The key to a community’s success is proper planning and design. Actually, the premise of design thinking is to come up with optimal solutions with all possible constraints taken into consideration. In building communities, these constraints take multifarious facets. Mostly they revolve around social, political, economic and technological requisites. It is not so much to do with each of these constraints, it is more to do with the diverse backgrounds of the people representing these professions. Diverse backgrounds mean, their region, culture, schooling and way of thinking. Bringing all these dimensions together to create common goals for stakeholders of the communities is not an easy task. Good leadership and project management skills will achieve a balanced approach to make a community livable by people from all cultures.
Venturing into a high value project comes with a proportionate risk factor. Internal factors such as financing, creating the project blue-print, managing delivery time and marketing, when done right will create a solid pre-sales brand building exercise. External or Macro factors are riskier as they lie outside the perimeter of the developer’s control. The risks may include alteration of policies due to global or national forces that are driven by changes in political, social, economic or environmental areas. The cross-interaction between these different areas will give a third dimension making it even more difficult to take control of the sudden change in circumstances. That is why, a reputed builder who has tried and tested building communities is far more trustable for real estate investors who are looking at good rental yields or higher return on investment (ROI) in the long run.
A really good community offers a platform for its residents to have common activities to meet, gather, enjoy the company of their neighbors and help each other. Creating a place where a community meets and exchanges ideas, ideals and companionships will create a happy place to live and exude positive outlook about life in general. In spite of the diversity in cultures, languages and other social classifications, a community will desire to come together and make things happen for the good of its people. One such community is Palm Jumeirah is Dubai and its creator is Nakheel Properties.
After a slight deliberation, the real estate giant announced its latest project this week – the Nad Al Sheba Mall in Dubai!
Nakheel has appointed Metac General Contracting Company to build the mall, which will have 200 shops, restaurants and entertainment outlets spread across 500,000 sq ft of leasable space. It is due for completion in 2021. Nad Al Sheba Mall will have supermarkets - Spinneys and Union Co-op - department stores, a multi-screen cinema, medical clinic, fitness centre and a host of restaurants and cafes. Metac has been awarded a $162m (AED595m) contract to build this mall that is located off Sheikh Mohammed Bin Zayed Road. The Mall is part of Nakheel Malls' $6bn (AED22bn) expansion plan that will take its total retail space to over 17 million sq ft and will be the centrepiece of Dubai’s Nad Al Sheba district, which will feature more than 11,000 villas.
The area includes Nakheel’s own community of 1,572 villas, 468 of which are being built by Metac under an AED781 million contract awarded in 2015. The community has its own clubhouse, pool, sports courts and cycling track. Villas will be available for lease from early 2019.
The idea of this mall by creating more retail footprint is to build an engaged community that will bring people from all walks of life in Dubai to this area for increased rental yields which in turn will make this a valuable proposal for real estate investors around the world.
Nakheel has succeeded in bringing the wow! factor to Dubai with its ambitious and attractive projects, the biggest of them being the fascinating man-made island in the shape of a Palm tree. The company has extended its prowess by bringing in connectivity and engaging activities for its residents in a way unique to themselves and redefined the way people think of buying luxury villas in the world. Lastly, a good design should have aesthetic sense. Be assured that this one is taken care of, by Nakheel.