Deira’s upcoming night market has records in mind

The world’s single largest “night market” is setting a date for an opening in late 2018 on Deira Islands, the offshore mixed-use cluster Nakheel is developing. It will also be the first component that will be open to the public on the massive four-island destination that will open up a new round of hospitality and retail possibilities for Deira as a whole.

All 5,300 units of the retail area is pre-leased to Emirati nationals operating small to mid-sized businesses or those who plan to. The outlets will be open from 5pm.

The night market fronts a 2 kilometre stretch of the creek and a brand new promenade that Nakheel will develop. These elements will reinforce the imagery and old world charms of Dubai’s traditional souq, with its narrow lanes, the store fronts and the constant whiff of salt-laden air.

The Night Souq will cost Dh1.7 billion to develop. The outlets are expected to fetch add Dh300 million in rental income to the developer’s top-line in the initial years.

That’s as far as the “traditional” aspect is concerned.

The rest of Deira Islands — of the four islands in the master plan, two are being built now — will adhere strictly to what a city centre should be these days. Monday (February 20) is the final day for submission of proposals for constructing the Deira islands Mall, all 4.5 million square feet of it. (Development costs for the mall have been estimated at Dh4 billion plus.) There is another tender that Nakheel released last month, for a boulevard featuring 16 residential towers (the homes will only be available on lease) spread around the Mall. This tender is valued at Dh5 billion plus, with completion likely before 2020. (There will be six additional towers, featuring four hotels and two serviced apartment buildings.) As of now, the developer has issued Dh3 billion worth of contracts for Deira Islands, which will add a further 40 kilometres of coastline.

“There will be a few freehold options made available by year-end, mostly for commercial plots,” said Ali Rashid Lootah, Chairman of Nakheel. “But the emphasis of this development is going to spread between hotels, retail and residential.”

Joint ventures

The take-up of the plots for hotels facing the water has been quite upbeat. As of now, more than 30 have been spoken for. These are split up into the larger “resort” plots and those defined as “waterfront”. Nakheel has entered joint ventures for two resorts and two additional deals could be on the way this year itself.

Hotel projects with prime access to the beach or the breakwater has been assigned top priority because this ties in with Dubai’s current strategic focus, according to a top official. The islands are to add nearly 3,000 hotel rooms directly owned by Nakheel or its joint ventures.

A new bridge serves as the current entry and exit points into the destination, and will be helped by a second one before the end of the decade.

The massive development — the first island alone spread over 500 acres — will represent a major reset of the property market dynamics within Deira. There is limited space available for development in the older parts of the district, and much of the real estate activity in recent years has seen the action shift to areas either side of Shaikh Zayed Road, and in and around Jebel Ali.

Deira Islands — built entirely on reclaimed land — will thus bring the focus back to Deira as a leisure, entertainment and residential destination for residents and visitors alike. Once the many components are built, it will be a base for a 250,000 strong population.

Factbox: A development that is as intricate as it is massive

* Nakheel has form with creating islands from scratch but Deira Islands raises the bar by quite a distance. Only two of the four islands are being built for now. Coastal works are 90 per cent complete and should be ready by July.

* The two islands will have 9.6 kilometres of beaches, 3.2 kilometres of quay walls, 9.2 kilometres of rock revetments and 2 kilometres of offshore breakwaters.

source : gulfnews