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Oct. 19 (Bloomberg) -- ENL Ltd., a Mauritian company with interests in agriculture and property, plans to develop a town in the island’s center, Chief Executive Officer Hector Espitalier-Noel said after opening the country’s largest shopping mall.
“In the coming years, a business hotel, residences, an office park, warehousing facilities as well as a micro-brewery and a motor city will confer to Bagatelle the status of a small town,” Espitalier-Noel said today. Bagatelle is located south of the capital, Port Louis.
The first phase of the town project, which was opened today, is a 42,000 square-meter (452,000 square-foot), 3.5 billion-rupee ($120.7 million) shopping mall developed by ENL Property Ltd., a unit of ENL Land Ltd. in partnership with South Africa’s Atterbury Investment Holdings.
Real estate and construction accounted for more than 38 percent of foreign direct investment in Mauritius over the past five years, Prime Minister Navinchandra Ramgoolam said at the opening. Investment in the industry is expected to grow by more than 8 percent in 2011, he said. In 2010, the industry invested 22.4 billion rupees.
“Permits have been secured,” Gilbert Espitalier-Noel, CEO of ENL Property Ltd., said in an interview in Bagatelle. “Works would be completed by end of 2012” and the project will span more than 225 acres (91 hectares) of land in Bagatelle, he said. Investments will amount to about 1.5 billion rupees for residential units, office spaces and a motor city, he added.
ENL Property manages about 20 billion rupees of projects including high-end villas and residential developments. ENL plans to develop a 25,000 square-meter project in Lusaka, Zambia’s capital.
--Editors: Ana Monteiro, Digby Lidstone
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