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Nakheel reviewing 420 lease applicants for Dhs2.5bn shopping complex
- United Arab Emirates: Saturday, March 16 - 2013 at 03:36
Dubai-based property developer Nakheel has said it is reviewing over 400 lease applications from retailers looking for a spot in the 200 stores at Nakheel Mall since the project was announced in February, Gulf News has reported. The state-owned developer has received 420 lease applications for Nakheel Mall so far and is in negotiations with about 40 to 50 applicants on lease rates, said Adnan Hegrat, managing director of Retailcorp World, a subsidiary of Dubai World. New brands from Singapore and Europe, looking to enter the Middle East for the first time, have applied to rent space at the mall, he said. Nakheel has hired a third-party company to study and recommend the lease rates for stores at the mall, the rates in other malls, Nakheel Mall's position vis-à-vis other malls and consumer demographics before it negotiates with tenants, Hegrat added.
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