Monday, August 18, 2014

MAF to build new Dh 275mn City Centre mall in Dubai

The Dubai-based retail, hospitality and leisure company, Majid Al Futtaim announced its plans to build City Centre Me’aisem, a community-focussed mall. At present, there are 13 City Centre malls in the region. The first phase of the latest City Centre shopping mall in Dubai will cost Dh.275million, the company statement revealed.

The retail mix of the mall would serve the immediate needs of residents and working professionals, said Executive Managing Director of shopping malls at MAF Properties, Dimitri Vazelakis.

Located within an area spanning one million square feet, the mall would be located in Me’aisem area at the Dubai International Media Production Zone (IMPZ), the site developed by Tecom Investments, spans 43 million square feet. The mall would be located at the intersection of Shaikh Mohamned bin Zayed Road in IMPZ and Al Khail Road.

The phase 2 of City Centre Me’aisem will cater to the population growth during the forthcoming Expo 2020, with emerging areas like Victory Heights, IMPZ, Jumeirah Golf Estates, Jumeirah Village Circle and Jumeirah Village Triangle, developing further.

City Centre Me’aisem will be built by Brookfield Muliplex, the international contractor. Construction of the new mall would be in two phases. Phase one will be ready by third quarter of 2015, offering 60 international outlets. The construction would allow scope for further expansions until 2020.

City Centre Me’aisem will include lifestyle brands, fashion, and a Carrefour hypermarket, spanning an area of 6,243 square feet with restaurants, fast-fold chains, restaurants, convenience stores, cafes and medical clinic.

The development forms part of Dh.3million investment by the company to expand its Dubai operations over the next five years. The Head of Research and Consultancy for UAE at CBRE, Mat Green, said that MAF’s new mall may fill the retail gap in IMPZ.

The mall may have local fashion brands, but, the focus will be on convenience stores. City Centre Me’aisem will serve residents of Jumeirah Golf Estates, Victory Heights, Jumeirah Village Triangle, Jumeirah Village Circle, Arabian Ranches and Motor City, apart from employees in IMPZ commercial zone, MAF said.

Monday, August 11, 2014

Royal Estates project officially launched in Jumeirah

The Dh.2.3bn Royal Estates project has been officially launched by Bollywood Superstar Shah Rukh Khan during an event held in Madinat Jumeirah in Dubai.

The development is a collaboration between Aristocratic Star, Pal Developments, and Pacific Ventures, a statement said.

The 2.3mn sq. ft. gated community is located in Dubai Investments Park, adjacent to the Expo 2020, and features 2000 units comprising two, four and five bedroom townhouses, apartments, boutique retail spaces, an office complex and luxury hotel.

Mr. Khan expressed his delight to be associated with the project and said that Royal Estates ensures uncompromised comfort, safety and elegance and state-of –the-art landscaped serenity that weaves a stellar community.

The Director of Pal Developments, Atiq Merchant, said that the Royal Estates, which is a unique project, promises to be a lucrative combination of residential, investment and commercial haven.

Tony Ashai, the celebrity architect, speaking about Dubai said that Dubai is an energetic city with a regal touch, which inspires elegance and stylised sophistication. The property market here is positive, and this is the time when business owners and investors seek to enjoy the plush vibe of the city. These factors have been taken into consideration when designing this project, offering a blend of homely comfort and luxury.
The project sales began on 7th August. The phase 1 of the project includes 400 units to be delivered during first quarter of 2015. The apartment units start at Dh.450,000 and townhouses from Dh.1.6mn onwards.