African Sunrise invests US$350 million in shopping center in Angola  

By Pedro Mbinza

After Cidade da China and Kikolo Shopping, the African Sunrise Investment group plans to invest more than US$350 million in constructing what it considers the company’s third-largest real estate project in Angola.

Called “Nova Era Shopping Center”, the construction works are already underway, with an estimated conclusion of the first phase in 2024.

The first stone for construction of the Nova Era Shopping Center, located in Cacuaco municipality, Luanda province, according to a statement from the group to which Forbes Lusophone Africa had access, was laid recently by the chairman of the board of African Sunrise Investiment, Jack Huang.

At the time, the document states, the businessman said that after completion of the work, the center would house more than 400 businesspeople and more than 5,000 local employees, “becoming a reference project financed by foreign capital, and could also become a real complex for economic and trade cooperation between Angola and China.

Initially, the statement said, the investment would be in the construction of shopping centers, areas for small and medium-sized industries, as well as operationalisation, which includes managing them.

“The current project covers an area of 460,000 m2, which can accommodate more than a thousand stores.”

“The commerce services are estimated to create 15,000 direct jobs and over 25,000 indirect jobs, contributing to the Angolan State’s revenues and achieving more efficient logistics and distribution services from Luanda to the other provinces and cities and neighboring countries, as well as boost agriculture, establishing a solid base for the development of manufacturing industry to promote development,” details the note.

The Nova Era Centro Comercial will be equipped to support various services with diverse functions, such as a playground, supermarket, “sophisticated” offices and residences, mid- and high-end hotels, entertainment and leisure zone, financial zone, interprovincial passenger transportation center, provincial logistics distribution center, police station, fire station, and tax office.

In the complex, indicates the note, the group also intends to create an agricultural commercial center with an area of 20 hectares, where producers will have the opportunity to sell to populations coming from various parts of the country and beyond.

“This is a way to bring the products closer to the consumer, thus meeting the need to contribute to the Angolan government’s reforms in the development of family agriculture,” says the group.

As Cacuaco is also an agricultural municipality, the installation of a market where small, medium and large farmers can sell their products is also planned.

“Currently, we are requesting the land of this size to move forward with the support project,” said Jack Huang.

African Sunrise Investment is an international company with roots in Africa and almost 30 years of experience in investments in the cradle continent.

The group’s investment projects are mainly spread across South Africa, Namibia, Angola, Guinea, and the Democratic Republic of Congo, among others.

The group’s investment areas include commercial cities, industrial parks and commercial real estate and development investments, operations management, hospitality, mining, new energy, agriculture and education.

With information from Lusa