Ivory Tower’s Head of Real Estate Services, Maina Njuguna said in Dar es Salaam this week that the soft opening of the U$50 million complex will mainly involve the shopping mall and residential parts which are completed with almost all space taken up by tenants and outright buyers.
“We will have a soft opening ceremony on December 1. However, the hotel segment will be completed in the first quarter of 2020 because of modern technology items that should be installed,” Njuguna said without giving details.
He said 95 percent of the mall is occupied by international and local brand names in global trade names for clothes, electronics and consumables. Njuguna further stated that also 53 percent of residential apartments have also been occupied.
“Global names which have already taken space include Carrefour, Barclays, Woolworths, Norbros Collections, Chichi, DM cafe, Little more, Elite Books store, Samsonite and G. Star,” he noted saying VAT imposed on new property sales and legislation restricting Diaspora Tanzanians from buying property are frustrating the market.
“Yes, we have seen 85 percent progress by Tanzania Investment Center which is working on regulating principles for making it easier for the Diaspora to buy property or make an investment,” he noted.
The 100,000 square metres complex which located at Mikocheni beach in the commercial capital will comprised of the shopping mall, the podium, 180 residential apartments and a four star hotel with 180- rooms.
Responding to a question on the mode of payment, the Ivory Tower Head of Real Estate said, “Our finance partners, KCB Bank are offering mortgages for willing buyers. We are also open to buyers coming in with their own mortgage partners.”
He also joined other developers to plead with the government to scrap value added tax on residential apartments as it constitutes a big burden on buyers most who have to bear an extra 18 percent over and above the asking property price. “This would really be a boost to the property development sector,” he added.
In June this year, Ivory Tower’s chairman, Janson Huang visited parliament where he rallied lawmakers to buy a stake in the complex or lease space for residence or office accommodation. “The MPs have shown interest to rent buildings business activities in the Palm Village. We want them to buy or rent,” Huang was quoted by the media as saying. Vice President Samia Suluhu Hassan laid a foundation stone for the complex last year when she commended the Chinese investors for putting up such a valuable investment in the commercial capital.