{"id":38498,"date":"2016-12-19T01:04:26","date_gmt":"2016-12-18T18:04:26","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=38498"},"modified":"2016-12-18T22:40:05","modified_gmt":"2016-12-18T15:40:05","slug":"revenue-rises-at-nakheels-ibn-battuta-mall-in-dubai","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/revenue-rises-at-nakheels-ibn-battuta-mall-in-dubai\/","title":{"rendered":"Revenue rises at Nakheel's Ibn Battuta Mall in Dubai"},"content":{"rendered":"


\nNakheel bucked a downturn in retail spending to record an increase in like-for-like retail revenues last month at its Ibn Battuta Mall compared with last year. Retailers across the UAE have come under pressure from the weak oil prices and a strong dollar to which the dirham is pegged. This has increased job insecurity and dampened consumer sentiment while the purchasing power of some overseas visitors has weakened. Nakheel, however, has pushed ahead with its Dh16 billion investment in retail expansion. Its burgeoning retail portfolio was enhanced further yesterday as the developer opened its first community mall in Al Furjan, a residential district close to the vast Discovery Gardens development on the outskirts of the city.The Dh110 million Al Furjan Pavilion is the fifth Nakheel Malls project to open this year in a Dh1.5bn investment into mall development. While only about half of the 24 retail spaces in Al Furjan Pavilion are open, the mall is 80 per cent pre-leased and is expected to be fully operational in a few weeks.”We have seen only strength in the retail market as retailers continue to push for space in our malls,” said Ali Rashid Lootah, the chairman of Nakheel. He said the level of pre-leasing activity reflected a buoyant market.”We have not dropped rental prices in our malls, which underlines the buoyancy of the market. We are set to beat last year’s profits and we expect recurring income to cross Dh2bn this year. We have a pipeline that includes a second Al Furjan Pavilion with 35 outlets along with The Pointe on Palm Jumeirah, which will both be delivered in Q1 2017.”Nakheel’s push into retail development has been part of a strategy to create recurring income-generating assets rather than one-off sales, such as its villa developments. This year, Nakheel opened Dragon Mart 2, Ibn Battuta Phase 1 extension and the Metro link, Club Vista Mare on Palm Jumeirah and International City Pavilion. Beyond next year, it has Nakheel Mall on Palm Jumeirah to be delivered in 2018 and Deira Islands Mall in 2019 or 2020.”The move into retail development was a good idea to create income-generating assets,” said Matthew Green, the head of research for property consultants CBRE. “There are good returns for well-run retail spaces in good locations, which Nakheel obviously has. It’s a net positive because it also creates self sufficient liveable communities, which become more habitable and, therefore, more attractive. “I am surprised by the performance of Ibn Battuta Mall, outperforming last year, because this year has not been good for retailers. Its either an anomaly or possibly customers are looking for more value-orientated retailers, which Ibn Battuta is well stocked with.” ascott@thenational.ae Follow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Revenue rises at Nakheel’s Ibn Battuta Mall in Dubai<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nakheel bucked a downturn in retail spending to record an increase in like-for-like retail revenues...<\/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-38498","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-a0W","jetpack-related-posts":[{"id":44259,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-begins-work-on-ibn-battuta-mall-expansion\/","url_meta":{"origin":38498,"position":0},"title":"Nakheel begins work on Ibn Battuta mall expansion","date":"February 16, 2017","format":false,"excerpt":"\r Nakheel has started construction work on its latest planned Dh850 million expansion at its Ibn Battuta shopping mall complex in Dubai.The Dubai Government-owned developer said that construction work on its second Ibn Battuta mall expansion started after it awarded a contract worth nearly Dh23m to Dubai-based National Gulf Constructions\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42559,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-handovers-and-retail-expansion-drive-nakheel-to-record-figures\/","url_meta":{"origin":38498,"position":1},"title":"Property handovers and retail expansion drive Nakheel to record figures","date":"February 1, 2017","format":false,"excerpt":"\r Nakheel, the company that built Palm Jumeirah, yesterday said net profit last year increased by 13 per cent on higher property handovers and retail expansion despite a softening property market in Dubai. The government-owned developer, which was at the centre of the Dubai World crisis in 2009, said that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53005,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/flat-profit-in-first-quarter-for-nakheel\/","url_meta":{"origin":38498,"position":2},"title":"Flat profit in first quarter for Nakheel","date":"April 26, 2017","format":false,"excerpt":"\r Nakheel reported first-quarter profit of Dh1.48 billion, flat on a year earlier, as handovers slowed.The Dubai government-owned property developer reported a profit of Dh1.47bn in the same period last year.Nakheel said that it delivered 412 units to customers during the quarter, compared with 536 a year earlier.The developer said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11022,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/handovers-lift-nakheel-first-quarter-profit\/","url_meta":{"origin":38498,"position":3},"title":"Handovers lift Nakheel first-quarter profit","date":"April 20, 2016","format":false,"excerpt":"\r \r First-quarter profit at Nakheel increased by an annualised 8 per cent as it opened new shops and hotels and handed over homes.The Dubai government-owned property developer said net profit came in at Dh1.47 billion for the three months to the end of last month from Dh1.35bn a year\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25197,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-aims-to-build-on-dubais-expansion-plans\/","url_meta":{"origin":38498,"position":4},"title":"Nakheel aims to build on Dubai's expansion plans","date":"September 6, 2016","format":false,"excerpt":"\r Nakheel chairman Ali Rashid Lootah is banking on the expansion of Dubai's new airport, the Expo 2020 and an expansion of Jebel Ali Port to fuel demand for thousands of new apartments the company plans to build in Dubai's southern districts.Speaking at Tuesday's Cityscape Global property show in Dubai,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3597,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-reports-19-full-year-gain-despite-fall-in-q4-profit\/","url_meta":{"origin":38498,"position":5},"title":"Nakheel reports 19% full-year gain despite fall in Q4 profit","date":"February 4, 2016","format":false,"excerpt":"\r \r Fourth-quarter profit at the Dubai developer Nakheel fell by 28.7 per cent, company figures show, as Dubai's housing market continued to slow.According to figures provided by Nakheel, profit for the three months to the end of December 2015 fell to Dh770 million from Dh1.08 billion a year earlier.Nakheel,\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\/38498"}],"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=38498"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/38498\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=38498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=38498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=38498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}