- Broker Directory
- My Tools
- News & Advice
- Market Trends
- Other GN Sites
Property developer Nakheel said on Sunday that it has received all tenders to build Nakheel Mall on the Palm Jumierah, valued at Dh 2.5 billion.
Six proposals were received. Bids started at Dh1.185 billion, according to a company statement.
A construction contract is expected to be awarded in three months' time, the statement added.
The 418,000 square metre mall will feature 200 stores, including Waitrose and two anchor department stores, 12 restaurants, six medical clinics and a nine-screen cinema.
A 50-storey hotel will also be built alongside the mall. Nakheel Mall is set to be completed by 2016.
Nakheel saw profit reach Dh2.57 billion last year, representing a 27 per cent increase, helped by a 20 per cent rise in revenue to Dh9.4 billion.
This year Nakheel expects to launch Dh6-8 billion worth of projects, including multiple hotels, which will now be a major focus area. Projects headed for completion this year include the Palm Residences, phase 2 of Dragon Mart and a hotel in Deira. By 2016, its hotel portfolio would increase to nine.
Source: Staff Report, gulfnews.com