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Nakheel has hit the market with three major construction contracts valued at Dh2.3 billion for its retail developments.
This includes the main contractor for the Night Souq at Deira Islands, as well as for Warsan Souk and The Circle Mall. These three combined will create an additional 2.3 million square feet of retail space and as many as 6,700 outlets.
United Construction LLC won the Dh1.17 billion contract for the Night Souq and boardwalk at Deira Islands. Construction is due for completion in 2018.
All available 1.2 million square feet of leasable space was snapped up by UAE nationals within five days of its launch. The Souq will stretch nearly 2 kilometres along the Deira Islands’ waterfront and be a base for 5,300 shops and nearly 100 quayside cafés and restaurants.
The Warsan Souq — a complex with 1,170 shops including two department stores — is located between Shaikh Mohammad Bin Zayed Road and Manama Road, next to International City, Offering 650,000 square feet of retail space, it will spread across eight buildings, each comprising two floors of retail with three-bedroom town houses — 433 in total — built above.
Fully leased, it is aiming for completion in 2018, and forms part of the Warsan Village community of 934 homes, currently under construction.
Located at Jumeirah Village Circle, The Circle Mall has 432,000 square feet of space for 235 shops and a multi-screen cinema, among other attractions.
Around half of the leasable space at Circle Mall is booked. Construction will begin shortly, with anticipated completion in early 2018, according to a statement.
Source: Staff Report, gulfnews.com