Dubai Holding’s $20 billion project Mall of the World is reportedly getting scaled down to three malls to be built in stages instead of one – and the biggest globally – shopping centre with 100 surrounding hotels.
The new plan, according to the developer, will help the project to grow gradually in sync with demand and investment.
In this regard, Dubai Holding COO Morgan Parker has reportedly said that the emirate is maturing as a city and investors are looking for rational and realistic projects that can generate cash quickly.
The Mall of the World, nonetheless, continues to be an ambitious project. The 9.15-million sqft of retail space would combine a Rodeo Drive-like fashion district with street shops and traditional malls. Around 35 office buildings would be scattered throughout the development to support shops and restaurants across the area. In addition, the project’s 8,000 homes will range from luxury apartments to student housing and staff accommodation.