Thursday, April 28, 2011

Deerfield’s Town Square on Track for Delivery in Q4 2012

34 Per Cent of Project Leased to Retail Tenants;

Over 20 Per Cent of Overall Construction Completed

Abu Dhabi-UAE: 26 April, 2011 – Deerfield’s Town Square, the AED700-

million destination mall taking shape at the Al Bahiya district of Abu Dhabi, has

achieved significant progress on the leasing and construction front and is on track

for delivery in Q4 2012, developers MBI announced today.

With Jones Lang Lasalle on board as retail and leasing consultants, over 34 per cent

of the project has already been leased to retail tenants. Nearly 40 per cent of the

mall’s 808,000 sq. ft. gross leasable area has been assigned for retail, while 24 per

cent is allocated for retail anchor, 18 per cent for entertainment, 14 per cent for

food and beverage options, and four per cent for services outlets. The development

is anticipated to receive a target footfall of 10 million visitors per annum.

The project financing mix now features a minority stake by its main contractor

Fibrex Construction Group, Abu Dhabi.

More than 20 per cent of the overall construction has been achieved to date at

the Deerfield’s Town Square. While the basement is completed, slabs on the

Garden Level have additionally witnessed considerable progress. Nearly 50 per

cent concrete cast is in place on the north side of the Garden Level Slab and 75 per

cent concrete cast achieved on the south side. Meanwhile, a total of 47,000 out of

128,000 cubic meters of concrete cast has been poured and a total of 8,000 tonnes

of 18,000 tonnes steel used.

Addressing a press conference to announce the construction milestones achieved

at the destination mall, Banu Tas, General Manager of Deerfield’s Town Square,

said: “The community surrounding this emerging neighbourhood in Abu Dhabi is

expanding and developing rapidly. By 2012, residences will reach 90,000 in the

mall’s vicinity. It is not unusual for a resident in this neighbourhood to travel up to

Dubai or mainland Abu Dhabi to shop for essentials almost twice a week. Clearly,

the location is vastly underserviced in terms of retail, and Deerfield’s Town Square

will be uniquely placed to satisfy these needs.”

The scale of Deerfield’s Town Square, which was first announced in 2008, has been

redesigned to offer a more practical solution for the neighbourhood community and

the emerging competitive environment of Abu Dhabi. In its value-engineered new

format, the project will comprise a healthy mix of mid-tier retail mix offering and

positioning, a large and innovative family entertainment centre, a multiplex and a

wide spectrum of casual and fine dining cuisines.

Earlier, Deerfield’s Town Square had announced Carrefour as an anchor tenant.

Currently, it is in the process of finalizing several mid-sized value-oriented family

retail stores. Governmental services, medical facilities, and essential services

components are also in the process of registering interest.

The mall, which will cater to a 15-km catchment area in its radius consisting of

communities including Al Bahia, the Raha Beach, Khalifa city, Musaffa, Yas Island

and Reef amongst others, will offer unique facilities and rate high on accessibility.

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