Kumasi City Mall project in the offing.
The US $ 110m Kumasi City Mall project is set to be opened in 2016, 24 months from the date of commencement of construction. It will be West Africa’s biggest shopping center. The announcement was made Friday at the sod cutting ceremony held in the Ashanti Regional capital, Kumasi, Ghana.
The mall is being executed by Delico Kumasi Limited, an affiliate of Delico Property Developments Limited, the company developing Accra’s West Hills Mall which is nearing completion. The mall will occupy 15.4 acres, covering an area of 29 Computer Accessories in Ethiopia,000m2 and will host a number of local and international shops.
The project, which is being constructed at the Asokwa industrial area on the lake road, is a joint project between Delico Kumasi Limited, a subsidiary of Delico Property Developments -Mauritius and Atterbury Investment Ltd, South Africa.
According to the Delico Director, Kofi Sekyere, the multimillion dollar mall project will contribute to the growth and development of the local economy in the Ashanti Region, as well as the national economy.
Sekyere noted that it is long overdue for Kumasi to have an address which caters for business, shopping and recreation all under one massive roof and the arrival of this shopping mall in Kumasi will respond squarely to this demand.
In the recent past, Africa has attracted retail developers who are eyeing Africa’s rapidly growing consumer markets and opportunity for investment. Countries such as Zambia, Ghana, Kenya, South Africa, Morocco and Nigeria have experienced a wave of retail construction activity in recent years which has delivered the first generation of modern shopping malls in many major cities.
Property investors and developers eyeing the African market are increasing external investment in the region and according to property consultancy Knight Frank further, larger shopping centers can be expected in Africa as developers look to meet the demand from high growth of the middle class which has tripled over the last 30 years to 313 million people, or more than 34 percent of the continent’s population, according to a new report from the African Development Bank (AfDB).