22/03/2018 08:16 AST
United Development Company, the master developer of The Pearl-Qatar, will be launching a new state-of-the-art island project as part of UDC's QR5.5bn estimated investment for the next five years.
UDC chairman Turki bin Mohamed al-Khater, who presided over the company's annual general meeting at the Marsa Malaz Kempinski, The Pearl - Doha, said as part of UDC's efforts to diversify its offerings, the 300,000-sq-m island will be an extension of The Pearl-Qatar.
Al-Khater said the project's design will feature an aquarium-style water park, an air-conditioned outdoor boardwalk, a green park, and a waterfront retail esplanade "that will attract brands to Doha."
In addition, the project will have various real estate offerings, including beachfront and waterfront villas of different categories and independent islets, "all in a modern architectural design."
"This unique project will attract a warm, welcoming community whose residents are seeking an urbane and vibrant lifestyle," al-Khater told shareholders, who approved the board's recommendation to distribute dividends representing 12.5% of share capital or QR1.25 per share.
"Moving forward, UDC's cumulative investment for major new projects over the period 2018-2022 is estimated to be QR5.5bn, which illustrates our strong commitment to continue the exceptional development work," he added.
Speaking to reporters on the sidelines of the meeting, UDC president and CEO Ibrahim Jassim al-Othman said UDC is investing QR2.5bn on the island project, while other investors are expected to pour "around QR600mn."
Al-Othman noted that the project is expected to be completed "by the end of 2021," noting that UDC will officially launch the project next month and construction work "starting in July this year."
Located just opposite Qanat Quartier, the island project will be able to accommodate "around 6,000 residents" once fully completed, said al-Othman, who added that The Pearl- Qatar currently has "more or less 27,000 residents."
Also, al-Othman said UDC is working on the Giardino Villas located in the Giardino precinct where 10 villas are being constructed and are scheduled to be completed by 2018.
The Al Mutahidah Towers, two interconnected residential towers in the Viva Bahriya precinct, is scheduled to be completed by 2019, he said.
Al-Othman said both the state-of-the-art island project and the Floresta Gardens, a residential and commercial development project are currently in the design phase.
"In addition, major sales of land were concluded in 2017 with developers for the construction of a commercial mall and mixed-use facility; an increase of approximately 90% in the volume of land plots sold in 2017 compared to 2016. These sales demonstrate that non-UDC developments on the island are also commercially viable," al-Othman said in his report.
Gulf Times
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