{"id":26598,"date":"2016-09-19T20:34:00","date_gmt":"2016-09-19T13:34:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/gulf-related-chief-bullish-on-prospects-for-al-maryah-central-despite-market-slowdown\/"},"modified":"2016-09-20T11:41:23","modified_gmt":"2016-09-20T04:41:23","slug":"gulf-related-chief-bullish-on-prospects-for-al-maryah-central-despite-market-slowdown","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gulf-related-chief-bullish-on-prospects-for-al-maryah-central-despite-market-slowdown\/","title":{"rendered":"Gulf Related chief bullish on prospects for Al Maryah Central despite market slowdown"},"content":{"rendered":"


\nMichael FahyDeveloper Gulf Related is bullish about the prospects for its US$1 billion Al Maryah Central development after announcing that 50 per cent of the retail space within the 2.8 million square feet project has already been let.Ken Himmel, the company’s co-managing partner, yesterday acknowledged that as a result of the recent slowdown in the marketplace, it had “tempered some of our projections” for the mall’s performance from 2018-20. However, he argued that Al Maryah Central had a low debt-to-equity ratio of about 50 per cent, and said that developers of competing schemes may find it difficult to get their projects off the ground. He said that when forecasting sales, “we factored in what was a consistent amount of competition that was getting unleashed in the region.”I really believe that’s going to stop. The supply side none of us have any control over, but one thing we know is that supply is not going up.” Mr Himmel said that Gulf Related has about 125 people from its own firm working on Al Maryah Central, and that there are a further 4,000 people on site working either for contractor Brookfield Multiplex or its subcontractors. He expects to hand over the two anchor department store units – a 205,000 sq ft \u00adMacy’s and a 230,000 sq ft Bloomingdale’s – by the middle of next year for fit-out. The remaining retail units will be ready for fit-out by the end of next year, with the mall due to open in August 2018 – five months behind its initial completion target. He expects a 230-unit residential tower on the north of the site, above Macy’s, to be complete within 12 months of that, and a hotel and luxury serviced residences building above Bloomingdale’s to open in 2020.”Sometime by mid-2017 we’ll pick up on the hotel. Now is not an easy market to get financing for a hotel – it’s challenging. So the story here has to be a pretty spectacular to put all of that together.”Despite this, he said an agreement is ready to be signed with W Hotels to manage a 225 to 250-unit hotel within the tower once it is ready to progress.Gulf Related also announced deals for a series of licensed restaurants at the adjoining Galleria Mall, which is currently 100 per cent let. New venues will include a La Petite Maison, Roberto’s, Coya, Nusr-Et, Sawar and a Loca outlet, and Mr Himmel said that the mall was undergoing a “realignment programme” with more luxury brands moving into The Galleria, and mid-tier retailers moving to Al Maryah Central instead. He said that contrary to popular belief, the luxury market was still performing well. “Literally, the best performing retail anywhere in Abu Dhabi is luxury at The Galleria. We’re seeing growth for some of these tenants at 15-60 per cent, year-on-year. And many of the brands that are in the luxury category are looking to double in size.” A report commissioned by Gulf Related from Australian retail consultancy Urbis stated that the Abu Dhabi retail market will be worth $12.18 billion by 2018 and $13.67bn by 2020. Mr Kimmel said he expects that it will be able to grab a share of at least 20 per cent of this, and that its mall will be the only one to open in 2018, despite Reem Mall’s owner forecasting an opening date at the end of that year. It named Al Fut\u00adtaim Carillion as the preferred bidder for its $1bn, 2 million sq ft mall in July. “Someone would have to be exactly where I am to open in ’18. Look around – tell me who is where I am? Nothing has even started.” A Reem Mall spokesperson said: “Construction of Reem Mall is continuing in line with the project timetable and further project announcements will be made in due course.”mfahy@thenational.ae
\n
\nSource : thenational.ae
\nRead more…Gulf Related chief bullish on prospects for Al Maryah Central despite market slowdown<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Michael FahyDeveloper Gulf Related is bullish about the prospects for its US$1 billion Al Maryah...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-26598","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6V0","jetpack-related-posts":[{"id":42927,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-maryah-central-mall-developer-seeks-tower-funds\/","url_meta":{"origin":26598,"position":0},"title":"Al Maryah Central mall developer seeks tower funds","date":"February 5, 2017","format":false,"excerpt":"\r The developer behind the planned US$1 billion Al Maryah Central mall in Abu Dhabi is searching for investors to help finance the construction of two towers next to the shopping and entertainment complex. Gulf Related, a joint venture between Gulf Capital and the US developer Related Companies, has said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26518,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-maryah-central-mall-in-abu-dhabi-now-50-per-cent-leased-by-retailers\/","url_meta":{"origin":26598,"position":1},"title":"Al Maryah Central mall in Abu Dhabi now 50 per cent leased by retailers","date":"September 19, 2016","format":false,"excerpt":"\r The developer behind the US$1 billion Al Maryah Central retail project in Abu Dhabi has said that it has already leased 50 per cent of the retail space at the development, with 785,000 square feet of commitment secured from major UAE retail groups.However, Gulf Central also stated that the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9524,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-maryah-central-super-mall-will-thrive-without-a-ski-slope\/","url_meta":{"origin":26598,"position":2},"title":"Al Maryah Central super mall 'will thrive without a ski slope'","date":"March 31, 2016","format":false,"excerpt":"\r \r Kevin Ryan, chief operating officer and managing director of Gulf Related, the company building Abu Dhabi's Al Maryah Central shopping centre, is adamant he does not need a ski slope in what will be the emirates' newest super-regional mall.\"We spent a lot of time thinking about whether we\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11438,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mall-magnate-ventures-beyond-us-for-chance-to-tap-abu-dhabi-growth\/","url_meta":{"origin":26598,"position":3},"title":"Mall magnate ventures beyond US for chance to tap Abu Dhabi growth","date":"April 27, 2016","format":false,"excerpt":"\r Ken Himmel knows a thing or two about malls: he knows how to build them, and he knows how the new breed of \"super malls\" can re-energise the urban landscape around them.He knows because he has built upmarket developments in American cities from San Francisco to New York and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11440,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-future-of-abu-dhabis-al-maryah-central-in-pictures\/","url_meta":{"origin":26598,"position":4},"title":"The future of Abu Dhabi's Al Maryah Central – in pictures","date":"April 27, 2016","format":false,"excerpt":"\r Al Maryah Central is said to be the new shopping, dining and entertainment destination that is changing the face - and the cultural heart - of downtown Abu Dhabi. Take a look around.\r \r Source : thenational.ae\r Read more...The future of Abu Dhabi's Al Maryah Central - in pictures","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24627,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/farglory-resumes-1bn-al-maryah-project-in-abu-dhabi\/","url_meta":{"origin":26598,"position":5},"title":"Farglory resumes $1bn Al Maryah project in Abu Dhabi","date":"September 1, 2016","format":false,"excerpt":"\r Farglory Land has resumed work on a delayed US$1 billion real estate project in Abu Dhabi and now expects to complete the development's first phase in 2018, two years later than originally planned, a senior company executive said on Thursday.The resumption of the project at Al Maryah island comes\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/26598"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=26598"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/26598\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=26598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=26598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=26598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}