News / National
Cowdray Park mall project hit by inflation
09 Apr 2019 at 07:33hrs | Views
Sai Enterprises says it is reviewing its capital budget for the $12 million shopping complex in Bulawayo due to cost escalations.
The multi-million-dollar complex, being set up in Bulawayo's Cowdray Park suburb, is expected to house over 40 shops, banks, a medical service centre, fast foods and parking bays, among others.
The company's proprietor, Raj Modi, who is also Industry and Commerce deputy minister, told NewsDay that shortage of cement and price escalations experienced since last October had affected the project, causing them to miss deadlines.
"We have to revise our budget because we have exhausted the money we had prepared for that project, but now we are going to go beyond what we had because the prices went up almost three times for bricks, cement – all building materials," Modi said.
"We are still working, but we are a little bit behind because of cement shortages; we were hit by cement shortages last year, but we didn't stop working,"
Asked when the mall was likely to be completed, Modi said: "Hopefully, by May (next month). I am not sure, but I think so"
Modi, who also owns The Wholesale Centre Liquor Hub in the central business district, said they were now looking forward to pumping more money into the project and meet cost escalations.
In the 1990s, Modi built the Bellevue shopping complex which now houses one of the leading and fastest growing supermarkets run by Choppies Enterprises.
The multi-million-dollar complex, being set up in Bulawayo's Cowdray Park suburb, is expected to house over 40 shops, banks, a medical service centre, fast foods and parking bays, among others.
The company's proprietor, Raj Modi, who is also Industry and Commerce deputy minister, told NewsDay that shortage of cement and price escalations experienced since last October had affected the project, causing them to miss deadlines.
"We have to revise our budget because we have exhausted the money we had prepared for that project, but now we are going to go beyond what we had because the prices went up almost three times for bricks, cement – all building materials," Modi said.
"We are still working, but we are a little bit behind because of cement shortages; we were hit by cement shortages last year, but we didn't stop working,"
Asked when the mall was likely to be completed, Modi said: "Hopefully, by May (next month). I am not sure, but I think so"
Modi, who also owns The Wholesale Centre Liquor Hub in the central business district, said they were now looking forward to pumping more money into the project and meet cost escalations.
In the 1990s, Modi built the Bellevue shopping complex which now houses one of the leading and fastest growing supermarkets run by Choppies Enterprises.
Source - newsday
