Nakheel builds on Ibn Battuta Mall with AED850m projects

Dubai developer Nakheel is building on its recent expansion of the Ibn Battuta Mall with AED850 of additional work.

The company has begun work this month on a new 55-storey residential tower, 16-screen cinema complex, multi-storey car park and retail expansion at the mall Nakheel has awarded a contract worth nearly AED23 million to Dubai-based National Gulf Constructions LLC for enabling works at the site, located on the southern side of the shopping centre, adjacent to The Gardens community.

The new residential, retail and entertainment development includes a 55-floor residential tower with 279 apartments, pool deck, landscaped grounds, retail space and multi-storey car park, plus a 16-screen dine-in cinema complex, with its own multi-storey car park with almost 1,400 spaces, directly linked to the mall, and a retail expansion with 53,000 sq ft of shop space and over 600 new parking spaces.

With 279 high quality apartments, the tower will complement Ibn Battuta Residences, Nakheel’s 48-floor twin-building apartment complex, announced last year. The three towers have 810 apartments between them.

The new projects announced today are part of Nakheel’s phased expansion at Ibn Battuta Mall that is transforming the area into a “sprawling retail, residential and leisure hub” spanning an area of more than seven million square feet.

Phase one, comprising a 300,000 sq ft retail extension, a 210 metre link to the Dubai Metro and a 372 room hotel, opened last year. Subsequent phases include a one million sq ft mall featuring a retractable roof for year-round shopping and dining, and a second hotel.

The work marks Nakheel’s growing emphasis upon commercial property, as the emirate’s market recovers, with Nakheel’s retail, hospitality and residential leasing businesses contributing to a record-breaking year of profits in 2016.

 

Nakheel has record-breaking year in 2016

8th February 2017

2016 was a record-breaking year for Nakheel, as the Dubai developer saw its profits surge 13 per cent.

The company’s annual net profits totalled AED4.96 billion over the course of the year, its highest ever recorded. The annual total was fuelled, in part, by a 22 per cent surge in profits in the final quarter of 2016 to AED955 million.

The 2016 results follow improved year-on-year performances by Nakheel’s retail, hospitality and residential leasing businesses.

Retail revenue grew by more than 70 per cent in 2016 compared to 2015, with Nakheel Malls further expanding its operating retail portfolio by opening its phase one extension at Ibn Battuta Mall, neighbourhood Pavilions at International City and Al Furjan and the Club Vista Mare restaurant plaza on Palm Jumeirah.

Revenue from Nakheel’s hospitality business jumped by 50 per cent in 2016 compared to 2015, as the firm began operations at hotels Dragon Mart (ibis Styles, operated by Accor) and Ibn Battuta Mall (operated as a Premier Inn), which have 623 rooms between them. The response to these properties has been “overwhelming”, says the company.

Residential leasing also performed well in 2016, with occupancy rates remaining at almost 100 per cent.

Development, the company’s core business, also continued apace to ensure that new projects are completed: in the last 12 months, Nakheel has handed over 1,426 land form and built form units, primarily in Palm Jumeirah, Jumeirah Park, Al Furjan and International City.

Nakheel Chairman Ali Rashid Lootah says: “2016 was a momentous year in which we met and completed all of our restructuring obligations by repaying all AED4.3 billion of the trade creditors sukuk from our own resources.”

The results have been welcomed as an indicator of Dubai’s stabilising, maturing real estate market, with Nakheel praising “the sound business and economic policies” of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Nakheel awarded construction contracts worth around AED3 billion in 2016, and expects to award AED10 billion worth this year.

“We are currently working towards completing our healthy pipeline of projects and making them operational in the next few years, starting with The Pointe at Palm Jumeirah,” adds Lootah,” one of our key hospitality and retail destinations, which is due to open this year.”

 

Nakheel launches twin-tower apartments at Ibn Battuta Mall

15th September 2016

Nakheel has launched a new twin-tower complex next to the Ibn Battuta Mall in Dubai.

The project, which will consist of two 48-floor bulidings, is expected to complete in Q4 2019 and will stand next to Nakheel’s Ibn Battuta Mall, providing on-the-doorstep access to several hundred shops, restaurants and entertainment facilities.

The residences will comprise 395 two-bedroom and 136 three-bedroom apartments, with a podium-level health and recreation complex featuring a landscaped pool deck and a gym.

Nakheel Chairman Ali Rashid Lootah says: “Ibn Battuta Residences are strategically located at one of the fast-growing areas in Dubai. The apartments – the highest standard of accommodation available in Jebel Ali – are ideally placed for people who work at the nearby Jebel Ali Freezone or Dubai South, and, being less than an hour by car from Abu Dhabi, offer a convenient address for those who regularly travel to the capital.”

nakheel cityscape 2016

Ibn Battuta Residences is the latest addition to Nakheel’s growing portfolio of residential leasing portfolio – a key element of the developer’s business strategy. The company aims to double its leasing stock to more than 36,000 units over the next five years.

The project was launched at Cityscape Global last week, the second project the developer unveiled at the event, following the twin-tower complex Palm 360 on Palm Jumeirah.

It follows Nakheels attendance at the Dubai Property Show in London earlier this year, where the company told us they were optimistic about the emirate’s real estate market going forward, dismissing any concerns about oversupply.

“We deliver projects on a feasibility basis and it has got to be able to fulfil some kind of demand for us to launch it,” Nakheel’s Chief Commercial Officer, Aqil Kazim, told us. “There are reports out there talking about oversupply. I don’t know, I’m probably an optimist, but you’re looking at a city that has ambitious growth plans in term of resident population. Even if that growth was half achieved, we would be in short supply, not oversupply. We wouldn’t be building projects if it wouldn’t be fulfilling a certain demand.”

 

Water way to have a good time: Nakheel to build new water park for Dubai

19th August 2016

nakheel deira islnds resort

Nakheel has begun development on a new resort in Dubai that will include a water park.

The AED900 million project, which is a joint venture between the developer and RIU Hotels & Resorts, is a beachfront resort located on Deira Islands.

Offering 800 rooms and marking the first all-inclusive 4-star concept in Dubai and RIU’s first property in the GCC, the partners have appointed international consultants Dar Al Handasah to oversee design, engineering and construction supervision of the development.

Set on a 3.4 million square foot plot at Deira Islands, the sprawling resort – one of the biggest in Dubai in terms of rooms – will boast four swimming pools, a kids’ club, spa and fitness centre. Dining facilities include an all-day restaurant, a speciality restaurant, four beach eateries and an evening dining area with a stage for live shows and entertainment.

Perhaps most eye-catching of all, though, is the waterpark that will form part of the resort. Following in the footsteps of Jumeirah Group’s Wild Wadi park, the aquatic attraction will make up 10 per cent of the Deira Island resort’s overall area.

Infrastructure and coastal works are already under way at Deira Islands, which will add 40 km, including 21 km of beachfront, to Dubai’s coastline. Nakheel is also developing Deira Mall and Deira Islands Night Souk, among other new attractions at the 15.3 sq km waterfront development.

“The new resort represents a significant step forward in creating a new range of affordable, family resort-style hotel accommodation in line with the Government of Dubai’s tourism vision for 2021,” said Nakheel and RIU in an official statement.

The pair first agreed the project in February 2016, with a construction tender expected to be released by the end of the year and a finish date pencilled in for Q3 2019.

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