BrazilReal estate firm CBRE partners with Abu Dhabi medical mall project
The global real estate consulting firm CBRE has been appointed as the leasing and retail lead for Abu Dhabi’s new high-concept ‘Medical Mall’ project by Al Falah Holdings.
Developed in Khalifa City, and as a first of its kind for the region, the nine-storey Al Falah Healthcare Medical Mall will feature a range of concentrated health services spread across 35,000 sqm., including specialist clinics, dental services, medical laboratories and a general hospital, along with fitness and rehabilitation centres, insurance agencies, and over 40 wellness-associated retailers such as pharmacies, sports shops and health-food outlets.
The UAE-based Al Falah, which in addition to healthcare has interests in the construction, transportation, education and manufacturing sectors, is expecting to attract big-name international healthcare providers to its innovative concept, and has tapped global real estate consulting firm CBRE to provide preliminary and ongoing support for the retail and leasing facets of the project.
Head of investor leasing for CBRE in the Middle East, Anthony Spary, said of the announced partnership; “The concept introduces a new and ‘unique selling point’ to the UAE market and we’re excited to bring various international healthcare operators to the region as well as a diverse mix of international and local retailers, with a key focus on quality, wellness, healthy food and beverage concepts, and family entertainment… As consumer appetite for quality medical services increases in the region, we anticipate high demand for this space from reputed and renowned brand names.”
CBRE bills itself as the world’s leading real estate advisor, with over 75,000 employees in more than 500 global offices, including the 500+ staff spread across its MENA operations in each of the GCC member states as well as Morocco, Egypt and Turkey. The firm provides full-service support and strategic advice in the commercial real estate sector, such as for offices, hotels, and residential and shopping complexes, offering a broad range of services including sales and acquisitions, valuations, property management, and even advice on interior design.
On partnering with the firm for its flagship one-stop medical hub, the Chairman of Al Falah Healthcare, Zayed Al Falah, said; “The Medical Mall is the first of its kind in the UAE and Middle East region, and we expect to capture the attention of both local and overseas partners in the healthcare sector, and are confident that our partnership with CBRE Middle East will assist us in reaching our goal to attract quality medical service providers and retailers to accommodate our vision for this mall.”
Earlier this month, it was announced that global engineering and design consultants Ramboll had been selected to lead the first phase of Abu Dhabi's Maker's District real estate development on Reem island, although concerns remain as to a softening real estate market in the UAE, with property consultants JLL reporting an easing of rental prices in Dubai's office market toward the end of last year.
