Signature Mall, a new mixed-use development on Mombasa Road, is set to open in early 2018 with a view to catering to the surrounding neighbourhoods in Nairobi’s southern outskirts.
Construction of the development began in January 2016 at an estimated cost of US$11 million (Sh1.14 billion), funded through a mix of debt and equity. The Mall delivers into the market a Gross Lettable Area of 259,300 square feet of space targeting over 100 occupiers including shops, offices and a hotel.
The mall has been developed by Canon Aluminium Fabricators Ltd. Its primary catchment will be the fast-growing population demographics of Syokimau, Mlolongo, Athi River and Kitengela areas in Machakos and Kajiado counties.
The mall is targeting an occupancy rate of 60-65% by the time it officially opens to the public next year.
The anchor tenant is Choppies Kenya while the hotel facility will be managed by Azure Best Western, a franchisee of Best Western Hotels & Resorts. The hotel will occupy the two upper floors of the development with operations expected to start around May 2018.
According to Anthony Havelock, Head of Agency at Knight Frank, there has been an oversupply of new retail developments across Nairobi in the past two years and coupled with the worsening situation of Nakumatt Supermarkets. However, he says there are good opportunities and locations for developers and retailers to target the growing population, increased affluence and emergence of the burgeoning middle class to provide formal retail developments and benefit from this demographic.
