR for the road’s construction.
The 20.3 km road was completed in 2010 to mark the 450th anniversary of Vientiane as the capital of Laos. The road links the Dongdok traffic lights in Xaythany district to Dongphosy village in Hadxaifong district.
President of Duangchalern Development Construction Group, Mr. Khamphai Silaxa, stated in a report by KPL News yesterday that construction of the 450 Years Road and the subsequent sale of land on either side had originally fallen under the responsibility of the Vientiane Capital municipal authorities.
The authorities were to sell the land along the road to help recover funds used for construction and repay the Bank of the Lao PDR, said Mr. Khamphai.
However, after ten years, only 20 percent of the land was able to be sold, mostly due to a lack of proper infrastructure and utilities, such as water and electricity supply. Much of the land remained unfilled and was unattractive to buyers and investors.
Duangchalern Development Construction Group has now been tasked with developing the land for sale, including connecting utilities and filling the land, under an agreement between Vientiane Capital, the Bank of the Lao PDR.
The development has been valued at over USD 30 million and should see the land sold off within five years.
