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18 April 2024

Nakheel to deliver 4,500 units in 2013

By Parag Deulgaonkar

Nakheel, Dubai-based master developer, will deliver nearly 4,500 units, commence work on the Palm Mall and may even look at doubling the size of the Ibn Battuta Mall in 2013.

“We have a fair amount of deliveries to be completed.

“We have roughly about 8,500 to 9,000 units to finish in our ‘green’ projects.

“We have handed over almost 4,500 to 5,000 units and the balance will be handed over in 2013,” company CEO Sanjay Manchanda said on Sunday.

“Last year, the Palm Mall was in the design stage and hopefully we should be in the position to launch it by early 2013. We have all our community centres under construction and are looking at other opportunities that are demand driven.”

The master developer has already issued contracts for construction of community centres in Jumeirah Park and Discovery Gardens.

In June, it awarded construction contracts worth Dh600 million for the Dragon Mart Phase 2, which will add 177,000 square metres to the existing mall, bringing the total size to 335,000 square metres.

Asked if there were plans to double the size of Ibn Battuta Mall, Manchanda stated: If the market demands then why not.”

The expansion of Ibn Battuta Mall has been on cards for some time now, but no announcement has yet been made.

In 2012, a number of companies announced plans to either foray or expand into the retail developments.
Among the newcomers was Meraas Holding which announced plans to construct Outlet Village, a project that will sell high-end luxury brands at discounted prices.

A veteran in the sector, Emaar revealed plans to expand the Dubai Mall by building a new high-street boulevard style retail destination.

Although Nakheel has a number of projects in the pipeline, the company is ensuring adequate resources are in place to complete the projects before they being launched.

“We would not dare to commit the same mistake.

“We have adequate fund arrangements for our old and new projects. Besides, we are very content with the trust and confidence which the market has placed with Nakheel as we have sold substantial amount of new projects,” Manchanda revealed.