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FINANCIAL NEWS
Aldar cuts down Yas Mall size, postpones launch
16 Mar 2011
(MENAFN) Aldar Properties’ director of leasing, Fred Douglas, said that the company decided to reduce the size of Yas Mall that would be a part of Yas Island by 150,000 square meters and that the mall would be launched in 2013, reported The National.
Douglas said that the new schedule and size were due to reassessing of market and recourses that the company conducted in response to the global financial crisis. Douglas said that the project was doing well and that flexibility with new conditions was required.
Yas Mall was originally planned to launch in 2012 over an area of 300,000 square meters. It was later on reduced to 250,000 square meters in 2010, and now it was downsized to 235,000 square meters.
Douglas added that the reduction of mall size would be beneficial for both the company and the malls’ retailers as it would cut costs for both sides.
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