THE MORNING , 14th of May 2010
After the success of Riverside, the Indian Ocean Real Estate Company (IOREC), the real estate branch of the Mon Loisir Group, launches Square Circle, a new major shopping destination, in Forbach, in the North. This was announced by Chan Chakravarti, CEO IOREC.
This center is in addition to Riverside, a project of Rs 240 million, launched with great fanfare in Rivière du Rempart year last. The new mall will require significant investment of around Rs 400 M. It will be located on a prime site, Forbach, which is already a tenant of choice, Space House.
Developers hope to start work in October 2010 for complete in March 2012. This mall is very well positioned with its access to Highway North, benefiting from good visibility to attract teachers in areas such as automotive, sports and fashion. The IOREC also relies on experience shopping on this site which will also be the first to be equipped with a golf drive-in range '. In addition, the mall has benefited from the expertise of the international architectural firm, Stauch Vorster.
"This site is a so-called 'prime and mature site' because it is ideally located at the crossroads of Goodlands, Grand Bay, Pamplemousses and Port Louis. In addition, our neighbor and owner of the site, Space House Ltd. has over the years, recorded the largest increase in its average basket of all its stores nationwide. We are very pleased with the feedback from major retailers who want to position themselves quickly in this part of the island. That said, we operate on a basis of 'first come first served' for distribution locations. Circle Square will be the destination of the North and we have discussions with 80 major brands of Mauritius, "said Chan Chakravarti.
Kevin Teeroovengadum, director of Actis, the British giant in real estate funds in emerging markets and partner in the Groupe Mon Loisir IOREC, also finds that the site has a lot benefits. "Actis and Groupe Mon Loisir groups are very strong financially and
pledged to mount international projects such as Circle Square. Our brand, our expertise and our resources are our value and our investments are the result of extensive market research. "
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