Shopping Centers Today

FEB 2015

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Nakheel plans to seek bids in January for its Dh1.7 billion (about $463 mil- lion) Deira Islands Mall, in Dubai, United Arab Emirates. The project, which will take about three years to build, is expected to comprise some 2.8 million square feet of retail space and to contain about 300 serviced apartments and 600 hotel rooms. Construction has begun on Al Jarwani Group's Palm Mall Muscat, in Oman, northwest of Seeb Inter- national Airport. Besides some 861,000 square feet of gross leasable area devoted to retail, the mall will offer a variety of entertainment tenants, including a movie theater and an aquarium. Kingfisher agreed to sell a controlling stake in its B&Q; stores in China to retail operator Wumei Holdings for £140 million (about $212 million). Kingfisher says it has been seeking a stra- tegic partner for its business in China so that it can then focus on the larger, more lucrative European market. Wumei will own 70 percent of the B&Q; China operations, which consist of 39 stores across 17 cities. The retail sector in the United Arab Emirates is forecast to grow by about 33 percent this year, according to consulting firm Ventures Middle East, thanks in large part to the growing tourism business there. Despite the bullish outlook, though, analysts also anticipate greater challenges for some secondary shopping and community centers that face competition from new malls. Yum Restaurants Interna- tional, local operator of KFC quick-service restau- rants in Thailand, plans to open 55 new units this year and to renovate existing ones. About 15 of these res- taurants will be stand-alone units, and the rest will be located in malls. The company says it expects to spend about BT1.5 billion (roughly $45 million) on the expansion. The retail base in Perth, Australia, is rapidly expand- ing. AMP Capital's Ocean Keys Shopping Centre, in Clarkson, opened its $108 million expansion this week. Later this month Lend Lease's Lakeside Joondalup Shopping City will unveil its $300 million expansion. Among other projects in the pipeline, AMP is expected to submit a $750 million development applica- tion early next year for its Garden City Booragoon. Israeli development com- pany Plaza Centers, an arm of Elbit Imaging, has put sites and shopping centers in western and southern India up for sale. The company entered India in 2006 with plans to invest upwards of $1 billion in the country. Company officials declined to say at press time whether Plaza Centers intends to exit In- dia altogether. F e b r u a r y 2 0 1 5 / S c t 13 u r a n t s I n t e

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