Construction of a new regional $40-million shopping centre in Malawi's capital Lilongwe, is set to begin.

Malawi Property Investment Company Ltd, the locally listed and largest property development company in the country, announced that it is constructing a 18 000m² shopping centre development in the western suburbs of Lilongwe.

The development is financed by MPICO, the National Bank of Malawi and two major international financial institutions.
 
The complex, which will be called The Gateway, is strategically located at the intersection of the north/south Kaunda Road western bypass and the main east/west Mchinji highway leading from Lilongwe to Zambia.

Lilongwe, with a population of just under one million has overtaken Blantyre as the country's largest city and fastest growing urban region.  It is also perfectly positioned to serve as a gateway to Central Africa.

Malawi, with a population of almost 14 million has had a fairly stable economy in recent years and has faced up to the global recession relatively well.  The newly developed mining industry in the north, involving mainly uranium, will give the economy a further boost.

The official opening of the Gateway is scheduled for October 2011.

Source: www.commercial-property.co.za