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Terracotta backtracks on Egodini Mall cost

News
SOUTH African property developer, Terracotta Trading (Private) Limited, which was contracted to develop Egodini Mall in Bulawayo, yesterday made an about turn and produced a statement claiming the total cost of the project would be US$60 million.

BY SILAS NKALA

SOUTH African property developer, Terracotta Trading (Private) Limited, which was contracted to develop Egodini Mall in Bulawayo, yesterday made an about turn and produced a statement claiming the total cost of the project would be US$60 million.

This was despite that Terracotta Trading director Thulani Moyo had claimed on Tuesday that the total cost of the project was US$25 million, contradicting a statement by the Bulawayo City Council (BCC), which insisted on US$60 million.

In a statement yesterday, Moyo said he had verified the figures and found out that US$60 million was the correct total estimated cost of the project contrary to his earlier statement that it was US$25 million.

“The projected cost to complete phases one, two and three of the project is estimated at US$60 million. However, this indicative cost estimate could change due to, inter alia, construction cost savings, construction cost escalations and exchange rate fluctuations,” he said.

“The phases of the project will be implemented responsibly in line with market-driven tenant demand. At the moment, the developer is actively working to complete phase 1A of the project by the end of November 2021, and thereafter the developer will commence phase 1B,” he said.

Moyo said phases 1A and 1B of the project were estimated to cost US$25 million.

In 2016, BCC contracted Terracotta to turn Basch Street terminus into a multi-purpose mall at a cost of US$60 million. Five years down the line, no progress has been made on the project.

Moyo said all along, the contractors had been doing civil and underground work on site, adding that it would be completed by the end of this month.

He said by the beginning of next month, the company would begin above-ground work, while phase one of the project would be completed by November.

Follow Silas on Twitter @silasnkala