Aanandi: Riverview (IFC-39093)

Countries
  • Laos
Geographic location where the impacts of the investment may be experienced.
Specific Location
Vientiane
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
AANANDI LAO CO., LTD.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 2.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 6.60 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 25, 2019

Disclosed by Bank Jul 14, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

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.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

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.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Mr Leslie Glosby
Director of Operations, Aanandi Group
+8562078885959
leslie.glosby@aanandigroup.com
Phonpapao Road, Phone 02096519651, Vientiane Capital, Lao PDR
www.aanandigroup.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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