Nakheel awards $626m Dubai retail development deals
Dubai-based master developer Nakheel has awarded construction contracts worth nearly Dh2.3 billion ($626 millon) for three major projects in its growing retail portfolio.
The company has confirmed the builders of Deira Islands Night Souk, Warsan Souk and The Circle Mall, which, combined, offer nearly 2.3 million sq ft of retail space and over 6,700 shopping, dining and entertainment outlets.
Nakheel has awarded a Dh1.17-billion contract to United Engineering Construction (Unec) for the Deira Islands Night Souk and Boardwalk project.
On completion, Deira Islands Night Souk will stretch almost 2 km along Deira Islands’ waterfront and boast 5,300 shops and nearly 100 quayside cafes and restaurants.
Located just across from mainland Dubai, the Night Souk will be easily accessible by road and water, and within walking distance of hotels, residences and Deira Mall, Nakheel’s other major retail project at the islands.
All 1.2 million sq ft of leasable space at the Night Souk was snapped up by budding Emirati entrepreneurs within five days of its launch, said the Dubai developer in its statement.
The Night Souk will bring together a new generation of local traders at Dubai’s oldest and most traditional business hub, and is set to be one of the emirate’s biggest new attractions for residents and tourists.
The construction of the Night Souk is due for completion in 2018., the statement said.
For Warsan Souk, a new retail complex with 1,170 shops including two department stores and 30 cafes and restaurants with indoor and outdoor dining, the contract worth Dh775 million has been given to Ginco General Contracting.
Located between Sheikh Mohammed Bin Zayed Road and Manama Road, next to International City, Warsan Souk will be a vibrant, modern destination, innovatively-designed as a modern take on the traditional souk.
With 650,000 sq ft of retail space, the souk will be spread across eight buildings, each comprising two floors of retail with three-bedroom townhouses – 433 in total – built above, said the statement from the Dubai developer.
Already fully leased and due for completion in 2018, Warsan Souk forms part of Nakheel’s Warsan Village gated community of 934 homes, currently under construction, it added.
The last contract worth Dh353.75 million was clinched by Gulf Technical Construction Company for the Circle Mall, one of Nakheel’s largest master communities.
Located at Jumeirah Village Circle, The Circle Mall has 432,000 sq ft of retail space housing 235 shops, a multi-screen cinema, a health clinic, a multitude of cafes and restaurants and a food court.
The Circle Mall, strategically positioned Sheikh Mohammed Bin Zayed Road, Al Khail Road and Hessa Street, will serve hundreds of thousands of people living in Jumeirah Village and surrounding areas, and provide a new leisure destination for residents and tourists across the rest of Dubai, said Nakheel in its statement.
Around half of the leasable space at Circle Mall is booked. Construction will begin shortly, with anticipated completion in early 2018, it added.
Confirmed tenants at The Circle Mall include Spinneys, Oscar Cinemas, Sports Market, Early Learning Centre, Mamas & Papas, Grand Optics, Tips & Toes, Bare Salon and Supercare Pharmacy.
Cafes and restaurants coming to The Circle Mall include Jamaica Blue, Café Nero, London Dairy, Wendy’s, Barbecue Delights, Russo’s New York Pizzeria, Nando and Al Arrab, it added.
According to Nakheel, its retail project portfolio is expected to become the biggest in the UAE, with 10 new large-scale developments and a growing collection of community retail centres on the way.
The company has more than 10 million sq ft of leasable retail space in the pipeline, adding to the 3.4 million already in operation at its Dragon Mart and Ibn Battuta Mall developments.
Projects range from large malls and souk-style complexes that will attract UAE residents and tourists to local centres that provide a focal point for shopping, dining and socialising for the people living at Nakheel communities, it added.-TradeArabia News Service