Nakheel, the largest Dubai-based property developer, is planning to build a 136,000 square metre mall at the end of the Palm Jumeirah.
The mall, which will include retail along plenty of food and beverage outlets, it is expected to be completed in 2013, according to the company’s Chairman, Mr. Ali Lootah.
The development will be named The Point and it is projected to cost an estimated Dh300 million.
‘We are looking for a cash return,’ said Mr. Lootah at the launch of the new project that comprises of restaurants, cafes and retail in a double crescent quayside setting. There will be 1,200 car parking spaces and a Palm Monorail station serving the car park at the start of the Palm and Atlantis Hotel.
Retail investors and members of the press were invited to the presentation unveiling the project. The Palm has already approximately 30,000 residents and many hotels, expected to attract huge tourist influx.
Mr Lootah says Nakheel will have no trouble in financing the project, despite only reaching a final settlement with its lenders in 2011 over previous massive debts accumulated during the property boom of the last decade.
Nakheel will be the owner of the retail complex by the sea with 75 shops and 125 restaurants and cafes, and generate revenues from rental income. This is similar to Emaar’s strategy for diversification.