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Dubai Properties’ immediate objective will be to “stabilise our portfolio”, according to the new Group CEO. The master-developer has one of the broadest portfolios in the city, including Business Bay, Dubailand and Culture Village, to name just three.
According to Abdullah Lahej, this also allows for some flexibility in “tapping into different categories”. “There are a lot of things in the pipeline... but streamlining them has to have priority,” he added.
Even then, there is a lot going on the ground when it comes to Dubai Properties. There is the Marasi Business Bay, which will create a trio of premium waterside elements right through the spine of the project. Phase 1 construction will be completed during the fourth quarter next year, and will have the Marina and the Park elements.
The current plan is to start leasing the 30,000 square feet of premium retail space between fourth quarter of 2016 and the first quarter of 2017. Marasi will eventually have 100,000 square feet for retail and leisure, stretched along a 12-kilometre promenade. (It will also anchor a constellation of “water homes”, the first such announced in Dubai. The developer is yet to announce when they will go on sale or what the pricing will be for this limited set. These homes will be a minimum of 1,500 square feet.)
Retail leasing will be keeping the company busy, even otherwise. There will be about 200,000 square feet of it at Culture Village, which is coming along nicely as a residential and hotel destination. This particular retail stock, part of the Dubai Wharf cluster within Culture Village, will go on the market in the first quarter of 2017, according to a senior official.
Source: Manoj Nair, Associate Editor, gulfnews.com