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Opening in Lagos April 2016


A development by Novare Real Estate Africa

Lusaka, the capital city of Zambia, is a thriving metropolis that has benefitted from foreign and government investment to deliver solid economic growth over recent years. An exciting place to be, Lusaka is where Novare Real Estate Africa saw an important opportunity to expand its portfolio of commercial properties in sub-Saharan Africa.

The new Novare Pinnacle mall is centrally located in a prime area of Lusaka that is home to residential areas, embassies, churches, top schools and sporting facilities - as well as strong road networks.

The premium residential neighbourhoods of Woodlands and Kabulonga are included in the areas the centre will serve when it opens in March next year. These are high-income suburbs with relatively low rates of retail penetration.

Where accessibility is concerned, Chindo Road provides access to the mall and will soon be expanded to a dual carriageway with a signalised junction at Novare Pinnacle.


Geared for growth

While lower commodity prices, particularly copper which accounts for 60% of all Zambia’s exports, dampened growth especially in 2015 and 2016, the economy is expected to grow at around 5% in 2018. Activity will be concentrated around the mining sector with knock-on effects into the construction, transport, communications, services, wholesale and retail industries.

Zambia is one of the most densely urbanised countries in sub-Saharan Africa with 50% of the country’s 11.5 million people concentrated in cities.

Interestingly, a recent census indicated that Zambia’s population grew at a rate of 2.85% a year, while Lusaka’s population grew at 4.7%. The number of households in the greater Lusaka area has grown at about 4% a year with the average household size having grown from 4.5 people to 4.9 people.