Wednesday, August 24, 2011

Nakheel announces mall expansion plans and new shopping centres for Dubai

Nakheel, the leading property developer, has announced major expansion plans including expansion of an existing mall and building two new shopping centres in Dubai.

A deal has been signed with Dar Al-handasah for designing and supervision to include an additional 1.7mn square feet of retail space, together with 5000 parking spaces at its Dragon Mart Mall.

Arif and Bintoak Consulting Architects and Engineers have been assigned the responsibility to design and supervise the building of two community shopping centres at its Jumeirah Park and Discovery Garden projects.

The Shopping Centre at the Jumeirah Park will have the capacity to allocate nearly 50,000 sq. Ft. of space for stores, thereby serving both Jumeirah Park and Jumeirah Island communities. The Discovery Garden will include stores and recreation centre, covering 140,000 sq. Ft. of space, for its Al Furjan development.

Nakheel is restructuring the $13bn debt, following global economic crisis, which led to a decline in property demand in Dubai. The housing prices fell by more than 60percent from their peak during mid-2008, which led to cancellation and delaying of projects.

Nakheel will begin construction of these projects by early 2012.

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