Fisd Limited is seeking financial partnership in the construction of an ambitious Area 43 Mall, a project the Lilongwe City Council has described as a game changer.
The proposed two-storey building project to be constructed on a 2.2 hectares, is expected to start in June this year and will be completed in December 2021 to open for business in January 2022.
It is expected to have an underground car park that will accommodate 300 vehicles, two mega anchor supermarkets one on the ground floor with the next one on the first floor, restaurants, banking halls, two cinema halls, retail store fronts, office spaces, gym complex and daycare facilities, among others.
Unveiling the plan before a multitude of potential investors on Friday in Lilongwe, Fisd Limited executive director Frank Mwenechanya hinted that the company already has 50 percent of required resources out of the K14 billion to kickstart the project.
He said Fisd Limited is looking for partners to take up the remaining 50 percent worth of investment into the project.
Said Mwenechanya: “The critical issue in the project is the land which we already acquired. We have enough money and other needed resources so that by June this year we can start the project, especially major structural issues.
“We want as much as possible that if people are coming forward to invest, it should be in form of equity, especially for Malawians and in form of a loan for foreigners. We envisage that local investors will recoup their investment within a period of 10 years and foreigner’s loan in 20 years.”
Mwenechanya explained that they already have machinery for the construction project, with some ready building materials in their warehouse and a project office among other things, which are important for the project.
He observed that the most expensive things include the finishing and glazing that needs a lot of money and believes that serious people, as they see the mall coming up, will come and invest in the project.
Lilongwe City Council chief executive officer John Chome encouraged Malawians to participate in the project, saying the council is concerned that a bigger percentage of property in the city is owned by foreigners.
Malawi Investment and Trade Centre (Mitc) public relations manager Deliby Chimbalu said local investment is welcome as it is equally important just like Foreign Direct Investment (FDI).
The project is located between area 30 National Police Headquarters and the Kanengo Industrial site.