Nakheel starts leasing the first zone of its mall project on Palm Jumeirah
12/03/2013
Nakheel Properties, a master developer of the prestigious Artificial Archipelago in Dubai which is the Palm Jumeirah, has started leasing to retailers the first zone of its new shopping project on Palm Jumeirah, which is indeed divided into four zones. Each of them has a total of 270, 000 square feet.
The project is being named as ‘The Palm Mall’ worth of AED2.5 billion and which is set to be completed three years from now. So, the company has already planned to invite all the qualified contractors to bid for the project’s construction works before the first half of the year ends.
Based on the report, Nakheel is now considering to have different finance options for such retail project; for it needs to raise funds at least AED3.3 billion to construct the said project as well as around AED800 million for constructing the other shopping project, The Pointe, which will be also located on the man-made islands development. For this reason, according to Sanjay Manchanda, Chief Executive Officer (CEO) of Nakheel, he said that the company needs to pursue its ability to have the so-called ‘Recurring Revenues’. In fact, it takes a holistic picture for the above-mentioned project and looks for some opportunities in which the company can create a sustainable business or market that will have a potential to grow in the retail industry.
Lastly, as Managing Director of RetailCorp World at Nakheel, Adnan Hegrat said that the retail industry in Dubai is currently on the track and growing as well; for there is a huge demand for retail which is, in fact, one of the Emirate’s most successful aspects.
The project is being named as ‘The Palm Mall’ worth of AED2.5 billion and which is set to be completed three years from now. So, the company has already planned to invite all the qualified contractors to bid for the project’s construction works before the first half of the year ends.
Based on the report, Nakheel is now considering to have different finance options for such retail project; for it needs to raise funds at least AED3.3 billion to construct the said project as well as around AED800 million for constructing the other shopping project, The Pointe, which will be also located on the man-made islands development. For this reason, according to Sanjay Manchanda, Chief Executive Officer (CEO) of Nakheel, he said that the company needs to pursue its ability to have the so-called ‘Recurring Revenues’. In fact, it takes a holistic picture for the above-mentioned project and looks for some opportunities in which the company can create a sustainable business or market that will have a potential to grow in the retail industry.
Lastly, as Managing Director of RetailCorp World at Nakheel, Adnan Hegrat said that the retail industry in Dubai is currently on the track and growing as well; for there is a huge demand for retail which is, in fact, one of the Emirate’s most successful aspects.
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