Nakheel inks major expansion contracts
Dubai, August 22, 2011
Leading real estate developer Nakheel has signed major contracts to expand an existing mall and build two new shopping centers in Dubai, said a report.
The company reached a deal with Dar Al-handasah to design and supervise the addition of 1.7 million sq ft of retail space and 5,000 parking spaces at its Dragon Mart Mall, the Bloomberg reported.
Nakheel also appointed Arif and Bintoak Consulting Architects and Engineers to design and supervise the building of two community shopping centers at its Jumeirah Park and Discovery Gardens projects, the report said, citing an e-mail from the company.
The developer is restructuring $13 billion of debt after the global recession caused property demand in Dubai to evaporate.
Home prices slid by more than 60 per cent from their peak in mid-2008, forcing developers to cancel and delay projects.
The Jumeirah Park shopping center will provide 50,000 sq ft for stores serving both the Jumeirah Park and Jumeirah Island communities. In Discovery Gardens, the 140,000 sq ft project will include stores and a recreation center for its Al Furjan development.
Construction on the three projects is set to start in the first half of 2012, the company said.