Udon Thani to gain from border trade
A new Chinatown, Prime Square, is being developed in Udon Thani province to cash in on the growing border trade between Thailand and Laos as well as Vietnam.
The implementation of the Asean Economic Community at the end of this year is expected to attract more visitors and workers into Udon Thani to the benefit of the local economy.
Somprasong Panjalak, chairman of Prime Road Group, the developer of Prime Square Udon Thani, says the company has set aside an investment budget of Bt1 billion for the construction of commercial properties with a Chinese theme. The buildings will have a total of 230 units.
Udon Thani is one of three provinces selected as major gateways for border trading with neighbouring countries.
"Udon Thani has had one of the fastest-growing provincial economies in the Northeast region over last three to five years. The province is expected to grow further in the long term thanks to the high-speed-rail system, industrial estates, and residences," he said.
Somprasong is jointly investing with a partner in their first property development. They both have been running solar power plants in Thailand, Japan, and other countries before entering commercial property development.
The investors are renting a plot of land from the State Railway of Thailand for the project.
The developers put the value of border trade between Thailand and Laos at more than Bt100 billion. Udon Thani enjoys nearly half of this total.
Half of the buildings in the project are planned for sale to investors in Udon Thani, 30 per cent to investors from other provinces, and 20 per cent to investors from neighbouring countries, particularly Laos.
Somprasong said the company also planned to develop commercial projects in Bangkok, Chon Buri and Phuket.
