The business and retail scene of Ikeja, Lagos state’s administrative capital will be playing host to Alade Mall, another shopping mall that is now under construction.
According to Master Reality International Concept Ltd, the concessionaire to the project, the mall will be constructed at an estimated cost of USD50 million, that is approximately NGN15.9 billion.
Alade Mall is less than three minutes drive away from Ikeja City Mall. Ikeja City was the first major modern shopping mall in Ikeja. The mall was formerly owned by Actis, a multinational retail real estate developer and consortium that includes RMB Wesport and Paragon sold the mall to South African Real Estate Investment Trust (REIT), Hyprop Investments Limited, and Attacq Limited, a JSE-listed real estate capital growth fund.
While Hyprop acquired a 75% interest in Ikeja City Mall, Attacq has acquired the remaining 25% in the mall.
The development of Alade Mall is another testament that Lagos, Nigeria’s commercial centre is modernising retail trade, the viability for malls has however not been studied on when its saturation will be reached.
Last month, Maryland Mall, another mall situated in Maryland, an adjunct location to Ikeja has added to the cluster of shopping malls in the vicinity. It is worthy to note that NPF Microfinance Bank PLC is also developing another mall close to Ikeja’s main bus terminal.
The competition that will exist for malls in Ikeja is expected to be fierce in the coming years.
Alade Mall is owned by Ikeja Local Government, Master Reality International Concept Ltd will be managing the mall for a determined numbers of years. Funds for the project is to be provided by Ecobank PLC, while Fadco Construction is the project manager. The mall space will be marketed by PlusWorld Realtors Limited.