Chinamex — one of China’s largest overseas trading companies — has appointed London-based property agents Cluttons as the leasing agent for its new multi-million dollar Dragon City retail project in Bahrain.
Dragon City is a mirror of the Dubai Dragon Mart
A mirror of the Dubai Dragon Mart in the United Arab Emirates, the $3.2bn [£191bn] Bahrain multi-use project is under construction in the south west corner of the Diyar Al Muharraq master plan development.
With a total floor area of around 54,000sq meters, giving a leasable area of 32,000sq meters, the mega-mall is capable of housing more than 790 retail units and will offer wholesale and discount retail facilities to local shoppers and trade buyers. It is also expected to pull in a high proportion of Chinese tourists visiting the Middle East.
“Each year the number of visitors from China has grown by 15 to 20 per cent,” said David Macadam, the chief executive of the Middle East Council of Shopping Centres. “The high-end retail sector is winning a lot of the customers as well, with the majority of shops having signs in Mandarin with Mandarin and Cantonese-speaking sales staff.”
Like its sister site, the Bahrain complex is expected to attract customers from a variety of demographics, with a range of income profiles and nationalities looking to capitalise on quality Chinese and local products at reduced price.
“Dragon City’s catchment area will extend throughout Bahrain, the eastern province of Saudi Arabia and neighbouring Gulf Cooperation Council countries,” explained Harry Goodson-Wickes, head of Cluttons’ office in the kingdom.
Leasing is expected to start within the next few months and will be open to both Chinese and Bahraini businesses. With an expected annual footfall of up to two million visitors, coupled with the success Dragon Mart has had in the UAE, both retail and wholesale units are expected be in high demand.
“Signing this agreement with Chinamex is yet another key instruction for us in the Middle East property market,” added Goodson-Wickes. “We are proud to be associated with such a high profile and well respected brand. It enables us to collaborate not only with Chinamex, but also with Diyar Al Muharraq, Kuwait Finance House Bahrain and other investors from across the Gulf.”
Cluttons is an international firm of chartered surveyors and property consultants with a history that goes back almost 250 years. Founded in 1765 it has its headquarters in London with offices employing 600 staff across Europe, South Africa and the Middle East where it has operated for 35 years.
The two-storey Dubai Dragon Mart — whose motto is “Where you can find one in a million, or a million of one” — is considerably bigger than Chinamex’s latest venture. From the air it has been built to resemble a dragon, the Chinese symbol for wealth and good luck. At ground level its malls stretch for 1.2km and house more than 4,000 shops.
And it is set to become even larger. Work is about to start on Dragon Mart 2, a 175,000sq metre extension taking the existing project to 335,000sq metres — an area big enough to fit 47 international football pitches. The new facilities will include cinemas, restaurants and food courts, and entertainment complexes and a three-star hotel.
