adminAn investment costing more than US$100 million, the project is a stamp of approval on Zimbabwe by foreign investors.
The assurance that the initiative was progressing as initially planned comes after recent reports that the project could be aborted.
Co-project developer Mr Jason McCormick said he was shocked to learn from his South African base of claims that the project was in danger of not seeing the light of day..
The US$100 million modern market is being developed jointly by Augur Investments and McCormick Property Development.
“When I heard of the reports I almost fell off my chair considering the time and effort that has gone into planning the project,” he said.
He said they were confident about the decision to invest in Zimbabwe and believed that in two years the economy would be booming and that it would enable them to get a return on their investment.
The Mall of Zimbabwe project is set for groundbreaking in October this year and scheduled for completion by October 2014.
It will have 68 000 square metres of floor space to be taken up by local and foreign retailers, including Pick ‘n Pay, Game, Forchin, Spar, Shoprite, Mr Price, Woolworths and Truworths.
The mall will accommodate more than 150 shops. It will have space for shops, restaurants, and fast-food drive-through courts and recreational facilities — all in a single package.
Development of the multimillion-dollar complex will result in the creation of 4 000 jobs, from construction to operational stage. The mall is expected to change Harare’s skyline.
Renowned mall developers McCormick Property Developers went into a joint venture with local firm Augur Investments to put up Africa’s second largest mall, outside SA.
The South African investor pointed out that the over US$100 million investment was a vote of confidence in Zimbabwe.
“This is a vote of confidence in your country. A hundred million dollars is not a small amount of money. This will have knock-on effect on the economy,” said Mr McCormick.
Commenting on the project, Augur Investments chairman Mr Ken Sharpe said the investment by the South Africans was commendable as Zimbabwe needs Foreign Direct Investment more than ever.
“Zimbabwe needs its friends (foreign investors from South Africa), just like in the last decade. It still needs its friends,” he said.
Online Reporter