Key tenants are reportedly still mobilising their equipment on site – a clear signal that the facility whose construction kicked off in 2013 will not be ready for opening this year.
Two Rivers Mall was initially set to open last October but the opening date was pushed to March then to September this year due to construction delays.
The mall is part of a mixed-use development that is being undertaken by Centum Group, which is majority owned by billionaire Chris Kirubi, on a 102-acre parcel of land acquired from the Koinange family for Sh1 billion.
The development whose location is in the heart of the affluent Runda, Gigiri, Muthaiga and Nyali neighbourhoods spans 65,000 square metres – unseating the Garden City Mall on Thika Road, which measures 50,000 square metres.
“Some of our tenants were not ready to open in September and the decision was made to align everybody and move the opening date to Valentine’s Day next year,” Centum chief executive James Mworia said on Wednesday.
Mr Mworia, who was speaking during an investors’ briefing in Nairobi, said the mall’s actual construction was completed in June and that tenants were currently fitting out and stocking their shops.
“We have about 100 tenants who are actively fitting out and our focus it to open with about 140 tenants,” Mr Mworia said.
In April last year, Centum announced that Aviation Industry Corporation of China (Avic), the main contractor for project, had invested Sh6.4 billion in Two Rivers for a 38.9 per cent stake – valuing the project at about Sh16.6 billion.
“The investment by Avic is particularly noteworthy being one of the largest foreign direct investments in this region by a Chinese corporation into a private enterprise,” Centum said.
Centum also disclosed that state-owned investment firm ICDC, which also holds a 23 per cent stake in Centum, had made a Sh462.5 million equity investment while Co-operative Bank had contributed Sh7.2 billion in debt funding for the project.
The Two Rivers Mall consists of medium density residential homes, office blocks, a shopping centre, as well as a three-star and a five-star hotel, the flagship being the 170-room City Lodge.
French retailer Carrefour, which operates more than 12,000 outlets globally, will be the anchor tenant at the Two Rivers Mall – with Turkish luxury fashion line LC Wakiki, Woolsworths, Hugo Boss and Nike being some of the mall’s tenants.
The project, which is managed by Athena Properties Ltd., will be compliant with international green standards, featuring luxurious residential apartments and low-rise office blocks being built by the China National Aero-Technology International Engineering Corporation (CATIC) and local sub-contractors.