A local investment group comprising 29 members plans to build a multi-million shopping mall in Ruiru over the next two years, targeting a supermarket firm as an anchor tenant.
Fechim Investments chairman Mwai Kihu has said groundbreaking for the project will be done in September with construction expected to take 18 months.
“By quarter one 2016, it should be ready for occupation,” said Kihu.
The mall will comprise of shops, offices and eating areas and will be located near the Thika Highway Bypass in Ruiru.
Designs for the project are ready, said Kihu and will be presented to shareholders of the investment group soon.
The project, whose cost Kihu did not divulge at the moment, will be financed mainly by funds raised by members of the investment group who will be asked to inject more capital.
Also, Fechim plans to invite other investment groups, popularly known as chamas in the country, to invest in the real estate project.
“We have not completed the funding arrangement but we shall invite bids from other investment groups, real estate industry partners and we are also looking into loan capital,” said the chairman.
The shopping mall once completed will improve the landscape of Ruiru as it will be the sole mega shopping mall in the area.
The other major shopping malls along the Thika Superhighway are Thika Road Mall, Mountain Mall and the upcoming mega project, the Garden City mall whose anchor tenant will be Nakumatt Holdings.