Kaduna Constructing N4bn Mall, Targets N1.6bn Revenue Yearly
The Kaduna State Government is targeting a revenue of N1.6bn from the Kaduna Galaxy Mall currently being constructed by the China Civil Engineering Construction Corporation.
Managing Director, Kaduna Market Development and Management Company, Muhammed Bayero, said the mall, which was about 50 per cent completed, would attract investments to the state capital and house multiple businesses.
Bayero told journalists that the facility was located on a space of about 11,000 square meters, adding that its construction started in November last year and would be completed in April 2021.
He said the construction of the mall was being funded by the state government in partnership with Amsalco Industries Limited.
According to him, the target of partners in the venture to get the facility completed in the second quarter of next year was to create more jobs in the state and earnings for investors.
Bayero said, “The facility will house supermarkets, a cinema, other retail outlets and various businesses as we will have 48 line shops. This is the first of its kind in Kaduna. The project cost is about N4bn and we started construction in November 2019.
“It is about one year since this project started and we have made tremendous progress in it. We hope to complete this project in April and it is a joint venture where the state is putting about N1bn and the land.”
He added, “Our joint venture partner is putting the rest of the money into the construction cost. The contractor is CCECC and they are the lead developing partner in this joint venture.
“So we hope to complete this on schedule at the agreed cost and time.”
Bayero described the project as one of the key urban renewal programmes of the state, as he explained that it would not only attract investments but would provide comfort for residents.
“It is a major component of the urban renewal programme where we are making our city more livable and providing facilities such as these to increase the recreational options for the people of the city,” he said.
On the projected revenue to be generated from the mall, Bayero said, “We will generate about N1.6bn every year, but like I said to you, we are not the only party here.
“We have development partners and the sharing formula will be based on the level of contribution to the project.”
He added that with time, the company may offer its own share for outright purchase.