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The developer Nakheel continues to step up the pace on its retail-specific projects with the launch of a new 1.2 million square foot mall in Nad Al Sheba. And as with its earlier mall/shopping centres, this one too is anchored deep into one of its community developments.
This particular residential cluster will have 1,500 villas, currently in the construction phase. The four- and five-bedroom units are only for leasing. The Nad Al Sheba community as a whole spans 2.5 million square feet.
For the mall — described as “regional” in retail industry parlance and with 500,000 square feet of leasable area — the developer has appointed the firm of AE7 to oversee the design, engineering and construction supervision. A tender is expected to be released in Q4-2016.
The Nad Al Sheba Mall will feature around 200 shops, restaurants and entertainment outlets. The “Mall is the latest addition to our rapidly-expanding retail project portfolio, which will see the delivery of 13 million square feet of leasable space in the next three to five years, adding to the four million square feet already in operation,” said Ali Rashid Lootah, Chairman.
The retail mix comprises, for now, in the form of 15 existing or upcoming malls or community centres. With the latter format at its existing developments, Nakheel has built up quite a substantial retail tenant base.
When it comes to a larger canvas, Nakheel’s portfolio includes Ibn Battuta Mall, where a major expansion is on, the Dragon Mart complex, as well as the under construction Palm Tower, an upscale destination in the making. And waiting to emerge shortly from the drawing board is the Deira Islands Mall, expected to cost Dh4 billion plus when it reaches the finish line by the end of the decade.
Nakheel confirmed recently that its new retail projects are seeing heavy pre-leasing interest.
Source: Staff Report, gulfnews.com