Build malls and the shop­pers will come

Khaleej Times - - THE BIG STORY - Rohma Sadaqat rohma@khalee­j­

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.”

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