JOHANNESBURG – Novare Real Estate Africa on Thursday announced that construction had started on its fourth commercial development in Nigeria, the multi-billion NGN Novare Gateway mall in the capital city of Abuja.
The South African retail property giant said the flagship project was scheduled to open during the third quarter of 2017.
Jan van Zyl, head of property development in Nigeria for Novare, said in a statement that the modern infrastructure and facilities meant that Novare Gateway would be perfectly situated to meet the needs of the growing Abuja community.
According to the latest PWC African Retail report, Abuja is set to experience one of the highest growth rate figures on the continent, a rate of 171 percent in terms of its population size, by 2030.
“With Shoprite as the anchor, there has been strong interest from potential tenants,” Van Zyl said.
The total size of the Novare Gateway mall would be approximately 25,000 square metres.
The development would be phased with an initial stage of 15,278 square meters, with total cost for the first phase forecast to be $68 million.
Novare Gateway would be located on the main 10-lane highway between Abuja’s Nnamdi Azikiwe International Airport.
Other malls in Abuja forming part of the Novare Real Estate Africa portfolio include the 8,267 square metre Novare Apo mall, which is located approximately 18 kilometres away from Novare Gateway to the south-east of Abuja.
In the north, the 12,508 square metre Novare Central, a mixed use centre consisting of retail space and A-grade offices, is also in progress.
In Lagos, the company is set to open a 22,000 square metre Lekki Mall in June, a $83 million new development set to be the largest Mall in Africa’s most populous city.
The Nigerian Minister of Federal Capital Territory (FCT) Alhaji Mohammed Bello has said his administration would give all the support needed to make projects like Novare Gateway successful as they serve citizens, create employment and generate multiplier economic activities.
Bello also commended Novare Gateway for partnering with the Abuja Chamber of Commerce in executing the project by leveraging on local expertise, local information and local content.