Mauritius United Properties

I have just come accross this article on www.newsnow.mu where they announce the official launch of this project... 

I'd like your comments on this, as personnally I think it's quite outrageous! 

There is already a shopping mall being buildt next to Trianon Shopping centre, the new Phoenix Les halles looks like a ghost mall each time I go there...  I'm not sure who this new shopping centre would be aiming at? 

 Rs20bn investment for ‘Ebene City’

By Mahesh Bugnath

Biggest shopping mall in the region part of 10-year project

There was a major boost for the economy yesterday when the promoters of Ebene City announced the official launch of their project to build a modern complex in the Ebene region.

The project is expected to bring a total of Rs20 billion of investment over the next 10 years.

The complex will include the construction of a shopping mall, the biggest of its kind in the Indian Ocean region with a total surface area of 50,000 square metres.

The total cost for the construction of the first phase is estimated at Rs3.4 billion.

The shopping mall, named Mall of Mauritius, will be open seven days a week and will be due for completion in March 2012, according to the promoters.

The mall is expected to create some 1,200 direct jobs.

A total of 150 shops will be open and the head of the project, Jaco Odendaal, told NEWSNOW that some 60% of the space has already been allocated to tenants.

Of these, 70% are Mauritians, while the remaining 30% “ will be from names not seen before in Mauritius”.

“ We have been considering investments all over Africa and Mauritius seems the natural candidate for our investment,” he told NEWSNOW. Mr Odendaal, Chairman of Malls of Mauritius, is also Chairman of Abacus Asset Management based in Stellenbosch.

He hopes that the new venture here will contribute 2.7% of the country’s gross domestic product once completed.

The Ebene City project has been brought by a Mauritian national living in South Africa, Raj Ramrachia. He told NEWSNOW that the project is in line with the government’s objective of transforming Mauritius into a world- class country.

“ This is my contribution to achieving that goal,” he said.

The project includes the construction of a hotel, green- office space, residential apartments and the shopping mall.

THE BOTTOM LINE

‘ We have been considering investments all over Africa and Mauritius seems the natural candidate for our investment ’