R Select, the retail division of Ajman-based R Holding, has announced plans to invest $190 million (AED700m) in developing a string of new malls across Dubai and Ajman.
The company has planned two new “community malls” in Dubai and five in Ajman, under the brand name CityLife.
R Select has allocated $82 million (AED300m) from its existing cash flow for these latest expansion plans, and has partnered with banks to make up the balance.
It said the CityLife concept targets cosmopolitan consumers looking both for neighbourhood convenience and an extensive product range.
The company has already delivered two CityLife malls in Al Jurf and Al Hamidiya, worth $16 million (AED60m) and $17 million (AED 65m) respectively, and construction is underway for a $24 million (AED90 million) project Al Zorah.
It said Dutch supermarket chain Spar will open its first store at CityLife Al Jurf, through the Abu Dhabi Co-operative Society, while Qatar-based Saudia is contracted to bring the first Kenzsupermarket and department store to CityLife Al Hamidiya.
Planning is competed for the next two projects at Ajman Creek and Ajman Corniche, where R Select has pooled $32 million (AED120 million) each for development.
It intends to spend a further $68 million (AED250m) on building two community malls in Dubai.
Imran Khan, chief operating officer for R Select, said: “The key to success is providing the right product at the right location and time. Neighborhood malls are gaining popularity in the UAE retail sector and our properties aim to provide the highest standards.”
He added: “The malls are being developed in rich catchment locations. We aim to meet the catchment’s needs in various segments such as general retail, food and beverages, health care, lifestyle, electronics and others.”
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