Nairobi — The Village Market has announced plans to put up a 187-room hotel in a Sh5 billion expansion project that will also see an additional 75 retail outlets, restaurants and children's play areas.
The project follows completion of an aesthetic and structural redesign of the Village Market food court, as well as an expansion of the Nakumatt supermarket, introduction of 150 more parking spaces and over 20 retail outlets.
"The Village Market is committed to innovation and the advancement of the retail and real estate sectors in Kenya," The mall's Managing Director, Hamed Ehsani said while making the announcement.
The contract has already been awarded for the construction of the project, which is scheduled to begin in the first week of May, 2014.
The completion of the redevelopment of retail and restaurant outlets will be by the end of 2015, while the new hotel and conference facilities are slated to begin operations in mid-2016.
"Kenya is on the verge of an economic renaissance, with the discovery of significant resources, the growth of the technology and mobile sectors, and the expansion of the country's industrial base."
"With this growth, the appetite for consumer goods, luxury products and entertainment options will also increase. Our vision is to grow with Kenya," The Village Market Director Sanjay Shah said.
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," Shah added.
The Village Market was opened in April 1995.