Ascencia Commits Rs 3.5 Billion to Two New Malls in East Mauritius

Ascencia, one of Mauritius's leading listed real estate investment companies focused on retail, has announced a Rs 3.5 billion commitment to build two new shopping destinations in the east of the island, as part of its newly launched strategic plan called CAP29.

The centrepiece of the expansion is the Mall de Flacq, a Rs 2.6 billion development currently under construction in the Flacq district on the east coast. The mall will offer 25,000 square metres of gross leasable area, housing a mix of international brands, local retailers and leisure options. It is scheduled to open in July 2027. A medical centre of 3,300 square metres will be built adjacent to the mall at an initial cost of Rs 258 million, with completion expected by June 2028.

The second project, Bel Air by Ascencia, is also located in the eastern region. Representing an investment of Rs 976 million for 8,500 square metres of retail space, the project is currently completing its feasibility study and launching its commercial marketing phase. It is expected to open during the 2028 financial year.

Both projects are being developed in partnership with Alteo Group, a major Mauritian conglomerate with significant land holdings in the east of the island, which explains the geographic focus of Ascencia's expansion strategy.

Beyond new builds, Ascencia is also reinvesting in its existing flagship properties. At Bagatelle Mall, located in the Moka area in the centre of the island and one of the busiest shopping centres in the country, the former cinema space is being converted into a 6,000 square metre entertainment and dining hub. The original article does not specify the full cost or completion date for this renovation.

Ascencia is listed on the Stock Exchange of Mauritius and operates several malls across the island, including Bagatelle Mall, Riche Terre Mall and Phoenix Mall. Its CAP29 plan signals a push to cement its position as the dominant retail property player in Mauritius before 2029.

What this means: For shoppers and residents in the east of Mauritius, an area that has historically had fewer large-scale retail and leisure options compared to the west and centre of the island, these two malls represent a significant upgrade in local amenities. For investors and businesses, the scale of the commitment signals confidence in Mauritian consumer spending and retail demand over the next three to four years. The inclusion of a medical centre alongside the Mall de Flacq also points to a broader mixed-use vision beyond traditional retail.

Source: ION News