Nakheel says work on The Pointe mall at Palm Jumeirah 30% complete

Dubai developer Nakheel has said that construction of its upcoming mall The Pointe at Palm Jumeirah is around 30 per cent complete, with the first shell and core handovers due in Q3 2015.

So far the developer has confirmed nearly 100 restaurants and shops at the Dhs800 million, 1.4 million square foot mall.

Some of them include Reem Al Bawadi, Russo’s Italian Kitchen, Leopold’s of London, Baker & Spice, Red Lobster, Longhorn Steakhouse, Olive Garden and Chicago Meatpackers, it said in a statement.

Nakheel also said it is planning to establish its own food and beverage outlet at The Pointe.

The mall has also signed up other shops and services including jewellers, fashion stores, opticians and beauty salons.

In total, The Pointe will offer 148 units covering more than 500,000 sq ft for lease.

Omar Khoory, director of Nakheel Retail, said: “Nearly two thirds of the available leasing space at The Pointe is already booked, and we’re signing new deals almost daily.”

Located at the tip of Palm Jumeirah across the bay from Atlantis, the mall is due for completion in 2016. It is expected to attract between 40,000 and 50,000 visitors per day when complete.

It will be accessible via the Palm monorail, which is connected to the Dubai Tram and Dubai Metro, and by boat from resorts in Palm Jumeirah. There is also a car park with 1,600 spaces.

“The Pointe is set to bring Palm Jumeirah alive with spectacular fountain shows, a beautiful promenade and a huge variety of waterfront spots for dining, shopping and socialising,” added Khoory.

The Pointe is among several new Nakheel developments underway at Palm Jumeirah, including Nakheel Mall, The Palm Tower, The Boardwalk and Palm West Beach.

Nakheel, which reported a 115 per cent rise in Q1 net profit, is focussing on recurring revenues from retail, hospitality and leasing to boost business.

The company is looking to expand its residential leasing portfolio from 17,000 units in 2014 to 30,000 units by 2017, while its leasable retail space area during the same period is estimated to grow from 2.5 million sqft to 10 million sqft.