New shopping center slated for Kfarshima. $3 million investment to boost retail scene - Lebanon

New shopping center slated for Kfarshima
$3 million investment to boost retail scene
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Al Fata Plaza, a new retail development, will be opening in Kfarshima by early 2014. The venture is owned by the Al Fata family, namely brothers Ibrahim, Antoine, Georges, and Pierre.

Pierre Al Fata, the architect of the project, said that they are expecting the project to be a great success. “The region needs additional retail spaces and shops and we aim to capture a big market share.”

Al Fata Plaza is located along the old Beirut-Saida main road. The center will have a retail area of 4,000 square meters parted into two floors, and an additional 4,000 square meters basement area. It will host around 60 shops with a space of 40 to 60 square meters each.

The project will have different tenants, such as restaurants, fashion and retail stores, and a pharmacy. The center has two side corners with a space of 250 square meters each. “The side corners will probably be leased to two banks: Bank Audi and BLOM Bank,” said Al Fata. He said they are still studying leasing offers and requests: “Our leases will be definitely lower than those in other malls.”

Al Fata said investments in the center will reach up to $3 million. This is in addition to the cost of land which is worth up to $10 million. The Al Fata family has other real estate development ventures with other projects in the Kfarshima region.
Reported by Rana Freifer
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Date Posted: Dec 26, 2012