Saturday, April 21, 2007

Festival City retail and office space launch on July

The first retail phase of Dubai Festival City will be completed in July this year, providing shoppers with 2.1m square feet of shopping, dining and entertainment. This will encompass 550 shops, 90 restaurants and a 12-screen cinema. Festival City is situated on the banks of Dubai Creek beside the newly opened Ras Al Khor Bridge.

Dubai Festival City
The 1,300-acre project will be completed in 2015, with 12 per cent already finished. On completion, it will feature three million square feet of office space. The City’s first commercial property, the 550,000 square feet Festival Tower, will be released in July. More than two thirds of this office space has so far been rented.

Miles said developers Al Futtaim Group would see how the market develops before finalising plans for further commercial developments. “The reaction has been very positive. We are close to the airport and minutes from Business Bay.

“One of the major issues for office workers is getting something to eat at lunchtime and having nearly 100 restaurants in Dubai to choose from is very attractive,” said Miles. Festival City’s first hotels will open in September, with the Crowne Plaza and the Intercontinental providing 800 rooms between them.

Four more hotels will follow, including Four Seasons, to boost the City’s room number to 2,500. Miles admitted to minor delays because of difficulties sourcing building materials. “There is no place like Dubai in terms of construction of new projects so it has been a constant challenge for materials. Sometimes it has been a struggle, but in the final analysis we have come up with an excellent project,” he added.

The first two phases of the City’s 21,000-unit residential development have been released to tenants. Al Futtaim will retain ownership of all properties. On completion, Festival City will house more than 70,000 people.

A long-term complaint of Dubai’s boat lovers has been a lack of mooring space and the Festival City Marina will go some way to alleviating this when it opens later this year. It will have space for 70 full time berths, plus 100 spaces for transient boats, enabling Dubai’s elite to moor up for dinner or shopping. Aside from shopping and leisure, Festival City is also expected to become a venue for entertainment and special events.

Purpose-built areas ranging from the waterfront promenades to the Festival Square will play host to international entertainers and local talent at the City.

[Source Emirated Today]

1 comment:

VIAJERO said...

I want to know all the persons think that they are present at this event? Thank you