By Ibrahim Ramalan
Abuja
Going by the latest news on the Jabi Lake Mall, Abuja, construction is 40 percent completion and is expected to open for business in October next year.
The mall is located on the shores of Jabi Lake in the Jabi District,the mall which covers 35,000 square meters, is just 10-minute drive away from the Central Business District of Abuja. The full picture of the mall according to the structural design will house hotels, residential apartments, offices, relaxation centres. Other features include lakeside restaurant and cafes with outdoor seating; double-height, contemporary tree-shaped sculpture measured in the full height of the mall’s entrance, portraying a traditional African meeting place.
According to 2012 site feasibility audit report by the National Bureau of Statistics, the mall will be leveraging the $145 million annual consumer spending coming from its catchment area which has about two million people with the highest population growth rate in Nigeria at 5 to 9.5 percent per annum .
The audit projected a population figure in 2015 to hit 2.4 million with $340 million annual consumer spend. Besides, the area which has roughly 78,000 households could be classified into AA Category and, in the views of industry analysts.
The $120 million mall is a joint venture project between Actis, an equity investment firm with $7 billion under management, and Duval Properties with a development management led by Laurus Development Partners, a development platform established to undertake Actis projects in West Africa.
