Liberty Properties will break ground in Zambia

Posted On Friday, 17 October 2008 02:00 Published by Commercial Property News
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Liberty Properties has pledged its confidence in the African continent , announcing it would start work on its first development project outside SA in January.

Zambia Mixed Use Development

 

 

 

 

 

 

 

 

Liberty Properties, the property arm of Liberty Group, pledged its confidence in the African continent yesterday, announcing it would start work on its first development project outside SA in January.

The $200m mixed-use development in Lusaka, Zambia, will be developed by Liberty Properties on behalf of Zambia’s National Pension Scheme Authority (Napsa), the owner of the project.

The development will have retail, office, apartment and hotel components and will be completed by the end of 2010. It will consist of a 30000m² retail component, which will be housed in Zambia’s first fully enclosed shopping mall.

The retail element includes a cinema complex and restaurant facilities. A 150-room hotel is planned as a key feature and it will contain a 400-seat convention centre.

The office component is 20000m² and includes penthouse suites. The total development will cover about 94000m²

The project will be completed in two phases, with the first phase including retail, offices and a hotel as well as parking for 1000 vehicles.

The expected start date of phase two will be the middle of next year and will deliver a residential development arranged around five landscaped piazzas.

Caswell Rampheri, MD of property development at Liberty Properties, said he saw huge potential in African markets outside of SA, but especially in Zambia.

Zambia's economy has experienced modest growth in recent years, with real gross domestic product growth in 2005-07 of 5%-6% a year.

Samuel Ogbu, CEO of Liberty Properties, said the company’s expansion plans would reach beyond Zambia and into SA’s neighbouring countries as well as east and west African regions.

Ogbu said he hoped that by next year Liberty Properties would have signed two more deals in Africa.

Liberty Properties also said that in addition to strategic expansion across Africa, it was keen to expand its third party activities in both the development and property management fields.

Last modified on Monday, 14 April 2014 14:28

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