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28 March 2024

Nakheel reviews plan for mall on Palm Jumeirah

The global property consultancy said Dubai retail malls will continue to experience vacancies of 15 per cent to 30 per cent. (SUPPLIED)

Published
By Parag Deulgaonkar

Dubai-based master developer Nakheel has not given up the idea of building the Palm Mall, Palm Jumeirah, and the project has not been cancelled, Emirates 24/7 can reveal.

Although it did not disclose any details on when the project will restart, the company said: “We are reassessing the plans for the mall.”

The company is also working on a plan for extension of Ibn Battuta Mall and Dragon Mart. Similarly, no details were shared.

In 2008, Nakheel’s Retail Shopping Malls division had said it plans to commence development of 13 million square feet of new retail space across five separate mega projects. This website had then reported that construction work had commenced on the Palm Mall.

According to Jones Lang LaSalle, total retail supply across Dubai, as of fourth quarter 2010, was around 26 million square feet, with no significant additions to stock being recorded. The global property consultancy said Dubai retail malls will continue to experience vacancies of 15 per cent to 30 per cent.

Colliers International, a real estate consultancy, earlier said cumulative retail supply in Dubai reached 2.48 million square metres gross leasable area (GLA) by 2010-end and will witness additional supply of about 52,500 square metres GLA in 2011.

Masakin Al Furjan handover begins

 

 In a separate statement, the developer said it has completed snags for over 80 apartments at Masakin Al Furjan.

The project, which is adjacent to Discovery Gardens, comprises of 335 apartments.

“As part of its committed deliverables under the restructuring plan, Nakheel has started handing over the units to its customers as scheduled. We have completed snagging of over 80 units with the homeowners, and has received positive feedback from them,” a company spokesperson added.

 

On Sunday, Nakheel said it has paid Dh5 billion to its trade creditors after having secured 98 per cent approval for its $10.9 billion debt restructuring plan earlier this month. Under the restructuring proposal, trade creditors were to receive repayment through 40 per cent cash and 60 per cent in the form of a $1.63 billion Islamic bond, expected by issued soon.

In April, a company spokesperson told this website that its operational plan was fully funded by the Dubai government and it allowed the company to sell assets going forward. It is currently working on completion of projects such as Jumeirah Park, Al Furjan, Veneto and Badrah, Jumeirah Heights, Jumeirah Village South, Jumeirah Island and Palm Jumeirah.