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Copperbelt is yet to see classical developmental structures – Musonda

Copperbelt is yet to see classical developmental structures – Musonda
By Kabanda Chulu
Tue 27 Oct. 2009, 04:00 CAT

PHOENIX Materials Zambia and HBW of South Africa have formed a joint venture to develop the proposed US $ 160 million mixed use development facility comprising a shopping mall, hotel, housing units and convention centre in Kitwe.

Announcing the formation of TGP Properties Limited, Phoenix Materials chairman Phesto Musonda said there was need to put up modern structures that would contribute effectively to the country's economic development. The proposed project would be constructed near Itimpi opposite Chingola Road Cemetery.

In an interview on Sunday, Musonda said the Environmental Council of Zambia (ECZ) had approved the impact assessment and project construction would commence early next year.

“We are developing this project which is themed as the 'Copperbelt City' and it will be a mixed use development facility costing US $ 160 million and will comprise housing units, a 210 room hotel, 134 retail shops, six screen cinema halls and food courts, conference facilities among other structures. In fact this will be the largest single investment on the Copperbelt outside the mining industry,” Musonda said.

“And our contractors shall soon move on site since ECZ has approved our impact assessment report but we are applying to government to give us the Investment Protection and Promotion Agreement (IPPA) because this is a huge investment and funding is already secured.”

He said the project would attract other developmental activities around it that would result in creating employment opportunities.

“In recent years, the Copperbelt region is yet to see classical developmental structures in form of modern structures and this is why we want to develop a 'copperbelt city' with new facilities that will contribute effectively to the economic development of this country and this project will take 30 months to be completed when we begin construction in the first quarter of 2010,” said Musonda.

And ministry of commerce director of industry Siazongo Siakalenge said the government was ready to issue out IPPA licences so long the prospective developers or investors present their proposals on time.

“We are ready and our negotiating team is ready to consider proposals and decision can even be made within seven days,” said Siakalenge.

South Africa-based HBW are also the owners and developers of the Manda Hill shopping mall in Lusaka.

Labels: JOINT VENTURES, PHESTO MUSONDA, REAL ESTATE, RETAIL

posted by MrK @ 7:35 AM