Local developer Majid Al-Futtaim (MAF) Properties is preparing to invite contractors to bid for the estimated AED150m ($41m) contract to build its new shopping mall at Dubais International Media Production Zone (IMPZ).
The design is well advanced and we expect to be in the market soon for construction, says George Kostas, CEO of the developer.
The first phase of the single-level community mall will have about 30,000 square metres and is scheduled to open in late 2015. It will have a Carrefour supermarket, other convenience stores, a cinema and a childrens entertainment area.
MAF Properties says the first phase will cost AED275m to develop together with land costs. It has been designed to have a Leadership in Energy and Environmental Design (LEED) gold rating.
Later phases of the mall will take the total area to 100,000 square metres.
Kostas says he hopes the later phases will move forward quickly, but it depends on the success of the first phase.
The project, which is MAF Properties first community mall in Dubai, is part of the developers plans to double the size of its retail malls by 2018. It is currently expanding its largest shopping centre Mall of the Emirates.
The master developer of IMPZ is Tecom Investments, which is part of state-owned Dubai Holding.