Daily Trust (Abuja)
Chris Agabi
3 July 2009
Lagos — The Polo park mall, the ultra modern shopping and retail mall to be built in Enugu, Enugu State, will be the first of its kind in whole south eastern region and it is expected to gulp in excess N7 billion, the developers have said.
"The full construction project would cost approximately N5.1 billion apart from that, there is the total project cost which include the value of the land, interest on bank loans, and other assets involved in the project and that would make the total cost in excess of N7 billion" the Head Projects, Persiana Group Mr. Chuka Okoye told newsmen in Lagos.
The project is a public private partnership arrangement between Enugu state government and Persianas Group. The SPV that governs the public private partnership known as the Polo Park Development Company, according to Okoye, Enugu state owns 10 percent of it and Persianas Group own the remaining 90 percent.
He said the "Polo Park is sitting on 83,000 square meters of prime real estate in one of the best commercial place in Enugu. It is situated in the GRA and centrally located along Abakaliki Enugu express way" he said adding the two years project which started in February is expected to be commissioned in December 2010.
On why the group decided to invest in a shopping mall rather than real estate he said "I don't believe there is shortage of houses in Enugu and I can't say demand and supply of houses in Enugu is balanced but I can tell you that there is the absence of a modern world class shopping environment in the whole of the South East, not just Enugu."
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