Village Market announces multi-stage redevelopment plans, funded by Equity

By James WANZALA

 Nairobi, Kenya: The Village Market has announced a further Sh5 billion investment as part of its multi-stage redevelopment. Equity Bank is financing the deal.

The investment will include 75 additional retail outlets, restaurants, children’s activities and a 187-room hotel with conference facilities for 500 people. Seyani Brothers have been awarded the contract to handle construction of the project set to begin early May, this year.

 “The Village Market is committed to innovation and the advancement of the retail and real estate sectors in Kenya,” said Hamed Ehsani, The Village Market’s managing director.”

 “We are confident in Kenya’s future; we want to be a positive force in its development and emergence as an economic power-house in Africa.” “Kenya is on the verge of economic renaissance, with the discovery of resources and  growth of the technology and mobile sectors and the expansion of the country’s industrial base,” said Sanjay Shah, director of The Village Market.

“With this growth, the appetite for consumer goods, luxury products and entertainment options will also increase and our vision is to grow with Kenya,” Shah observed.

Retail outlets in the new development will adopt a modern aesthetic, with double volume spaces in anticipation of the imminent entry of several luxury brands into the market.  “Multi-national, luxury, retailers require more space and specific configurations for interior dimensions. We have considered these requirements in our designs,” said Shah. The new facilities, designed by Nairobi based architectural firm Symbion will incorporate a 500-person conference facility along with two basement levels of parking, increasing the centre’s capacity by 700 cars. 

The completion of the redevelopment will be phased, with retail and restaurant outlets coming on line by the end of 2015. “We realise the next growth in tourism will be in Meetings, Incentives, Conferences and Exhibitions. There is massive potential for Kenya to develop this sector and become a regional hub for conferencing,” said Ehsani.