Landmark Group to expand in Saudi Arabia
- United Arab Emirates: Wednesday, November 07 - 2012 at 04:14
Landmark Group is planning to manage a network of neighbourhood malls in Saudi Arabia under its 'Oasis Centre' branding, Gulf News has reported. The plan is to operate from four locations in cities with a population size of between 350,000 to 600,000 people, with the first having just opened in the city of Abha. "The properties will be owned and developed by our Saudi partners and we will seek 10-year leases plus option on another 10," said Neelesh Bhatnagar, director of Oasis Centre. "Our initial costs will thus be limited as compared to developing the properties on our own." Each new Oasis Centre location would require investments of Dhs30m on Landmark's part, he added.
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