When I went there a few days ago, I could only see a fence and a office building what seems to be the sales office.
MegaMall is planned to open 2013, however, no construction has started yet. When I lived in Cambodia 5 years ago, Korean investors started the Golden Tower project. I predicted it will never be finished, because the market was not ready for a big project like this. Until now it is unfinished.
My concern is that the Megamall will have the same faith. If your concept for a mall is to sell the shops without taking care of what product mix you have, you attract only small retailers, and they are not able to pay the whole investment. Premium brands are not entering Laos yet with outlets or retail stores because the market is too small. So let's wait until we see the first construction workers - I doubt it will happen this year.
Mega NO-MORE-MALL! with the big bang in publicity it went fizzzzz- quietly. No so quietly behind the scene, it is rumored M$8.0 went into it. The sale was a failure for 2 reasons:1)liar! no clear ownership of the property as advertized 2)Laos market can not accept yet the concept of down payment 1st + multiple stages payment sale method, due to many ripoffs past history. You would have to build everything 1st, if they they like it they will buy it.
ReplyDeleteYour comment about purchase capacity ie. market is correct. Gandious idea, all the best, but MEGA-MAD without proper study.
Corruption corruption. No business law to protect investors. Example Vinnicit Construction (spelling might be wrong) were selling blocks of land in near Bounkert school (near Nong Bauk and n13 road) and at the same time scamming people off money without getting any work done. They demanded money first but no work done.
ReplyDelete