Nakheel, Dubai-based developer, on Thursday said it has awarded construction contracts worth Dh600 million for the Dragon Mart Phase 2.

The new phase, work on which will commence soon, will add 177,000 square metres to the existing mall with the total size being 335,000 square metres, i.e. equivalent to 47 international football pitches.

The hub will have an estimated total development value of Dh1 billion and will be completed in Q3 2013.

United Engineering Construction has been selected as the main contractor for the new retail mall.

Kele Contracting, a UAE-registered company founded in Australia, bagged two awards: one for construction of the 240-room Dragon Mart Hotel and another for the multi-storey car park that will accommodate 2,000 vehicles.

According to the release, 80 per cent of Dragon Mart 2 has been already pre-leased.

“Dragon Mart has gone from strength to strength since it opened in 2004. Now, we are doubling the size of this amazing success story. Dragon Mart is already the world’s biggest trading hub for Chinese products outside mainland China,” said Ali Rashid Lootah, Chairman, Nakheel.

The anchor tenants for the new phase include Geant, which has taken up 10,000 square metres space. Besides, there will be a nine-screen Grand Cinema complex, a two-storey retail mall with food court and separate terrace offering a range of outdoor dining options; a civic plaza and its own district cooling plant.

The existing 158,000 sqm, 1.2 km long Dragon Mart – home to nearly 4,000 retailers – was built in 2002 and opened two years later. On average 52,000 people visit each day, a footfall of around 19 million per annum.

In September 2011, Meraas Holding announced construction of the $544 million Phoenix Mart, next to the Dragon Mart. The project, which also features a five-star hotel and car parking facilities, will be three times as large as the existing Dragon Mart complex, the company had claimed. The Phoenix Mart will comprise 6,000 outlets with the vast majority new brand names from China.