Mr Muhammed Bayero, Managing Director of Kaduna Market Development and Management Company, said that the Government of Kaduna State is targeting a revenue of N1.6bn from the Kaduna Galaxy Mall.
According to Punch, this statement was made in his conversation with news men, at the state capital.
Mr Bayero disclosed that the Kaduna Galaxy Mall which is currently being constructed by the China Civil Engineering Construction Corporation on a space of about 11,000 square meters, is expected to attract investments to the state capital, and house multiple businesses.
He disclosed that construction activities which started in the facility last year November is 50% done. However, he projected that the project would be completed in April 2021.
The project which is one of the key urban renewal programmes of the state, is being funded by the state government in partnership with Amsalco Industries Limited.
The facility which would not only attract investments but would provide comfort for residents, is expected to create more jobs in the state and generate sustainable earnings for investors.
However, the N4 billion Mall which is expected to have 48-line shops, will house supermarkets, a cinema, other retail outlets, and various businesses
What they are saying
Commenting on the project, Mr. Bayero said, “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.
“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.
“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.”
Speaking on the targeted revenue, he 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.”