Dubai-based Nakheel begins leasing units at Circle Mall

06/01/2015 - Dubai Investment News Posted by Neil King
Dubai-based Nakheel begins leasing units at Circle Mall

Nakheel, a Dubai-based property developer, has revealed that it is ready to lease units in Circle Mall - a new retail and leisure destination at its Jumeirah Village Circle (JVC) master community.

Covering an area measuring one million square feet, the Circle Mall will be home to around 200 different shops, a supermarket, two department stores, a food court and a multi-screen cinema, which means people will have a range of activities they can do when visiting the mall.

In a statement, Nakheel explained that the retail development will mainly cater for the residents of the firm's JVC community, but it will undoubtedly be a big hit with tourists, as one of the main draws of the emirate is its world-class shopping facilities.

The mall is currently in the design stage, with the first phase of construction set to begin soon and completion slated for 2017.

According to the developer, there is 6.5 million sq ft of leasable space available in the new mall. Last month, the firm was able to to let 5,300 outlets at its Deira Islands Night Souk within just a week of its launch, and Nakheel was about to find occupiers for all 1,000 shops in its Warsan Souk near International City on launch day.

The company has recently set about expanding its retail portfolio by building enormous malls, while refurbishing its existing ones in order to keep visitors coming back for more.

Some of the new developments currently underway include Nakheel Mall on Palm Jumeirah, Deira Islands Mall, the Circle Mall at JVC and a mall at neighbouring Jumeirah Village Triangle. Dragon Mart and Ibn Battuta Malls are undergoing projects aimed at revamping them.

Nakheel has plans in the pipeline to add to its portfolio of community malls across its existing developments and intends to construct four neighbourhood retail outlet outlets in the emirate, in addition to the two it has already opened at the Jumeirah Pavilion and Discovery Gardens.

The other community malls will be created at  Al Furjan, International City, Jumeirah Islands and Badrah.