The Drive AKOYA to be Most Expansive Shopping Experience in Dubai
Similar in length to ‘The Walk’ at Jumeirah Beach Residences and reflective of Rodeo Drive in Beverly Hills, The Croisette or Champs Elysees in Paris, AKOYA Drive Blends High-End Style with Family Entertainment;
1.3 km Strip Includes an Outdoor Cinema, Ice-Skating Rink and Kids Entertainment Areas
Luxury real estate developer, DAMAC Properties has announced the development ofThe Drive AKOYA, one of the longest shopping strip experiences in Dubai.
Similar in length to ‘The Walk’ at Jumeirah Beach Residences (JBR) and reflective of Rodeo Drive in Beverly Hills, The Croisette or Champs Elysees in Paris, AKOYA Drive will stretch 1.3 km through the AKOYA by DAMAC luxury golf community off Umm Suqeim Road and will include high-end food and beverage, retail shopping, serene locations to meet friends and a host of family entertainment offerings.
The strip will house an outdoor ice-skating rink, cinema screen and interactive kids play area. The area will be longer than 13 football pitches end to end, and create a vibrant focal point for the residents of AKOYA by DAMAC and the surrounding area. More than 80,000 people will live within 16 km of AKOYA Drive by the time is completed.
“AKOYA Drive is what everyone in Dubai has been waiting for,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “We expect AKOYA Drive to be the new place to meet friends, entertain and get away from it all. This new haute spot with shopping, dining and entertainment will provide a real central point for those living in Arabian Ranches, through Motor City, Jumeirah Village and the surrounding areas.”
The rising confidence and purchasing power in Dubai has resulted in more demand for premium brands and with the large primary malls largely full, there has been a growing demand for the street shopping experience.
A recent report by Jones Lang LaSalle stated that: ‘the overall retail market in Dubai continues to perform well, supported by positive sentiment, solid economic fundamentals, a growing tourism industry and a rising number of residents.’
The current stock of retail space in Dubai is currently just under three million sqm, with an additional 840,000 sqm set to be added by 2016. With such a strong increase, Mr. McLoughlin says AKOYA Drive needs to be different:
“AKOYA Drive will blend the most exclusive brand designs with a relaxed, pedestrian-friendly atmosphere that takes you away from the fast pace of the city. There will be no better place to while away the hours with your friends and families.”
AKOYA by DAMAC is a 42 million square foot golf community off Umm Suqeim Road in Dubai. The project includes mansions, villas, luxurious apartments and retail centre. The project also includes a 14 million sq ft extension to the original 28 million sq ft at AKOYA by DAMAC, with a dedicated 4.3 million sq ft of open parkland, which will be a first-of-its-kind development in the region.
DAMAC Properties has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of March 31st 2014.