Monday 19 April 2021

Aldar Investment unveils $136m Yas Mall revamp plan

ABU DHABI, 19 days ago

Aldar Investment, a real estate investment unit of UAE developer Aldar, has announced a AED500 million ($136 million) redevelopment plan for its retail destination, Yas Mall to reinforce the asset’s position as the centrepiece of Yas Island, Abu Dhabi’s fast-growing residential and leisure hub.
The substantial investment will enhance the customer journey by reimagining the mall’s spaces and introducing new innovative retail concepts, said the statement from Aldar. 
The redevelopment will add a total of 15,000 sqm of office space to Yas Mall. This includes the recently launched Cloud Spaces, a co-working space designed as a differentiated business concept, which marks the first milestone in the redevelopment.
It will further enable Aldar Investment to deliver a unique and diversified offering to tenants and customers by repurposing 40 per cent of its gross leasable area to high impact experiential retail, F&B, and co-working office spaces, it stated. 
Work on key areas of the mall is already underway and will be completed in phases over 12-18 months.
Despite the unprecedented challenges presented by the pandemic, Aldar said it has maintained steady footfall across its retail portfolio, while upholding the health and safety of its employees, customers, retailers, and the communities it serves.
Unveiling the revamp plan, Aldar Investment CEO Jassem Busaibe said: "Since opening its doors over six years ago, Yas Mall has become Abu Dhabi’s leading retail and leisure destination. Our transformational plan for the mall is in anticipation of evolving customer needs and in line with developing retail trends globally. The project will deliver a new and diversified offering to enrich the customer experience."
"We are also future-proofing a key asset that is at the heart of Yas Island and its many world-class attractions, drawing in more local and international visitors. It will also allow us to serve new communities growing around Yas Mall," he noted. 
Following the revamp, Yas Mall will have a 40 per cent jump in F&B offerings, introducing a variety of global brands in addition to a new food hall and outdoor terraces to be located at the North Entrance, which will include a wide mix of local and international brands, he noted. 
Situated in the heart of Yas Mall, the revamped Town Square will offer an alfresco inspired dining experience with clear views of events and activations.
"This redevelopment is perfectly aligned with Abu Dhabi’s strategic vision to reinforce the capital’s position as a favourable destination for business, tourism, and living," added Busaibe.
The Boulevard connecting Yas Mall with Ferrari World Abu Dhabi and CLYMB Abu Dhabi will become an all-new sports hub, showcasing the world’s best sports brands with five unique concept and experiential stores.
The plan will increase the health, beauty, and jewellery categories, and the mall will welcome several international fashion brands including the first Urban Outfitters store in Abu Dhabi, Kendall & Kylie and technological footwear brand Duozoulu. 
Yas Mall will add a home furnishings district, introducing stores such as EBarza and Ethan Allen for the first time in Abu Dhabi. New flagship stores will also be introduced, offering unique brand experiences and showcasing the latest trends.
As part of Yas Mall’s commitment to the environment, it is introducing a customised composter transforming food waste to biosoil that will be used in 115,000 sqm of the mall’s landscape. 
In addition, 60,000 lamps will be replaced with LED lighting across the mall, said the Emirati developer. 
These changes will reduce Yas Mall’s carbon footprint by 59 tonnes per year and improve the mall’s recycling rate from 30 percent to 40 percent, it added.
Evolving as a premium destination to live, work and play, Yas Island is now home to a variety of Aldar residential communities including Noya, Water’s Edge, Ansam, West Yas, Yas Acres, and Mayan. 
By the end of 2021, the total number of residential units at Yas Island and Al Raha Beach will be 15,000 units, and Yas Mall will be within 10 minutes’ driving distance for more than 50,000 people.


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