Lebanon Businessnews News

Koura Mall redesigned
to double retail space
Restaurants and a cineplex added to the project
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Koura Mall owner announced last April that it had begun excavation to more than double the size of the mall. Completion date has since been delayed, however, from late 2016 to late 2017.

The project is owned by GA Properties, chaired by George Abdallah, a real estate developer. He said that since the announcement of the project, there has been so much demand has he elected to reconsider the original design and size of his property. According to Abdallah, the mall has a strategic location as it is established on a highway that benefits from a daily flow of over 35,000 vehicles. Located in the Kfarhazir region, the Koura Mall will target customers from Zgharta, Koura, and Bechari.

The development initially consisted of 47 retail shops within a 3,000 square meter building established on a 5,000 m2 land plot. The new design will include two buildings, each with four floors, out of which two are underground. The total built-up area is 13,500 m2, on a 13,000 m2 land plot. The net Gross Leasable Area (GLA) has become 11,000 m2, adding at least 9,000 m2 of GLA to the original design. Abdallah said that the size of the mall was boosted because he was able to acquire an 8,000 m2 adjacent land plot. “The owners of the plot had previously refused to sell it,” he said.

The project will have over 9,000 m2 of green areas, a parking space, roads and sidewalks. Over 110 shops will be available for sale. Prices hover around $3,000 per square meter. Abdallah said that he is not willing to offer his shops for rent. “My aim is not to manage the property. If an investor is willing to buy the whole project, he can lease it and manage it on his own. I am a real estate developer and not a mall manager,” he said.

Tenant mix will include a supermarket, a cineplex, and several restaurants. “We are negotiating with several brands to choose as tenants,” he said. Potential tenants include Khoury Shopping Center, a supermarket chain from Batroun, Fahed Supermarket, and Burger King. Investment in the project grew from $3 million including land price, to $12 million.

The building will comply with international standards under the supervision of Apave. The project is designed and supervised by engineer Alexy Mansour.
Reported by Rana Freifer
Date Posted: Aug 12, 2015
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