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Singapore-listed Perennial Real Estate Holdings has teamed up with Shangri-La Asia to develop a 49,874 sq m mixed-use project (pictured) in Ghana’s capital, Accra.
In line with this, the former has purchased a 55 percent stake in the prime site for US$15.2 million (about S$21.3 million), while the latter holds the remaining 45 percent.
With an estimated total development cost of more than US$250 million (S$352.25 million), the integrated development has a gross floor area (GFA) of about 162,000 sq m, of which about 33.9 percent will be occupied by an office tower, while the rest will be divided into residential towers, a hotel, a shopping mall and serviced apartments.
“The landmark integrated mixed-use development is set to define the benchmark for an internationally-endorsed one-stop ‘Live-Work-Play’ commercial hub in Accra.” It is also the company’s maiden foray into the African continent, said Perennial’s CEO Pua Seck Guan.
Located close to Kotoka International Airport, the project is linked to Tetteh Quarshie Interchange, an important road system that provides quick access to Accra’s city centre and nearby metropolises.
To fund the development and minimise the joint venture’s capital outlay, the partners plan to sell the project’s residential and office components. A portion of the development cost will also be financed internally and externally via loans.
Expected to be completed by 2019, the mixed-use development will be managed by both firms, except for the hotel which will be overseen by a subsidiary of Shangri-La.
Ghana is considered as an economic powerhouse in Western Africa, with a population of around 26 million. Of this, about 2.3 million live in Accra, the country’s economic and administrative centre.
Image Source: Perennial Real Estate Holdings
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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