A major Dubai based developer has announced a financing milestone, in the shape of a $142.7m loan.
Cityland Group, a real estate developr, announced that it had secured a loan for $142.7m from a consortium of banks inclding Emirates NBD and Burgain Bank.
The loan will cover the ongoing project cost in regards to the construction of the $330mn retail project - Cityland Mall, which will be opened in 2018 in Dubai.
Speaking on the occasion, Fahimuddin Sharfuddin, CEO and board member, Cityland Group, said: “Securing this term loan from Emirates NBD and Burgan Bank is a significant development and signifies their confidence in the overall concept of Cityland Mall and the capabilities of the group. With construction work well under way in addition to having the commitment of leading regional retailers, we are pleased with the overall momentum on the project and look forward to being on track to hit our project milestones in order to open our doors to the public in 2018.”
The news follows the recent announcement that Cityland Mall has already signed agreements for 30 per cent of the leasable space available.
With over 350-stores covering 1,125,000 square feet, Cityland Mall is being described as the £ideal combination of convenience and shopping” with retail capacity showcasing the mall’s versatility and a single-level, circular design that allows for continuous customer flow.
As largest hypermarket in Dubai, with over 100,000 square feet, the mall will contain home furnishing stores, popular electronics and cosmetic outlets, as well as personal and banking services. The mall’s main shopping areas are strategically segregated by category to maximise customer convenience.
The project also includes a cinema with 14 to 16 screens and a miniature 3,000-seat amphitheatre for children and 200,000 square feet open-air gardens, a 50, 000 square feet family entertainment centre and a unique family entertainment concept, along with global cuisine with more than 75 options surrounding the central gardens.
The botanical garden, titled Central Park, will form the mall's core and will feature a miniature version of the Miracle Garden, a miniature water park, a rooftop garden, restaurants and cafes, and several species of rare flora