Cityland Group, the UAE-based real estate developer, has secured a $142.74 million loan from a consortium of banks for its flagship retail project, the $330 million Cityland Mall.
In a statement, the developer said that the loan – from a consortium of banks, consisting of Emirates NBD as the lead bank and Burgan Bank from Kuwait – will be utilised for covering the ongoing project costs in terms of construction.
Cityland Mall will be the only major destination mall opening in 2018 in Dubai.
“Securing this term loan from Emirates NBD and Burgan Bank is a significant development and signifies their confidence in the overall concept of Cityland Mall and the capabilities of the group,” said Fahimuddin Sharfuddin, chief executive officer and board member, Cityland Group.
“With construction work well under way in addition to having the commitment of leading regional retailers, we are pleased with the overall momentum on the project and look forward to being on track to hit our project milestones in order to open our doors to the public in 2018.”
Construction work on the 2.2 million sqft mall complex is underway, with JLL supervising as project manager. MEP works are now in progress for all areas, the developer added. At present, the focus is on the critical areas of the project, which will house the hypermarket, family entertainment areas and the foundations for the mall’s main feature – a circular timber arched walkway that will surround the Central Park.
Cityland Mall aims to be a nature-inspired shopping destination that will feature a 20,000 sq ft open-air garden called Central Park. This will be the epicentre of the mall in terms of both architecture and its anchoring role for visitors.
“We are delighted to be associated with this unique project that is strategically located and look forward to its official unveiling in 2018. Cityland Mall project is a fresh proposition that is expected to stand out in Dubai’s existing retail landscape and become a sustainable venture that generates stable revenues,” added Salah Mohammed Amin, general manager – Corporate Banking for Emirates NBD.
Raed Al Haqhaq, deputy chief executive officer – Kuwait of Burgen Bank, said that Burgen Bank would ‘continue to support its clients in fulfilling their milestones in executing their strategic projects that in turn enhances the development of communities across the region.’
In terms of leasing arrangements, agreements are already in place with operators for 30% of the leasable space available, the developer said.
Cityland Mall will eventually have 350 stores built around six continent-themed pavilions. Hypermarket and supermarket chain Carrefour, operated by Majid Al Futtaim will open a 100,000 square foot hypermarket, while VOX Cinemas will also have a presence with a 10-screen complex providing a range of F&B options and signature concepts.
Cityland Mall aims to be a prime attraction for various communities in the Dubailand area such as Arabian Ranches, Marjan, Al Barari, Layan, and Falcon City amongst many others who live along the Sheikh Mohammed bin Zayed Road corridor.