Promoters of the Galaxy Mall project in Kaduna have confirmed that the project will be completed, despite the delay it has suffered. To underline their commitment to delivering the project, the Kaduna State Government and the UAC Property Development Company (UPDC) have signed a supplementary memorandum of understanding. The new agreement enables the partners in the project to overcome the factors that have created delays in delivering the project.
Hakeem Ogunniran, the Managing Director of UPDC, confirmed that a supplementary MoU was signed on 7thFebruary 2017, after a board meeting of the special purpose vehicle for the project. He assured that the goal to build a world-class shopping mall in Kaduna is now closer to realisation.
Speaking in Kaduna after a board meeting of the promoters of the Galaxy Mall project, Mr. Ogunniran disclosed that macroeconomic challenges caused the delay.
“Due to the challenges around forex availability and retailer apathy, we have had to scale down the size of the mall.
“But the mall, as it is now, is going to have anchor tenants and co-anchor tenants. There is going to be a cinema and we are going to have 36 other line shops, cutting across fashion and accessories, pharmaceuticals, banking, telecoms, and so on.”
Ogunniran also explained that UPDC and Kaduna State own 55% and 45% of the project respectively. He said that although the mall is expected to be completed in 78 weeks, the project benefits will begin to accrue to the state instantly.
“The contract will begin to generate value for Kaduna state because it will provide employment for many people. There are many ancillaries that will grow out of it. During the construction, over 1000 people will be working on that site. So that will bring a lot of succour for a lot of families that are jobless. And there are a lot of other small businesses that will develop around the construction.”