According to the bank document, the proposed project (“Aanandi: Riverview”) is the construction completion of a seven-story residential building located in Vientiane, Lao PDR. The property is located approximately six kilometers from the main town center within close proximity to many of the embassy buildings, set back one street from the Mekong River.
The building will house 76 units covering a gross floor area of approximately 6,500 m2. Construction of the building is expected to be completed by the end of 2019 with the developer also managing the rental operations, targeted to commence at the start of 2020.
The greenfield project will be located approximately six kilometers south of the town center of Vientiane, on a vacant 2,600 square meter plot of land. The site is an urban area, with many suburban houses surrounding.
The total project cost is expected to be US$6.6 million. The proposed IFC investment is a US$2.0 million A loan for IFC's own account.
The Project’s sponsor is Aanandi Group Pte. Ltd, a newly established property development company formed by bringing together the skills of the lead sponsor Sue Ma (12% shareholder), Leslie Glosby (18% shareholder), Thuan Teh (20% shareholder) and Andrew Su (5% shareholder). Sue Ma’s mother, Chou Ma (45% shareholder) is a financial investor into the group. The group’s operating shareholders have construction management, architectural, project management and hospitality expertise over a period of more than 20 years each.
Mr Leslie Glosby
Director of Operations, Aanandi Group
Phonpapao Road, Phone 02096519651, Vientiane Capital, Lao PDR
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