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UAE's Al-Futtaim to award contract for new Dubai mall within three months
06 March 2017
By Megha Merani
United Arab Emirates-based Al-Futtaim Group plans to award the main construction contract of a new 78,500 square metre (sqm) mixed-use retail development in Dubai in the first half of this year, a senior executive said on Monday.
The mall is part of phase one of the 15 million square foot wasl Gate master development owned by wasl Properties, a subsidiary of wasl Asset Management Group. It is located close to the Energy station on the Dubai Metro Red line.
"The main construction contract will be awarded within the next three months," Steven Cleaver, director for shopping centres in the UAE at Al Futtaim Group Real Estate, told Zawya Projects on the sidelines of a press conference.
"We are evaluating the bids at the moment and are close to finalizing," he said, adding that there were "between four or five bidders" in the running.
Cleaver declined to comment on the value of the project or how it is being financed.
The name of the property is expected to be unveiled in the third quarter of 2017.
Dubai-based BSBG is the main consultant for the project, while some of the design work is being done in-house, Cleaver said.
"We were initially using HOK, who did the first schematic design, and now our main consultant is taking it forward," he added.
Catering to south Dubai expansion
The mall is expected to open in the first quarter of 2019 and will comprise around 55,000 sqm of leasable retail space and a 30,000 sqm IKEA store. There will be around 100 retail stores available for leasing as well as a food court, a large hypermarket and an Al-Futtaim ACE hardware store. The mall will have more than 2,000 parking spaces.
The project would also include an entertainment offering but that is still being discussed.
Cleaver declined to state footfall projections but said they would be made available in the second or third quarter of 2017. He said the location was chosen to primarily cater to the southern part of Dubai emirate.
"The south side of Dubai is developing a lot faster than anywhere else," he said. "I think as we move towards Expo 2020 the speed of growth is going to pick up. When we look at how this area is going to be in four to five years and 10 years time in terms of residential, we're looking at capturing traffic from Abu Dhabi, customers from the (Dubai) marina, and all around the Jebel Ali area."
The second phase of the wasl Gate master development will include a residential precinct developed by wasl Properties with around 1,457 homes, along with hospitality and entertainment projects, a sports complex, schools, and a central park connecting the community's commercial and residential neighbourhoods.
© Zawya Projects News 2017