The International Property Awards have set standards of excellence for commercial and residential property throughout the world since 1995. The award of three of these prestigious trophies to the Centre Commercial Phoenix is a tribute to Foresite Property’s professionalism and expertise – Foresite is Rogers’ property arm.
photos : vlh image bank | atipik ltd
African property top brass gathered on Thursday 17 November 2011 in one of the world’s most beautiful hotels, the Burj al-Arab in Dubai. The annual presentation dinner of the International Property Awards, organised in association with Bloomberg Television and Google, made for a perfect setting in which to honour the best commercial and residential developments in the Africa/Middle East region.
During the evening, the Centre Commercial Phoenix (Phoenix Commercial Centre), owned by the Ascencia Property Fund, achieved a regional high by winning three of the coveted trophies. As well as the awards for the Best Commercial Renovation/Development Mauritius and the Best Retail Development Mauritius, the complex was also honoured as the Best Commercial Renovation/Redevelopment Africa.
Located close to the busy Phoenix roundabout in the middle of the island, the Commercial Centre is the only one in its category in Mauritius so far to have received such recognition. The awards are made after a thorough analysis involving a panel of 80 independent experts looking at all aspects of property development – design, construction, appearance, internal layout, environmental safeguards, sustainable development, marketing and innovation.
In his speech, the Chairman of International Property Awards, Stuart Shield, said, “Our seventh Arabian Property Awards was one of the biggest highlights in the 18-year history of the International Property Awards. We decided to amalgamate the awards with the Africa Property Awards, which resolved the conundrum of how best to cover these two important and extensive regions. Having analysed the winning entries and projects, it also indicates renewed confidence in both African and Mid-Eastern property markets.”
He also added that winning one of the awards “is a great mark of recognition for participating companies.”
The award also vindicates the decision of Foresite Properties, which manages the complex, to aim high in investing a total of some Rs1 billion (€25 million) in the expansion of both the Centre Commercial Phoenix (Phoenix Commercial Centre) and Centre Commercial Riche Terre (Riche Terre Commercial Centre) commercial centres. The Riche Terre Centre is in the north-west of the island and, taking both centres together, the investment will provide more than 15,000 square metres of additional floor space.
which manages the complex, to aim high in investing a total of some Rs1 billion (€25 million) in the expansion of both the Centre Commercial Phoenix (Phoenix Commercial Centre) and Centre Commercial Riche Terre (Riche Terre Commercial Centre) commercial centres. The Riche Terre Centre is in the north-west of the island and, taking both centres together, the investment will provide more than 15,000 square metres of additional floor space.
Phoenix was the first commercial centre of its kind in the country and has become an integral part of the Mauritian shopping experience. Five and a half million visits are made to the centre and its fifty-odd outlets every year. By the time the second phase of the extensions is finished (the first phase was completed in December 2010), 25 further outlets will be operating and total floor space will have been increased to 33,000 square metres.
The Centre Commercial Riche Terre (Riche Terre Commercial Centre), opened in 2003, is equally popular with Mauritian families; 25 new outlets are being added there. The complex is also being enhanced to provide customers with a contemporary, friendly and attractive shopping and leisure centre, which will have a total built area of 23,000 square metres.
This investment decision was made in the context both of intensified competition in the commercial centre sector and a depressed global financial climate, based however on a deep understanding of the market. A study of current and future customer catchment areas has revealed clear evidence of an increase in these around both commercial complexes, reflected in the number of visitors.
“Given the popularity of the two centres,” says Sanjiv Mihdidin, Foresite Property’s CEO, “which have become a well-established part of lively catchment areas with interesting levels of population growth, we have responded with our new projects in order to meet the ever more demanding requirements of our tenants and customers. We are doing everything we can to enhance facilities and above all to offer a friendly, comfortable and safe environment.”
Foresite is managing the project throughout all stages of its development from design to completion and have appointed the South African firm, Boogertman & Partners, as its architects in collaboration with a Mauritian company, Architect Studio. Works are scheduled to be completed by mid-2013.
More information can be found on the website:
www.centrecommercialphoenix.mu
Ascencia, a diversified portfolio
Ascencia is a property management fund founded in June 2007 by Foresite Property to invest in property assets and property development projects. It has been quoted on the Development & Enterprise Market of the Stock Exchange of Mauritius since December 2008. This property investment vehicle has a diversified portfolio of quality business and office assets, with a net inventory value of Rs2.2 billion (€55 million). It is managed by Foresite Fund Management
www.ascencia-propertyfund.com
a diversified portfolio
Set up in 2008, Foresite Property specialises in property management, development and investment. It is the majority shareholder in the Ascencia Property Fund and the fund manager (Foresite Fund Management). The company has a substantial portfolio of commercial, industrial and office assets. It also offers a full range of global solutions. Rogers & Co’s property arm has acquired a strong reputation through its considerable experience and involvement in all the relevant professional sectors.
