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Spotlight on Anticipated Project Openings

As we move into a new era, retail real estate continues to evolve as the needs, wants and expectations of customers maintain their state of flux. Over the coming pages, RLI traverses the world to scope out a selection of the most anticipated project openings on the horizon that are set to redefine the sector by offering world-class retail, entertainment and tourism to ever-expectant guests.

There is not much else that can be said after the last few years, but in the aftermath of a unique few years, there is on the whole a cautiously positive outlook when it comes to operational real estate. The ‘Emerging Trends in Real Estate®: Europe 2025’ insight by PwC and the Urban Land Institute (ULI) highlights that the overwhelming majority of European real estate leaders expect business confidence and profits to stay the same or rise this year, thanks to the greater predictability provided by the stabilisation of interest rates and valuations.

The insight continues by saying that identifying investment opportunities in physical infrastructure that will support future technology, innovation, digitisation and decarbonisation is increasingly front of mind for real estate sector analysts. Data centres now occupy the top spot for investment, development and overall income prospects for 2025, followed by new energy infrastructure related real estate.

In the next few pages, we spend some time zoning in on a selection of the most anticipated global project developments that are on course to open as they look to offer something different and unique to customers that will continue to drive the return to not only stability in the market, but growth.

Spotlight on Anticipated Project Openings 1
Huafa Snow World, Shenzhen, China Developer: Huafa Group

Anticipated Project Openings Around the World

Americas

The largest commercial redevelopment project currently under construction in Canada, Vancouver’s Oakridge Park by developers Westbank and Quadreal Property Group, with design and masterplanning work by Henriques Partners Architects, is on course to be a world-class community that will open its doors in spring this year. The scheme is set to offer a top-tier retail experience totalling 850,000sq ft with over 140 leading global brands, including flagship and boutiques stores, accommodations for over 6,000 residents through more than 3,000 residences, 700,000sq ft of meticulously designed office space for over 3,000 creative economy professionals, one of Vancouver’s largest community centres and busiest libraries, six dynamic indoor and outdoor live-music venues, the renowned Goh Ballet and it will be home to the second Time Out Market in Canada. The desire of the developers is to create a seamless living experience that will continue to evolve once opened and go beyond anything that the city has seen before.

Atlanta-based Watkins Real Estate Group will develop Village Green, a Publix-anchored shopping centre in Nolensville, Tennessee. In addition to Publix, five national and regional tenants have already signed leases for the development, including Heartland Dental, Club Pilates, Jersey Mike’s, Waxing the City, Hand & Stone Massage and Facial Spa and Physicians Urgent Care. Village Green broke ground in July and will be a specialty retail centre designed to meet the needs of the Nolensville community by providing increased accessibility to a variety of shopping, dining and service providers. Strategically located at 7344 Nolensville Road, Village Green is surrounded by a dense residential market and will fill a gap in the market by providing a convenient grocery option for the area. Since 1980, Watkins has developed over 50 Publix-anchored retail centres across the Southeast and plans to deliver Village Green in summer 2025.

Spotlight on Anticipated Project Openings 2
Essensai067, Bangalore, India Developer: Sai Lakshmi Industries Private Limited

Asia & Australasia

The upcoming Huafa Snow World in Shenzhen by developers Huafa Group, will house the world’s largest indoor skiing destination, which will have an 83-metre-high and 441-metre-long ski slope, along with a hotel, shopping mall and office spaces. The entertainment destination is slated to open in October 2025. The main attraction of the venue in Qianhai Bay in northwest Shenzhen will be the 80,000sq m Huafa Snow Centre which will feature ceramic boards and aluminium panel detailing that will mimic the texture of ice crystals and glaciers on the resort’s façade, while the sloping roof of the main building will be lined with solar panels. Huafa Snow World will also house experiential retail, entertainment and office spaces in the FUNMIX zone, which is below the ski slope. The design of the building has been broken up into a series of floating boxes that aim to serve as a visually captivating entrance to the ski centre. Visitors can also stroll through the retail street that links the Snow Centre with neighbouring developments by way of multi-level connections.

Developer Merlin Entertainments is working hard ahead of the launch of its LEGOLAND® Shanghai Resort, its new international IP themed park that will open this year. As a comprehensive tourist destination specifically designed for families with children aged 2-12, LEGOLAND Shanghai Resort is due to launch in summer and offer a complete holistic park experience, becoming the 11th LEGOLAND globally and the very first in China. Located in Fengjing Town, Jinshan District, the LEGOLAND Shanghai Resort is the ultimate LEGO® theme park and hotel destination for kids and their families! It will build memories that last a lifetime on more than 75 interactive rides, shows and attractions across eight immersive ‘lands’, that lets the imagination and creativity of children and adults go wild. It is already one of the most anticipated theme parks in the Yangtze River Delta region.

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Taurus Zentrum, Kerala, India Developer: Taurus Investment Holdings

Taurus Zentrum is a shopping mall under construction in Thiruvananthapuram, Kerala, India and it is set to open in 2025. When completed it will be one of the largest and most exciting retail, entertainment and dining destinations in the country with over 700,000sq ft of gross leasable area. The mall will feature dozens of local and internationally-known retail brands, a multitude of dining options and a wide variety of entertainment including Kerala’s largest multiplex. The multiplex will have 15 screens, including an IMAX theatre and will be operated by Cinepolis. Zentrum will act as the nucleus of Taurus Downtown Trivandrum and of the wider Technopark region, as well as a regional destination for the Trivandrum urban agglomeration and all of South Kerala and Tamilnadu. The mall is owned and managed by Taurus Investment Holdings and designed by the international architectural firm, Benoy.

Spotlight on Anticipated Project Openings 4
Alothaim Park, Dammam, Saudi Arabia Developer: Alothaim Investment Company

Cloud 11, the forthcoming 10.6-acre creator hub on Sukhumvit, developed by leading developer MQDC, has secured project financing and is on track to open in 2025. In addition, the architects Snøhetta in collaboration with A49 Architects, has designed their most extensive project in Asia for the property developers. The project is a 250,000sq m mixed-use building in the upcoming CyberTech district of South Sukhumvit in Bangkok. The Cloud 11 project aims to create a new lifestyle environment and surroundings within the area. Designed to cater to people’s daily needs and requirements, several restaurants will operate from a centralised kitchen, a gym, a wide selection of retail stores and two hotels. The project also includes a variety of cultural offerings such as a library, educational venues and creative workspaces fit for the modern, hybrid way of working from home or outside the office.

Developer Frasers Property Australia is working on the first stage of a retail complex in Melbourne’s burgeoning western suburb Mambourin. Mambourin Marketplace, which will be anchored by a major supermarket operator, will feature 7,200sq m of retail space, including a planned medical area, pharmacy and up to 25 specialised retailers including fresh food grocers, cafes and restaurants. The first stage will be supplemented by a landscaped urban plaza with approval for a children’s play area, artwork, al fresco dining, a central events space and end-of-trip cycling facilities including bike storage, showers and changing rooms. The $50M Mambourin Marketplace will be developed by Frasers Property and will complement the recently announced Good News Lutheran College P-12 Campus. Mambourin Marketplace is planned to be the first phase of a broader retail complex that includes about 25,000sq m of retail space, potentially adjoining a proposed train station and local business district when it opens its doors in the third quarter of this year.

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Zalla, Bujairi District, Diriyah, Saudi Arabia Developer: Diriyah Company

Middle East & North Africa

Diriyah Company is well on course with the development of Zallal, its first major mixed-use commercial office and retail project that is set to open in the first half of 2025 in the Bujairi District. Construction is now well underway and when completed will include two low-rise office buildings with a combined leasable area of approximately 6,000sq m and 12 mixed retail and F&B outlets over an area of approximately 8,000sq m. The project has already received very positive reactions from prospective tenants and advanced leasing negotiations are well underway with several companies and organisations. Zallal is strategically located next to the popular Bujairi Terrace – and will benefit from proximity to a venue that already attracts thousands of visitors daily. The offering is also near the recently completed Diriyah Art Futures and soon to open Bab Samhan Hotel.

Soft opened in January ahead of a predicted full opening later this year, Solitaire in Saudi Arabia presents visitors with the ultimate shopping experience by featuring a wide range of iconic luxury brands that offer unlimited shopping potential across fashion, jewellery, watches, beauty and so much more. Developed by Al-Marqab Investment Company, Riyadh’s newest multi-use lifestyle destination consists of three aboveground levels of retail, food and beverage, entertainment, wellness and sport offerings, as well as three levels of basement parking. Majestic wind towers mark the northern and southern points of the asset, serving as iconic landmarks you will see long before arriving at the destination. Intrinsically designed around the concept of the geode, the angular stone exterior evolves and softens as you move inward through contrasting layers towards its centre. Within the city of Riyadh, Solitaire spans a GLA of over 65,000sq m, bordered by King Abdulaziz Rd, Al Imam Saud Ibn Faisal Road and Al Thumamah Road.

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Jawharat Jedddah: Jeddah, Saudi Arabia Developer: Cenomi Centers

At the end of this year, developer Cenomi Centers is set to launch Jawharat Jeddah, which will be a new flagship development from the company and when it opens, it will become the number one mall in Jeddah for footfall and spend. The project is on course to feature 108,000sq m of GLA, more than 300 brands and over 50 flagship sites, more than ten first to Jeddah brands, three food & beverage zones and world-class entertainment.

A diverse, locally relevant and dynamic version of a “retail-tainment” shopping centre, Zenata Mall is poised to be the largest shopping destination in Morocco, offering a wide range of products and brands (both local and international) and a highly distinguished food hall. The project, led by Zenata Commercial Project, is a joint venture between Dubai-based Al-Futtaim group, Marjane Holding, Morocco’s leading developer of retail destinations and modern retail; international shopping centre specialist Sonae Sierra and Société d’Aménagement Zenata, a subsidiary of CDG group in charge of the design and land development of Zenata New City. Upon completion, the three-storey mall with a basement car park will accommodate more than 300 stores of apparel, cosmetics, electronics, household appliances and sports brands and various restaurants and cafes, including a food hall. Set to finally open this year, the project strives to attain BREEAM environmental certification.

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Zenata Mall, Casablanca, Morocco Developer: Zenata Commercial Project

International

Set to open in Q1 2025, Westfield Hamburg-Überseequartier has been designed as an integrated district and central part of the HafenCity in Hamburg. It connects places to live and work with stunning cultural offers and leisure facilities as well as innovative retail, entertainment concepts, including a 10-screen cinema, international and local restaurants, bars and cafés, medical and well-being centres as well as a state-of-the-art cruise terminal. With this mixed-use development, the developers Unibail-Rodamco-Westfield are showcasing its vision to play an active part in the sustainable transformation of cities, connecting future-oriented models for urban living with the historically developed Hamburg identity. In line with their sustainability strategy, Better Places 2030, Westfield Hamburg-Überseequartier will foster new modes of sustainable mobility, including e-vehicle platforms, smart shuttles and the implementation of intelligent logistics and traffic control systems. All buildings are certified according to the international BREEAM Excellent Standard and the office buildings according to the DGNB Gold Standard. This mixed-use urban district will feature flexible offices with 360° views over HafenCity and the harbour, modern apartments with direct access to the waterfront, three hotels and a 200-store shopping centre offering the best local and international brands together with a wide range of services and digital innovations, for an enhanced customer journey.

The construction of Designer Outlet Kraków is at an advanced stage. Located in Kraków’s city centre at one of the most popular arteries in the city, Designer Outlet Kraków will benefit from a catchment area of almost five million inhabitants and a great tourism potential. On a gross lettable area of 20,000sq m, Designer Outlet Kraków will be home to more than 100 stores with recognised fashion and lifestyle brands, 30-70 per cent off, all year round. The centre will become a shopping destination and a meeting place for the whole family where up to ten restaurants and cafés will offer a wide variety of cuisines. The outlet will also stand out for its unique design with interiors infused with natural light coming through skylights. Wide corridors with relaxation areas will make the centre a welcoming spot for shopping and leisure. After full completion by developers KG Group, Designer Outlet Kraków will be BREEAM certified and the opening is scheduled for spring 2025.

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Designer Outlet Kraków, Poland Developer: KG Group

Scheduled to launch in 2025 and under construction by McCormick Property Development, the upcoming Mbhashe LG Mall in Idutywa on the Eastern Cape of South Africa will be a single level, double-anchored and enclosed 20,638sq m scheme. Confirmed tenants include Shoprite, Shoprite Liquor, Boxer, Boxer Liquor, OBC, Clicks, Capitec, ABSA, Truworths as well as the Pepkor and the Studio 88 groups.

Another upcoming project from developer McCormick Property Development is the Dan City Mall project, which is also due to open in 2025 in Tzaneen, Limpopo. Taking design cues and learnings from its larger township shopping centres in Gauteng, MPD says the mall will include three grocery anchors, an expansive fashion mix, food, entertainment as well as banking and services previously not represented within the market. The upcoming mall is part of the wider Dan City mixed-use development situated on the R36 in Nkowankowa and it will be McCormick Property Development’s largest rural retail development to date at 146,000sq m.

The upcoming 45,000sq m gross leasable area V Mall Istanbul by developer Isra Holding, is meticulously designed to offer a brand-new shopping experience and it will be located in one of Türkiye’s largest squares and at the centre of many significant projects. In the heart of Başakşehir, the future of Istanbul, V Mall Istanbul offers everything customers are looking for with its special location. Stores featuring distinguished brands are redefining the conventional shopping mall culture. In a digital shopping mall concept designed for an extraordinary shopping experience, online and offline commerce is gaining a whole new dimension. V Mall Istanbul, where you can find prestigious national and international brands from around the world, is preparing to open its doors to visitors this year upon which visitors will be invited to experience this unique mall that will change everything you know with its LED screens and exterior facade.

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St. Michael’s, Manchester, UK Developers: Relentless Developments, KKR & Salboy

St Michael’s is an exciting new landmark development at the heart of Manchester’s city centre that will set a new standard in quality and experience. With 186,000sq ft of sustainable human-centred workspace, a five-star international hotel, world-class dining and a vibrant public square, St Michael’s will capture the pioneering spirit of our remarkable city. It launches this year with No. 1 St Michael’s which will feature nine stunning floors of people-centric workspace, complemented by world-class rooftop dining, stunning outdoor spaces and a proper British boozer/the renowned Manchester institution, Abercromby. The second phase of the scheme’s evolution will launch in 2027 and bring a new five-star hotel, complete with ultra-luxe spa, dining and leisure facilities – plus an exciting option to call St Michael’s home. The St Michael’s project is the shared dream of Relentless Developments, KKR and Salboy. Together, they will deliver a thriving business district for Manchester, offering the best office space in a sustainable building, that will support the health and wellbeing of its occupiers both now and into the future.

Construction is progressing apace at Cotswolds Designer Outlet, which is set to be delivered in two phases, will create 186,000sq ft (17,187sq m) of outlet space for up to 90 high-quality fashion, sport, lifestyle and F&B brands, in a beautifully designed, Cotswolds-inspired setting, with the first phase currently due to open in summer 2025. The first phase will total 136,000sq ft of retail space and accommodate up to 76 stores. Realm, the outlet specialist leasing and operating the scheme, is targeting a ‘full day out’ offering with a premium guest experience to establish the destination for its affluent regional catchment, as well as tapping into the £3.6bn annual tourism expenditure that the Cotswolds’ historic and cultural attractions generate. Fully funded and being developed by Robert Hitchins Ltd, Cotswolds Designer Outlet is the final piece of a long-term, 300-acre development vision to bring forward retail, F&B, leisure and 1,300 new homes in this unique location.

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