Wednesday 12 December 2018
 
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Abu Dhabi's $1.2bn Reem Mall enters fast track

ABU DHABI, 23 days ago

UAE-based Al Farwaniya Property Developments said work on its $1.2-billion Abu Dhabi retail, dining and leisure destination, Reem Mall, is progressing at a steady pace with more than 200,000 cu m of reinforced concrete already cast in place.

The main construction work on the project began towards the end of 2017, with the foundation stone laid earlier this year, said a statement from Al Farwaniya Property Developments.

It is a joint venture between three Kuwait-based companies: Agility, Agility-affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC).

Together, these three bring a sound financial base, extensive experience in asset management and commercial real estate development, and a successful track record of mall operations for the mega-mall project.

With work in full swing, the developer said all floor levels of the structure was likely to be completed by the end of this year.

The Reem Mall site is located in the Najmat District on Reem Island and is part of the residential and commercial master development by Reem Developers. On completion, Reem Island is expected to have a population of 200,000 people.

The top developer said 16 tower cranes, some reaching as high as 80 m into the sky, are work during the day and night for the timely completion of this ambitious project.

Furthermore,  construction of the extensive, external road network has already commenced, with utility diversions and piling under way, it stated.
 
Al Farwaniya Property Developments said the UAE continued to exhibit a healthy growth and was witnessing an increased passion for destination malls as shoppers were attracted by the appeal of retail, entertainment, food and leisure under one roof.

Further, the investment climate is increasingly being tailored to international visitors, mainly expatriates, and therefore lifestyle destinations like Reem Mall are crucial to provide increasing returns for the economy, it stated.

Located in one of the most vibrant and growing cities of the region, the Reem Mall will bring an unrivalled choice of shopping, food, leisure and entertainment options, said Al Farwaniya Property Developments in its statement.

Ease of access via the dedicated road network and ample parking will also make for the most convenient shopping experience in the capital, it added.-TradeArabia News Service




Tags: abu dhabi | tenant | Reem Mall | Al Farwaniya Property Developments |

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