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Nakheel to start work on $ 272mn Dragon Mart extension   

Gulf Times - 02 July, 2012

Dubai’s Nakheel has said it is planning to start construction on a 1bn UAE dirhams ($ 272mn) extension of the city-based shopping mall Dragon Mart, after the troubled master developer swung to profit in the first quarter of 2012 amid growing signs that the emirate’s embattled real estate market might have found a floor.

The Dragon Mart Phase 2 is the latest in a number of retail projects-including a 25mn dirhams retail complex, and a restaurant, retail and entertainment hub opposite Atlantis, both on the showpiece development Palm Jumeirah-that Nakheel has announced in recent months.

“Construction [on Dragon Mart Phase 2] is expected to start shortly on obtaining the necessary regulatory approvals,” Nakheel said a statement, adding that contracts worth about 600mn dirhams are being awarded for the construction of the extension.

United Engineering Construction (UNEC) has been selected for building the new mall. In addition, two contracts are being awarded to Kele Contracting; one for the construction of the 240-room Dragon Mart Hotel and another for a multi-storey car park for 2,000 vehicles, Nakheel said.

On completion of the expansion in Q3, 2013, the shopping mall would double in size to 335,000sq m-the equivalent of 47 international football pitches, the statement said.
 
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