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Land price soars in Chanthabouly
The price of land in Nongbouathong, Nongping and Bo-nangua areas in Sikhottabong and Chanthabouly districts, Vientiane, has more than doubled since the government approved the development of a new town in the area last year.
Ms Thounkeo Sibounheuang, Managing Director of leading real estate agency Lao Land, said the price of land in Nongping last year was fairly cheap, with prices on the main road ranging from 250,000-500,000 k ip per square metre, and was even cheaper in the side streets.
But since the new development was announced, land prices on the main Nongping and Nongbouathong roads now start at one million kip and go as high as 2.5 million kip per square metre.
Ms Thounkeo believes the value of the land has increased due to the number of investors trying to buy into the neighbourhood in the wake of the decision to develop the area.
One land broker in Nongbouathong village, Ms Tou, said more local businesspeople have become interested in buying and letting land and houses along Nongbouathong Road down to the Nongping and Bo-nangua areas since the government began to upgrade the road linking Nongping, Dongnaxok, Nongbeuk and Phonkham roads.
Road construction in these areas will take around 18 months and is scheduled to be complete by 2012-13, according to the Vientiane Public Works and Transport Department. The road will be 24 metres wide with sidewalks, lighting and improved drainage.
Ms Tou said land in the Nongbouathong area is now expensive because local people know about the government's plans to build a new town.
“Many people want to buy land in these areas to resell at a profit in the future. People have asked me to inform them if any landowners in the area want to sell land or property,” she said.
The Nongping area covers 1,930 hectares of Chanthabouly district, in the centre of the capital.
Last month the Vientiane Public Works and Transport Department received detailed plans for the new town from Nikken Sekkei Civil Engineering Ltd of Japan, who conducted a detailed survey of area.
vientiane times
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