Jun 28 2012
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Dubai's Nakheel to Start Construction on $272M Dragon Mart Extension
Thursday, Jun 28, 2012
DUBAI (Zawya Dow Jones)--Dubai's Nakheel PJSC said Thursday it is planning to start construction on a 1 billion U.A.E. dirhams ($272 million) extension of the city-based shopping mall Dragon Mart, after the troubled master developer swung to profit in the first quarter of 2012 amid growing signs that the emirate's embattled real estate market might have found a floor.
The Dragon Mart Phase 2 is the latest in a number of retail projects--including a AED25 million retail complex, and a restaurant, retail and entertainment hub opposite Atlantis, both on the showpiece development Palm Jumeirah--that Nakheel has announced in recent months.
"Construction [on Dragon Mart Phase 2] is expected to start shortly on obtaining the necessary regulatory approvals," Nakheel said in an emailed statement, adding that contracts worth about AED600 million are being awarded for the construction of the extension.
On completion of the expansion in 3Q 2013, the shopping mall would double in size to 335,000 square meters--the equivalent of 47 international football pitches, the statement said.
Nakheel said in April its retail and residential leasing operations continued to perform well with full year 2011 witnessing almost 100% occupancy at its Ibn Battuta Mall and Dragon Mart, reflecting a buoyant local retail market.
-By Tahani Karrar-Lewsley , Dow Jones Newswires; +971-4-446-1686; email@example.com; Twitter: @ZDJnews
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