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R Select - the retail division of R-Holding, an Ajman-based diversified group -is rolling outan AED 700 millionplan for developing retail destinationsin Ajman and Dubai under the brand name CityLife.
With five retail projects in Ajman and two in Dubai under various phases of development, R-Select is concentrating its efforts on the CityLife Malls - a community mall concept that focuses on offering convenience to the cosmopolitan consumer in regards to reliability, an extensive product range and neighborhood convenience.
Speaking about the CityLife Malls, Imran Khan, Chief Operating Officer for R Select said, "The malls are being developed in catchment-rich locations. We aim to meet the catchment's needs in various segments such as general retail, food &beverages, health care, lifestyle, electronics and others."
"The key to our success is providing the right product at the right location and time. Neighborhood malls are gaining popularity in the UAE retail sector and our properties aim to provide the highest standards." Khan added. "With the successful completion of the first two malls at Ajman and the third nearing to completion, we are confident of CityLife's success not only in Ajman but in Dubai as well".
Sumair Tariq, Group CFO of R Holding added, "We have allocated approximately AED 300 million from our existing cash flow and partnered with banks for the balance amount. R Holding has an excellent track record in developing projects and our key banking partners continue to support us in these lucrative projects".
So far the company has delivered two projects worth AED 60 million and 65 million at Al Jurf and Al Hamidiya respectively, under the CityLife concept and construction for a project of AED 90 million is on trackat Al Zorah. Spar, the Dutch Chain of supermarkets, will open their first store at CityLife Al Jurf, through Abu Dhabi Co-operative Society (ADCOOP) while Saudia the Qatar-based company, will bring the first Kenzsupermarket and department store to CityLife Al Hamidiya.
With the planning phase being complete for the next two projects at Ajman Creek and Ajman Corniche, where R Select has pooled in AED 120 million each for development, the company is now all set to venture out of Ajman with an AED 250 million plan for two community malls in Dubai.
R Select has progressed rapidly since its inception in 2010 with a service portfolio specializing in malls, strip malls, hybrid plaza and stand-alone retail developments. With the current expansion plan the company's portfolio will be worth over AED 950 million in the next two years.
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© Press Release 2015
