Monday 18 June 2018

Cityland gets funding for key Dubai mall project

DUBAI, July 4, 2017

UAE-based Cityland Group said it has secured a term loan of $143 million from a consortium of banks comprising Emirates NBD as the lead bank and Kuwait's Burgan Bank for its flagship retail project Cityland Mall.

Construction work on the 2.2-million-sq-ft mall complex is well under way and is being supervised by JLL as the project manager. MEP (mechanical, engineering and plumbing) works are now in progress for all areas.

The focus has been on the critical areas of the project that will house the hypermarket, family entertainment areas and the foundations for the main feature of the mall, the circular timber-arched walkway that surrounds the Central Park.

Cityland Group said the mall, which is being developed at a cost of $330 million, is the world’s first ‘nature-inspired’ shopping destination featuring a 200,000-sq-ft open-air garden called Central Park.

This will be the epicentre of the mall in terms of both architecture and its anchoring role in providing a unique sensory experience for shoppers.

The funding will be utilised for covering the ongoing project cost in terms of the construction of Cityland Mall, which will be the only major destination mall opening in 2018 in Dubai, said a top official.

"Securing this term loan from Emirates NBD and Burgan Bank is a significant development and signifies their confidence in the overall concept of Cityland Mall and the capabilities of the group," remarked Fahimuddin Sharfuddin, the chief executive and board member, Cityland Group.

"With construction work well under way in addition to having the commitment of leading regional retailers, we are pleased with the overall momentum on the project and look forward to being on track to hit our project milestones in order to open our doors to the public in 2018," he stated.

In terms of leasing arrangements, agreements are already in place with operators for 30 per cent of the leasable space available. Cityland Mall will eventually have 350 stores built around six continent-themed pavilions.

Hypermarket and supermarket chain Carrefour, operated by Majid Al Futtaim will open a 100,000-sq-ft hypermarket in Cityland Mall while Vox Cinemas will also have a presence with a 10-screen complex providing a choice selection of food and beverage (F&B) options and signature concepts.

Cityland Mall will also be a prime attraction for various communities in Dubailand area such as Arabian Ranches, Marjan, Al Barari, Layan, and Falcon City amongst many others who live along the Sheikh Mohammed bin Zayed Road corridor and end up travelling up to 30 minutes to access a superior mall experience.

Salah Mohammed Amin, the general manager (Corporate Banking Group) at Emirates NBD Bank, said: "We are delighted to be associated with this unique project that is strategically located and look forward to its official unveiling in 2018. The project is a fresh proposition that is expected to stand out in Dubai’s existing retail landscape and become a sustainable venture that generates stable revenues.“

Burgan Bank CEO Raed Al Haqhaq said: “We are pleased to be part of this mega one-of-a-kind ‘Cityland Mall’ project, which is the world’s first ‘nature-inspired’ shopping destination in terms of both architecture and its anchoring role in providing a unique sensory experience for shoppers.”

“Burgan Bank continues to support its clients in fulfilling their milestones in executing their strategic projects that in turn enhances the development of communities across the region,” he added. -TradeArabia News Service

Tags: project | Dubai Mall | Cityland |

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