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Retail space up for grabs at Vientiane shopping complex
The developers of Regal MegaMall One, which is set to be the largest shopping complex in Vientiane when completed in 2014, are now offering the opportunity to lease retail space at the complex.
The Regal Global Investment Development Group on Saturday launched its development project at a ceremony held at its Sikhay sales office. Attending the ceremony were government officials and Lao business people.
Regal Global will invest US$50 million to construct its first large-scale retail complex in Laos, which will cover a total area of 120,000 square metres, including nearly 70,000 of retail floor space.
The shopping plaza, the first of three phases of an urban retail city, will be built on Luang Prabang Road in Sikhay village, Sikhottabong district.
The development will allow people to shop in a modern and internationally designed shopping plaza. The complex is expected to become a landmark centre for modern commerce and entertainment in Vientiane.
Regal Global Investment Development Group Executive Director, Dr Yuhao Aixin, said the middle and upper income classes of Vientiane are growing alongside increased investment in the country.
“ Because the Lao economy is growing and more businesses are operating here, I think Laos now needs an international shopping centre associated with a modern lifestyle.”
The plaza was designed to create a commercial space for business owners and a comfortable shopping experience for consumers, according to promotional material from the developers.
Offering seven floors of carefully managed retail space, the complex will be a one stop consumer nexus divided into five designated business zones, ensuring a convenient shopping experience for the consumer and maximum exposure to the retailer, claims the advertising material.
“We have noticed that Lao peopl e like to go shopping in Thailand where, in some locations, an estimated 80 percent of customers are from Laos. This shopping plaza will encourage more people to shop at home,” said Dr Yuhao.
The plaza will integrate European architecture with contemporary Lao design aesthetics. “We have designers from Canada and America.”
The planned plaza has created interest among investors from Laos, China, Thailand, Vietnam and Malaysia, who are intent on bringing an international flavour and products to the people of Laos.
“At the RegalMall, we will have international brand name products,” Dr Yuhao added.
The launch event was a celebration of colours and cultures and was graced by the visit of 99 monks from Vientiane temples. The event also included a lion dance performance and mini concert by Lao singers. The Regal Global Investment Development Group is a comprehensive international investment and development company with shareholders in China, Taiwan, Singapore and Hong Kong.
The group and its partners have invested over US$10 billion in Asian markets during the last 30 years.
vientiane times
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