Sunday, October 19, 2008

Liberty Properties launches development in Zambia

16 Oct 2008 - Inet Bridge

Liberty Properties and the Zambia National Pension Scheme Authority (NAPSA) today launched a development project in Lusaka, Zambia, the first of its kind for Liberty.

The project, dubbed "the jewel of Lusaka", will see the development of a $200 million mixed-use retail, office, hotel and apartment development set to revolutionise the lifestyle and skyline of Lusaka.

Work on the development is set to begin in January 2009 and is due completion at the end of 2010.

The 30,000m² retail element, to be housed in Zambia's first fully enclosed shopping mall, will comprise of a 150-room hotel planned as a key feature of the new development.

The hotel will contain a 400-seat convention centre and the 20,000m² office component will include penthouse suites designed to turn the location into Zambia's most desirable corporate address.

The retail element will also include a cinema complex and restaurant facilities.

In addition its strategic expansion across Africa, the property business of the Liberty Group is also keen on expanding its third-party activities in both the development and property management fields.

"The Lusaka development has a central role in both strategies," said Caswell Rampheri, Managing Director, Property Development, at Liberty Properties.

Liberty Properties' vision of sustained growth encompasses all of Africa and other emerging markets. Cross-border activities into SADC countries are a strategic priority.