Standard Bank Maputo - POA
Insitec
TURNKEY DEVELOPMENT FOR STANDARD BANK
A new greenfield turnkey office development for Insitec.
Insitec is a rapidly growing business group, headed by a relatively young Mozambican businessman Celso Correia.
Insitec has investments in key sectors of the economy, including shareholding in the country's second largest commercial bank, the BCI, in the Northern Development Corridor (CDN), which runs the Nacala port and rail system, and the Mpanda Nkuwa Hydroelectric Company, which has the concession to build a dam on the Zambezi at Mpanda Nkuwa, 60 kilometres downstream from the existing dam at Cahora Bassa.
SERVICES AND OUTCOME
Our Project Director Wayne Jordaan explains that the development would not have gone ahead were it not for Key Projects facilitating a value engineering process.
`We were told by Standard Bank's management that if the project was to go-ahead, we would have to find US$ 5,000,000 in savings WITHOUT reducing the GLA. We managed to achieve this objective by reducing the cost by US$ 7,000,000 to US$ 15,700,000 ex IVA(VAT)] `
Construction was given the green light for a start in Q2 2012.
A number of logistics challenges face projects in Africa: All materials are imported from either RSA, Europe or China. Only sand & stone aggregates are available in Maputo. Lead time are at least 3 months longer than normal RSA lead times.
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