Home » Business » NSSA to Construct Shopping Mall

THE National Social Security Authority will next year start the construction of a shopping mall in Harare central business district, consisting of a garage and offices, at an initial cost of US$16 million.

The shopping mall, to be developed at the Ximex Mall site, would be phased, probably beginning in the second quarter of next year, general manager Mr James Matiza said in an interview yesterday.

NSSA acquired Ximex Mall, which is being demolished to pave way for the construction of a 12-storery modern structure.

“After taking down the existing structure, we will embark on the first phase of the project which will include development of an underground car park, shopping space at the ground floor and offices at the first and second floor,” said Mr Matiza.

“This will be done in a manner that we should have pillar that should shoulder the 10 floors but that will be done at a later stage.”

The demolition of the building is slow because the authority intends to recover usable material for resale.

Mr Matiza could not say how much the total project would costs but would incur high cost during phase one.

He said NSSA was still considering the proposal by owners of Joina City, adjacent to Ximex Mall and the biggest mall in the central business district, of erecting a bridge that connects the two shopping malls.

NSSA will also start construction of Chipinge Shopping Mall at a cost of about US$10 million.

“Our projects should span the whole country.

“That is why we have a shopping mall in Gwanda and Bindura and the recently opened hotel in Beitbridge, which has changed the face of the town,” said Mr Matiza.

NSSA could be targeting investments in the property sector considering that it is one of the safest portfolios and has potentially lucrative returns, especially when the economy has recovered.

Source : The Herald