Build malls and the shoppers will come
Dubai has recently witnessed a boom in its off-plan real estate sector, with the foundations of many residential communities being laid down across the emirate’s various growth corridors.
Where there are residential units being planned and sold, mall developers are sure to follow, experts say. A combination of residents looking to move to quieter and more affordable parts of the city, a growing population, and rising incomes means that developers are looking to cash in on the need of residents for shopping and leisure destinations.
Line Investments & Property, the shopping mall development and management arm of the Abu Dhabi based Lulu Group International, is currently working on its new mall in Dubai Silicon Oasis (DSO). The Avenues Mall Silicon Oasis is a Dh1 billion development that will boast a total gross leasing area of 72,000sqm, and is due to be completed in time for Dubai Expo 2020. It will also include a 10,299sqm hypermarket, a 6,635sqm department store, with a 34,798sqm array of retail shops and services.
Adding to the mix are 13 casual restaurants and cafes, in addition to 25 food court units. A 6,800sqm multi-screen cinema will compliment a 5,000sqm family entertainment centre, a 2,900sqm bowling centre, and a 2,000sqm gym. Phase one of the mall will open in the second quarter of 2019.
Marcello Larizza, GM of Line Investments & Property, predicts a sizable footfall of visitors once the mall opens to the public. “Both population and household incomes are going to grow in the next couple of years, so this is good news,” said Larizza.
Another region that will soon
Both population and household incomes are going to grow in the next couple of years, so the increase in mall visitors is good news.
Marcello Larizza, general manager, Line Investments & Property
see similar activity is Dubai South, which houses the Al Maktoum International Airport, the Expo 2020 site, a logistics district and a residential district containing up to 10,000 new homes.
The development is slated to sustain a population of over a million residents.
Arabtec has won a Dh363 million contract to build a new three level, 83,000sqm mall on the location. The mall will be built at the Emaar South project, a joint venture between Emaar Properties and Dubai South. Emaar South plans to build more than 15,000 homes in its development that will include the new mall, hotels, community parks, schools and other facilities.
Most recently, Majid Al Futtaim has announced plans to develop a new, mixed-use community in another growth corridor. The group is in talks with global and regional contractors with plans to unveil the master plan in the first half of 2018.
Speaking to Khaleej Times, Hawazen Esber, CEO of Majid Al Futtaim — communities, said that the project will be located in the Dubailand area. “We are looking at an integrated lifestyle community that will have all the Majid Al Futtaim assets. The mixed use development will have a combination of residential, retail, and office units. Dubailand is the growth corridor of Dubai, and a fantastic location for our flagship community.”