Business

Arcades re-development to cost US$12 million

TRYNESS TEMBO, Lusaka
THE Real Estate Investment Zambia (REIZ) has invested US$12 million to re-develop Arcades Shopping Mall in an effort to boost infrastructure and business activities.
Arcades Shopping Mall is one of the properties owned by REIZ and the re-development is scheduled to start next month.
REIZ chief executive officer Sydney Popota said the project will be done in two phases and it is meant to increase the foot traffic at the centre.
“We have put up billboards to announce our plans to re-develop Arcades Shopping Mall to increase the gross lettable area, facelift and efficient distribution of foot traffic at the centre.
“The first phase is scheduled to start next month [October] and will run up to September next year at a cost of about US$5.2 million while the second phase will gobble US$6.8 million and is expected to take 24 months,” Mr Popota said in an interview last week.
Meanwhile, he said the outlook for the real estate sector in Zambia is positive and has a lot of potential to grow.
He said Government needs to put up supportive policies and create a favourable business environment for the sector to grow.
Mr Popota also said the growth of the sector is important because it has a spiral effect on the economy as it is capital-intensive.
“When investors borrow large amounts it positively contributes to the financial institution where the money comes from,” he said.
The sector also has potential to reduce the current unemployment levels as it is labour-intensive.
“To attract more investors, we pray that the sector is looked by Government as one of the priority sectors because of its spiral effects on the economy,” he said.




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