Wasl properties, one of the largest real estate companies in Dubai, has announced that 98 per cent of the retail units in its Dh1.2-billion ($326 million) wasl district Souq project have been leased out.

The Souq, part of Phase I of the mixed-use heritage project, saw the majority of shops leased by retail customers in less than two months since the release, with the rest expected to be snapped up soon on account of high demand.  

Located in the busy Naif area of Deira, the heart of old Dubai, the mixed-use development features 201 shops spanning a total surface area of 55,000 sq ft. Approximately 195 of these shops have been leased out so far, said the company in a statement.

Zainab Mohammed, the CEO of property management, marketing & communications at wasl, said: "The Souq is the focal point of the wasl district project and we are delighted that it has been met with positive demand by retailers which reflects the increasing growth in demand for retail and commercial space in Dubai."

"The Souq has all the factors that contribute to the success of the retailers, appealing to the public and offering residences, offices and a hotel, all in one location, making it a truly unique shopping destination," she explained.

Wasl district is considered a significant project in the redevelopment of the older areas of Dubai. "The concept is to evoke the spirit of historic Dubai," said Mohammed.

The overall project houses residential apartments, office buildings, serviced apartments and a hotel, all styled in traditional architecture to celebrate the culture and roots of the city, she added.

The first phase of wasl district, which comprises the Souq, was completed in the first quarter of 2014 while leasing commenced in the next quarter, said the statement from wasl.

The second phase of the project is expected to be completed in three years.

"The area will, undoubtedly see tremendous footfall from shoppers and visitors. Retailers will be pleased to set up shop in the commercial heart of the vibrant city of Dubai,” stated Mohammed.

The Souq consists of four main clusters surrounding the Al Maktoum Hospital Museum, each named after an element synonymous with traditional Emirati culture, she noted.

The Lulu cluster contains 45 shops selling fashion items such as textiles, fabrics and carpets. The aptly named Zaffaran cluster includes 31 shops that sell Arabic spices, nuts and dried fruit as well as watches, ladies’ garments, leather items and electronics.

The Oud cluster eponymously houses oud and perfume shops, abayas, ladies garments and tailoring and embroidery services and contains 64 retail units, while the Talli cluster comprises 54 retail units that are being leased to food and beverages (F&B) operators; restaurants and coffee shops, as well as general trading companies selling jewelry, gems and stones, handcrafts and home appliances.

The entrance block, Amber houses shops that sell gifts, souvenirs, mementos, art, antiques, watches, gloves, and accessories.  

Each cluster of the Souq features a central courtyard dotted with retail outlets and evokes the atmosphere of a traditional Dubai market, said Mohammed .

The retail outlets will offer unique products and items celebrating Dubai’s heritage and culture and appeals to those shoppers seeking an authentic traditional Emirati atmosphere, she added.-TradeArabia News Service