The Village Market shopping mall has unveiled a Sh5 billion expansion drive into new retail outlets, restaurants and a hotel targeting business tourists and luxury product stores.
The money to be sourced through a loan from Equity Bank, will redevelop the shopping mall that sits at the heart of the diplomatic centre in Nairobi.
The investors plan to develop 75 new retail outlets, restaurants and a 187-room hotel with conference facilities for 500 people.
“We realise the next evolution in tourism for Kenya will be in meetings, incentives, conferences and exhibitions,” The Village Market’s managing director Hamed Ehsani said.
Previous expansions included investment in Tribe Hotel. It has also completed redesign of its food court, expansion of the Nakumatt supermarket by introducing over 20 retail outlets and developing 150 more parking spaces.
“Multi-national, luxury retailers require more space and specific configurations for interior dimensions,” Sanjay Shah director of shopping mall noted.
Construction is expected to start in May with retail and restaurant outlets opening by the end of next year. The new hotel would open in mid 2016.
The new hotel and conference facilities are slated to begin operations in mid-2016.