Nakheel unveils Dh300 million retail project

Dubai: Nakheel on Wednesday unveiled a new Dh300 million retail project, ‘The Pointe', in Palm Jumeirah. The company's chairman said the development is most likely to be externally funded by banks.

Speaking at a press conference, Ali Rashid Lootah said: "Banks have shown interest to fund all our upcoming projects, including The Pointe. The year 2012 will see a number of new developments launched by Nakheel."

Scheduled to be completed by the end of 2013, the Pointe is a 131,000-square-metre retail development with a prominent promenade spanning 34,130 square metres. Other elements in the project include a marina (floating pontoons), restaurants, cafeterias, retail shops, piazzas, a 1,400-square-metre monorail station, 75 retail shops and 120 restaurants and cafes.

"We have started a new page in our chapter with a number of new developments. All our new projects will be viable projects in Dubai. We are committed to deliver our projects to investors."

According to Nakheel, leasing on the project is expected to begin by February-end. Its other project — the second phase of DragonMart — has witnessed 60 per cent leasing. "This is a good enough indicator of the market picking up in retail leasing."

Lootah added: "The development has already been tendered for construction start. We are expecting a tender return by middle of this month."

Also in the pipeline is expansion of Ibn Battuta Mall, while sales for Nakheel's Palm Residences are scheduled to begin by the end of February.

"In August, we successfully completed our re-structuring and we are on track with the progress of our developments," he said.

In the last couple of years, Nakheel has faced rough weather with some of its projects.