Retailers rush to $326m Dubai heritage project
Wasl properties says 98% of available Souq retail units snapped up
Dubai-based real estate company wasl properties has announced the lease of 98 percent of the available retail units in its AED1.2 billion ($326 million) heritage project.
The Souq, part of phase one of its mixed-use project, saw the majority of shops leased within two months of release, with the rest expected to be snapped up soon, the company said in a statement.
The Souq consists of four main clusters surrounding the Al Maktoum Hospital Museum, each named after an element synonymous with traditional Emirati culture.
Lulu cluster contains 45 shops selling fashion items such as textiles, fabrics and carpets. The Zaffaran cluster includes 31 shops that sell Arabic spices, nuts and dried fruit as well as watches, ladies' garments, leather items and electronics.
Oud cluster houses oud and perfume shops, abayas, ladies garments and tailoring and embroidery services and contains 64 retail units, while the Talli cluster comprises 54 retail units that are being leased to F&B operators, restaurants and coffee shops.
The concept of wasl district is to evoke the spirit of historic Dubai. Located in the Naif area of Deira, the heart of old Dubai, the mixed-use development features 201 shops spanning a total area of 55,000 square feet, of which 195 have been leased out to retailers.
The project also includes residential apartments, office buildings, serviced apartments and a hotel, all styled in traditional architecture to celebrate the culture and roots of the city.
Phase one of wasl district, which comprises the Souq, was completed in the first quarter of 2014 with leasing starting in Q2.
Phase two of the project is expected to be completed in 2017, the company said.
Phase two will feature 356 residential units, including 115 furnished luxury apartments. It will also house 53 offices, 38 retail outlets and a 196-room four-star Hyatt Place hotel.
Zainab Mohammed, CEO Property Management, Marketing & Communications at wasl said: "The Souq is the focal point of the wasl district project and we are delighted that it has been met with positive demand by retailers which reflects the increasing growth in demand for retail and commercial space in Dubai.
"The Souq has all the factors that contribute to the success of the retailers, appealing to the public and offering residences, offices and ahotel,all in one location making it a truly unique shopping destination."
"The area will undoubtedly see tremendous foot-fall from shoppers and visitors. Retailers will be pleased to set up shop in the commercial heart of the vibrant city of Dubai," Mohammed added.