Dubai developer Nakheel plans to award the construction contract for The Pointe, a 136,000 square metre retail and entertainment complex on Palm Jumeirah, by the first quarter of 2014, it announced in a statement.
The company has already received construction bids for the Dhs800 million project and has started the evaluation process, it said.
Nakheel recently awarded a contract for ground improvement work at the site of the mall. Ground preparation work is now complete and included vibro-compaction, topographic survey and factual site investigation work, said Nakheel.
The Pointe at Palm Jumeirah will be located at the tip of The Palm, opposite Atlantis. The project features over 200 retail opportunities with a range of shopping, dining and entertainment facilities, including a fountain display, and leasing will commence next month, said the statement.
The Pointe will be accessible by road and via the Palm monorail system, which will soon be connected to the mainland tram system. Visitors can also access the mall via water taxis from nearby hotels.
The Pointe is one of several new Nakheel developments underway at Palm Jumeirah. Others include Nakheel Mall, The Boardwalk and Palm West Beach.
Both Nakheel Mall and The Pointe were approved by Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum in February 2013. The Nakheel Mall project, located on the beachfront at the bottom of the trunk of the Palm Jumeirah in Dubai, stretches over one million square feet and is estimated to cost Dhs2.5 billion.
Developers in Dubai are rapidly expanding their retail units, to keep pace with growing demand.
A young population, strong brand association, solid household consumption and a flourishing tourism sector provide ideal conditions for retail growth in the emirate, stated a recent report by CBRE.