Construction

Nakheel to tender mall in H1 2013

Contractors will be invited to bid for the construction of the mall, Nakheel says

Nakheel will begin leasing retail space by the end of February 2013.

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Nakheel will invite contractors to bid for the construction of its $680mn Nakheel Mall before the first half of 2013, the developer’s chairman said on Monday.

Scheduled to be completed by 2016, the property company will begin to lease the first zone in the Mall by the end of the month, company officials said.

Nakheel will begin by leasing the centre-point zone in the mall, which is divided into four zones of about 270,000 square feet each, said Adnan Hegrat, managing director of Retailcorp World at Nakheel.

“The retail industry is alive and kicking. There is big demand for retail and its one of the most successful aspects for Dubai,” he added.

“We need to continue to have the ability to have recurring revenues… We take a holistic picture for development and look for opportunities where we can create sustainable business,” said Sanjay Manchanda, Nakheel’s chief executive, on the potential for growth in the retail segment.

The developer is considering different finance options for the retail project, a Nakheel spokesperson said in an interview. The company needs to raise $900mn to construct the Nakheel Mall and $220mn for the Pointe shopping project on Palm Jumeirah.

 

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