Nakheel invests $3.81bn in new residential and leisure projects in Dubai

8 April 2015 (Last Updated April 8th, 2015 18:30)

Dubai-based developer Nakheel has announced an investment of AED14bn ($3.81bn) over the next three years to develop 23 million ft² of new residential and leisure facilities.

Nakheel

Dubai-based developer Nakheel has announced an investment of AED14bn ($3.81bn) over the next three years to develop 23 million ft² of new residential and leisure facilities.

The new projects, to be located at Deira Islands, Dragon Mart and Ibn Battuta Mall, are expected to provide a host of additional offerings in shopping, living, business and tourism.

Development plans include a 6.5 million ft² residential, retail and hotel extension for Dragon Mart that will bring the total size of the complex to around 11 million ft².

According to Nakheel, the expansion covers a 2.2 million ft² component with nearly 1.3 ft² of leasable space, with an area for events and exhibitions, as well as an integral car park with 6,200 spaces.

Improvement works also cater for a two-tower residential component with 1,120 one and two-bedroom apartments, in addition to a separate 250-room hotel and 300,000ft² courtyard.

A new, 4.7 million ft² complex will be built at Ibn Battuta Mall, featuring a one million ft² mall, a new cinema complex, a multi-storey car park, a hotel and a glass-covered courtyard.

"Deira Islands Mall, Towers and Boulevard will offer shopping and luxury living facilities in a self-sustaining community."

The shopping mall will gain a 4.7 million ft² extension to feature a one million ft² retail component with 766,000ft² of leasable retail space, a new multi-storey car park for 7,000 vehicles and a four-star hotel.

The project will also see a 12 million ft² retail, residential and leisure development, 16-tower community at Deira Islands with a 4.9 million ft² mall and more than 2,400 new homes.

Deira Islands Mall, Towers and Boulevard will offer shopping and luxury living facilities in a self-sustaining community for 10,000 people.

The complex will include Deira Mall, consisting of 2.9 ft² of leasable space and a car park for 8,400 vehicles.

The mall will be surrounded by the 16-tower Deira Islands Towers community, offering 2,400 apartments and townhouses.The towers are expected to be built atop four podium retail developments with 670,000ft² of leasable space.


Image: Nakheel's new development projects at Deira Islands, Dragon Mart and Ibn Battuta Mall. Photo: courtesy of Nakheel PJSC.