Kuwait Real Estate News
The Avenues – largest commercial development in Kuwait launched
The first phase of The Avenues, developed by Kuwait premier property developer, Mabanee, has been officially launched by His Highness the Amir of Kuwait Sheikh Sabah Al Ahmad Al Jaber Al Sabah, and is expected to be the largest commercial development ever, in Kuwait.
The Avenues is the first project developed by Mabanee. This milestone project will be developed in four phases, with a total investment of US$1 billion and will soon be a major shopping and leisure destination of Kuwait, on its completion in 2010.
The Avenues will comprise a wide range of international brands in the region with 216 stores including Carrefour hypermarket - the first ever in Kuwait, the region's largest IKEA store, Cinescape - a ten screen cinema complex, thirty nine restaurants and cafes.
Phase one of the project will cover 170,000 square meters of space with more than 4000 spaces for car parking.
The Avenues is also expected to introduce new fashion brands into the Kuwaiti marketplace like Banana Republic, Forever 21, and The White Co. The retail giant in Kuwait, M.H. Alshaya Co. will have about forty commercial outlets in the mall.
The Chairman of Mabanee and M.H. Alsahaya Co., Mohammed Abdulaziz Alshaya said "The Avenues, apart from being a premier shopping and leisure destination in Kuwait, will also redefine retailing in the region, and will boost the prestige and economy of Kuwait. The project aims to raise the position of Kuwait as a major business and financial hub, and attract direct foreign investment. The Avenues will be a landmark project in both retail and real estate sectors in Kuwait, and represents a plan to boost the major economic areas."
Phase Two of the project will begin in early 2008, and will add another 60,000 square meters of retail and leisure space with about 2000 car parking spaces. The third phase is expected to begin during late 2008, and will include themed restaurants, boutique mall, water features, entertainment complex and many other amenities that are new to Kuwait.
On completion of the Phase Four by 2010, the destination will be a hi-tech business center with office space, four star hotels, theatres and a convention center. The total number of car parking space would have touched 15000. The project will come up in a prime site covering 425,000 square meters of space.
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