Purple Capital Partners Unveils New Shopping Mall In Maryland | Independent Newspapers Limited
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Purple Capital Partners Unveils New Shopping Mall In Maryland

Maryland Shopping Mall
Posted: Jul 5, 2016 at 1:00 am   /   by   /   comments (0)

Nkasiobi Oluikpe

Maryland Shopping Mall

Lagos – 20 months ago, the site of what previously was the Ikeja Shopping Mall wore no look of what could turn out to be one of the most classical shopping malls across the continent.

But today, through the foresight and determination of Purple Capital Partners Limited, a specialist investment firm, the site is a must see for every curious mind.

Officially opened on Tuesday, June 28, 2016, the exterior of Maryland Shopping Mall is a 550sqm LED screen, the largest in sub-Saharan Africa and visible from different angles. It sits on a total land mass of 7,700sqm. Added to this, it will be serving different purposes to different people, just about any good thing that can be thought of.

With a basement car park of a capacity for over 200 cars and an excellent ambience, residents of Maryland and its environs are assured of a neighbourhood mall that offers a one stop shop for all of their needs.

With 90 per cent occupied and all the tenants making downright payment, some of the indigenous and international brands that have already berthed and taken position at the mall include: Shoprite, Genesis Deluxe Cinemas, Stanbic IBTC Bank, Standard Chartered Bank, Barcelos, Euphoria Smoothies, Shuttles, The Place Restaurant, Chicken Republic, Essenza, Funtasticaland, Wakanow, STORM London, Skate City, Medplus Pharmacy and Asset Chemist.

Others are:Nett Pharmacy, Samsung, Multichoice, Montaigne Place, Tecno Mobile, Twice as Nice, Little Weavers, Tesla Mobile, Plug Devices, LAX, Babybliss, Axa Mansard and Purple Money.

The N5billion project which was stipulated to be completed within 20 months was delivered in record time, according to its developers met the specification of what can be found anywhere in the world.

In the words of, Sola David-Borha, CEO of Stanbic IBTC, financiers of the projects, Maryland Shopping Mall underscores four of the key points on which the company undertakes a project. These include: Right location, right mix of tenants, right financing structure and right currency mix.

She said further: “We believe that a mall like this is not only important to Lagos State, but is also important nationally. To have projects such as this to drive commerce and improve the economic growth of the nation is critical. For this project, we are assuring that the economy is moving towards the right direction.

“In every project we are involved in, we are indeed keen to ensure it complies with all regulations, and Maryland Mall is no exception. I will like to reiterate that real estate is the key focus area for Stanbic IBTC. We have a dedicated and experienced real estate team. We will continue to look for opportunities to support government’s efforts to encourage commerce and grow the economy.”
Speaking through his special assistant on Commerce and Industry, Governor Akinwunmi Ambode of Lagos State highlighted that the Maryland Shopping Mall is a classic example of what the private sector can achieve given the right policy implementation and environment.

Ambode congratulated the management of Purple Capital Partners Limited on the successful completion of the mall which he said is a bold statement of their confidence.

“Today’s event is a testament to the robust policy of our administration in the promotion of commerce and industry in our state. We have left no one in doubt of our strong commitment to partnering with the private sector, as private sector drives socioeconomic development, creation of wealth and employment generation for our people.

“Let me assure all that we are not yet done and will not rest on our oars as we work in collaboration with all strategic stakeholders for the development of our state. I assure you that our government is committed to ensuring that your decision and that of other investors, who have equally set out to have their business in our state, will not be in vain.”

While using the forum to reach out to all other interested investors who are still undecided to make bold investment moves, he assured that his administration is committed to continuously review all regulations which are considered inimical to entrepreneurship and business development in the state.

Chairman of Purple Capital Partners Limited, Omotola Mobolurin stated that the safe arrival of the new retail, lifestyle and entertainment infrastructure has the capacity to provide merchants and shoppers with amenities and services that befit the state’s megacity status; adding that it is particularly gratifying that the construction and financing was concluded on time and within projected funding estimates.

“Lagos is currently home to several malls. Most of these are however located on the coastal, more affluent sections of the state – in the Ikoyi-Victoria Island-Lekki Peninsula axis – commonly referred to as the Island.  Maryland area aptly illustrates the various realities of city life, located in the middle of the Mainland Lagos.

“Maryland has been residential district and a hectic hub of social activities for decades. It is also an economic and commercial centre, a major intersection connecting citizens and visitors alike to the major thoroughfares across the city, and a perfect exhibit of the city’s quest for affordable urban development”.

On her part, the President of Lagos Chamber of Commerce and Industry, Nike Akande commented that it is indeed a significant investment by all standards and is the latest evidence of the transformation taking place in the Nigeria retail sector.

“I am particularly excited that this is taking place at this time, despite the current challenges in the economy. It is my conviction that whatever economic challenges we are going through today is temporary. I enjoin all Nigerians to emulate the promoters of the Maryland Mall by demonstrating confidence in the Nigerian economy through investment and creation of jobs.

“This investment symbolises resilience, vision, innovation and above all, faith in the Nigerian economy. It also demonstrates the strong entrepreneurial spirit that exists in our dear country, Nigeria. This is a significant investment by any standard and it is the latest evidence of the transformation taking place in the Nigeria retail sector. The Maryland Shopping Mall will no doubt offer a unique and great shopping and entertainment experience for consumers and all citizens of this great state”.