In the next few weeks, Palms, one of the major investor in modern retail property will be caalling the generaal public to open Palms Ota Mall.
The expansive shopping mall is situated beside the moribund Gateway Hotel Ota. Ota is a C2 and D social economic class town bordering Lagos and Ogun State.
Because of its unobstructive location, Palms Ota will be getting a massive population from Alakuko, Kola, Abule Egba, Iyana Ipaja and many residents in Alimosho local government, the largest local government in Lagos state.
Palms is the retail property brand name owned by Persianas Group. Other subsidiaries of the group includes Persianas Investment, Persianas Retail, Aria and Persianas Properties.
Persinas already has about six shopping malls to its credits. Persianas also confirmed that it did commenced the expansion of The Palms, Lagos. The Palms 2 is expected to open later this year. The property will incorporate approximately 40,000 m2 of additional retail space and 16,000 m2 of multi-level parking.
Nigeria’s modern retail property market has received interests from foreign investors. Lagos, Nigeria’s commercial capital is the prime beneficiary of the trend. Because Persianas is a private company, it does not disclose any detail about the worth of its chain.
According to its profile, the company said its aims to target Nigeria’s growing middle class. According to its estimate, the middle class accounts for approximately 23% of the population and is estimated to have a combined buying power in excess of USD28 billion.