SOURCE
• Property developer reveals that interest now exceeds new leasable area
• Work on the 30,000 square metre expansion project already under way
• Leading retail operator Alshaya affirms commitment to mall and region
Ras Al-Khaimah - Senior business leaders representing some of the world's biggest global retailers have expressed excitement at the business opportunities that will be created through the redevelopment of Manar Mall, after construction work began earlier this year on the AED230 million expansion project.
The new development includes a spectacular waterfront retail promenade overlooking local mangroves and a brand new entertainment centre.
Work on the 30,000 square metre expansion project commenced on 16 April 2015, and Barry Ebrahimy, Head of Commercial at Al Hamra Real Estate Development , said the expansion of Manar Mall continued to generate huge interest from tenants looking to take advantage of new space. Demand for existing retail space was also high, he said.
"Despite the fact that we had already received expressions of interest for the majority of the new leasable when the project was announced, we have continued to receive large volumes of enquiries. Some of those enquiries include major global fashion brands and discussions are ongoing. We are also pleased with how are plans are coming together in terms of ensuring space left by tenants moving to the promenade is filled," he said.
Leading international retail franchise operator M.H. Alshaya Co., which currently operates 8 brands in Manar Mall - H&M, Next, Milano, Dorothy Perkins, Mothercare, Claire's, MAC and Pinkberry - has underlined its ongoing commitment to the Mall.
"Alshaya will be opening its pharmacy brand Boots in the Mall later this year, and is looking at further food brands in the future," said a company spokesperson.
Alshaya operates over 2,800 stores across diverse customer sectors, including fashion and footwear, health and beauty, food, optics, pharmacy, home furnishings, and leisure and entertainment. Alshaya's portfolio includes some of the world's most recognised retail brands, including Starbucks, H&M, Debenhams, American Eagle Outfitters, and Victoria's Secret.
Debbie Stanford-Kristiansen, CEO of Novo Cinemas also said about the expansion:
"Our aim at Novo Cinemas is to provide the ultimate cinema experience and part of that means securing prominent locations for our entertainment centres. As the most popular shopping and leisure destination in the northern emirates Manar Mall fits the bill, and as populations continue to grow, its expansion has the potential to create opportunities and increase footfall, creating synergies between the retail and entertainment industries."
Meanwhile, mother of two, Patricia McInnes shared her thoughts on the expansion project, which she said made perfect sense given the current retail landscape in RAK:
"In Ras Al Khaimah there are a lot of smaller malls right next to each other. Even though some are half empty, more malls keep springing up. I can't see the logic. Expanding Manar Mall and having everything in one place makes much more sense and the new stores are very exciting. I'm sure my kids will enjoy the waterfront area too," she said.
The expansion and refurbishment of Manar Mall was designed by Cadiz International, one of the world's foremost shopping mall architects, with Shankland Cox Ltd appointed as lead consultants. Following completion of the project, scheduled for the third quarter of 2016, net leasable area at the mall will rise from 30,000 to 60,000 square metres.
About Al Hamra Real Estate Development
Al Hamra Village is the flagship master planned development of Al Hamra Real Estate Development , which is fast becoming one of the UAEs most significant real estate developers. Al Hamra Village is a luxurious integrated community, located in Ras Al Khaimah on the shores of the Arabian Gulf, offering laidback oceanfront living approximately 45 minutes from Dubai the world's busiest airport. The development covers an area of 77 million square feet and includes 1.5 kilometres of pristine beach, over 1,000 villas and town homes, nearly 2,500 residential apartments, 5 hotels including the legendary Waldorf Astoria, an 18-hole golf course, a marina, and a shopping mall. Al Hamra Village offers investors a unique opportunity to purchase freehold property in the emirate.
About Manar Mall
Manar Mall is the first and largest shopping mall in the Emirate of Ras Al Khaimah. Situated in the heart of Ras Al Khaimah, Manar Mall has a current built-up area of 30,000 square feet and a gross leasable area of 30,000 square feet. The mall has a capacity of over 100 retail outlets, featuring a comprehensive array of entertainment and dining facilities, along with an extensive parking facility with over 2,200 car parking spaces. Manar Mall is developed and owned by Al Hamra Real Estate Development , a leading real estate developer and master planner in the Middle East.
