Dubai developer Nakheel on Tuesday announced the award of a contract worth more than AED1.2bn ($326m) for the construction of Nakheel Mall, its new 418,000 square metre retail hub to be built on Palm Jumeirah.
The company said a contract has been awarded to UAE firms United Engineering Construction (UNEC) and Actco General Contracting Company to build the new complex, adding that construction is expected to begin soon.
Nakheel Mall, where nearly half of available leasing space is already booked, will be constructed by selected business partners – New Mall Limited – through a Build, Operate and Transfer (BOT) mechanism, the developer said in a statement.
The project will be managed by Nakheel until the transfer date, it added.
Nakheel Mall will have five retail levels with more than 100,000 sq m of shop space, three basement parking levels with 4,000 spaces, 200 shops, two anchor department stores, a nine-screen cinema, medical centre and fitness complex.
There will also be a roof plaza with a host of fine dining restaurants, as well as a selection of food and beverage outlets inside. The project is expected to be completed in 2016.
Alongside Nakheel Mall will be The Palm Tower, Nakheel’s new, five-star, 50-storey hotel and residential complex, for which a separate construction contract will be awarded soon, Nakheel added.
The Palm Tower comprises 504 luxury residences and a 290-room hotel occupying the first 18 floors of the building. There will also be a rooftop restaurant and infinity pool.
Nakheel Mall is one of several new retail projects underway by Nakheel, whose growing retail portfolio also includes The Pointe at Palm Jumeirah, a 136,000 sq m waterfront shopping and dining complex, a mall and night market at Deira Islands and Dragon Mart Mall and Ibn Battuta Mall, both of which are undergoing significant expansion.
Nakheel is also building neighbourhood centres at its Jumeirah Park, Al Furjan, Discovery Gardens and International City communities. Source: Arabian Business