Nakheel’s New Dragon City Project To Begin Leasing Retail Space

Dubai developer Nakheel has announced that it will begin leasing retail space at its recently revealed Dragon City mixed-use community in Dubai from Sunday, May 3.

The developer is adding more than 1,100 new shops, restaurants, cafes and entertainment facilities to its existing Dragon Mart complex and is offering 1.3 million square feet of new retail space.

Dragon Mart currently attracts around 65,000 visitors a day, and with 3,500 outlets, is already the world’s biggest Chinese trading hub outside mainland China, Nakheel said in a statement.

Earlier this year, Nakheel announced that the development is being renamed Dragon City to reflect the expansion, and will span 11 million sq ft in built-up area when complete.

The newly-available retail space – the size of 17 football pitches – includes a new mall with car park and a separate showroom-style complex.

Space is also available in and around Dragon Towers, the new, twin-building residential component of Dragon City, which will have 1,120 apartments and be linked to the main mall by a covered walkway.

Dragon City will also feature two hotels, each with 250 rooms. The first, to be operated by Accor, is due to open this year.

Nakheel Chairman Ali Rashid Lootah said: “Dragon City will further strengthen the growing trade links between the UAE and China, and open up yet more opportunities for business, leisure, tourism and living.

“In addition, the new community will provide more on-the-doorstep facilities for over 100,000 residents who live in neighbouring International City.”

The Dragon City extension is in addition to Nakheel’s earlier phase two expansion of Dragon Mart.

The project, comprising a mall, multi-storey car park and hotel, doubled the size of the original complex.

Nakheel, which is focussing on boosting its retail and hospitality segments, recently reported a net profit of Dhs1.35 billion in Q1, 2015, up 115 per cent year-on-year.