NAIROBI's prime shopping and recreation complex, Village Market, is set to undergo a major redevelopment starting next month after securing a Sh5 billion loan.
It plans to erect a 187-room, 500-person capacity conference facility set to be ready in mid 2016.
Part of the cash acquired from Equity bank at an undisclosed interest rate would also be used to put up 75 additional retail outlets, more restaurants, children's play areas set to be complete in December 2015.
"We realise the next evolution in tourism for Kenya will be in meetings, incentives, conferences and exhibitions (MICE) and there is massive potential to develop this sector and become a regional hub for conferencing,"Managing Director Hamed Ehsani said. "We need to build the infrastructure to support this opportunity."
Architectural designs have been awarded to Symbion while the building will be done by M/S Seyani Brothers.
Village Market has since its establishment in 1995 been expanding in line with the needs of its clients, mainly the surrounding commercial and residential diplomatic community and high income individuals.
The Limuru road-based venture is located near the UN Complex, residences of several foreign embassies and the posh Runda estate.
Previous expansion gave birth to the prestigious Tribe hotel which has in the recent past been ranked amongst world's top 100 hotels by The Robb Report, a California-based monthly lifestyle newsletter .