Abu Dhabi: Lulu Hypermarkets Group, one of the largest hypermarket operators in the region, will open its 105th store in January of next year in Abu Dhabi.
This comes following the signing of an agreement between the Manager Director of Lulu Hypermarkets Group Yusufali MA and Chairman of Manazel Real Estate Mohammad Al Qubaisi.
“It’s going to be for more than 15 years,” said Al Qubaisi of the agreement.
The proposed 20,400 sqwuare metre( 220,000 square-foot) hypermarket, Lulu’s largest, will be at Capital Mall at Mohammad Bin Zayed City.
Capital Mall is part of a Dh1.5 billion project called 9712 Capital. In its first phase, the project consists of Capital Mall which is scheduled to come online in January of 2012 and Prestige Towers, an office space, which is already open.
“They’re going to start fit-outs very soon and I think by beginning of January of next year they will open,” said Al Qubaisi, when speaking of Capital Mall.
Almost 80 per cent of the mall is already rented out, he added.
Capital Mall, the three stories development, spans over 60,158 sq. m. with 278 retail stores. With its location at Mohammad Bin Zayed city, the mall will also be able to service communities at Khalifa City A and B, Al Falah, Al Raha Beach, Bani Yas and Al Shawamekh.
“This move is part of our plan to be closer to various residential and new developments taking place in Abu Dhabi,” Yusufali said.
The project’s second phase consists of 1,200 residential units including villas and apartments and is expected to come online in the next two years, Al Qubaisi said.
However, the units will be offered for leasing only, he said.
Speaking of the real estate market, Al Qubaisi said that there’s very good demand for leasing and releasing. “The financing from the banks is also now better than before,” he said. “We can test this from the market.”