December start for Phase II of Doha Marina Mall
Project to cost about $275m to build and will include entertainment sites, games and cinemas
Mazaya Qatar Real Estate Development Company, the Doha listed real estate developer, will begin construction of Phase II of the Marina Mall project in Doha by December 2012, chief executive Sirag Al Baker said on Wednesday.
The phase is likely to cost about $275m to build, Al Baker told Zawya. The project engineering consultant has been appointed and had gone through the first phase, which involved site habilitation and setting the foundations, he added.
The entire project will take about three years to be ready. The second phase of the mall will include entertainment sites, games and cinemas. It is planned to be one of the most prominent shopping centres in Qatar, Al Baker said.
Qatar has built several large malls and commercial centres over the last 12 years as it looks to build up its retail sector, which is needed to diversify the economy away from hydrocarbons. Retail outlets such as Marina Mall are targeted at shoppers from other Gulf countries, such as Saudi Arabia.
Al Baker added that Mazaya Qatar was considering the restructuring of the project capital, in association with experienced financial advisors, who he said would be disclosed at a later date.
Part of the Lusail development, the Marina Mall is a 180,000m2 retail and leisure facility in the Lusail development on the east coast of Qatar.
The mall includes over 70,000m2 of leasable retail over three main levels, as well as a hypermarket within the basement. It will also house cinemas, family entertainment centre, restaurants with terraces overlooking the marina and spa facilities.
