Qatar UDC sells key commercial tower for $342m

15/12/2016 08:02 AST

United Development Company (UDC), the master developer of The Pearl-Qatar, has finalized the sale of The Pearl office Tower 2, one of two iconic commercial towers situated at the entrance of The Pearl within the Abraj Quartier precinct, to a strategic property investor for a total value of QR1.25 billion ($342 million).

Standing tall at The Pearl-Qatar entrance, the twin 201-m high, 42-storey Pearl towers offer amenities designed to provide the best possible working environment amongst the best facilities such as 981 car parks, 20 elevators and state-of-the-art building systems including CCTV monitoring, chilled water cooling, pneumatic solid waste management and many more smart features.

The towers also boast a total leasable area of 54,000 sq m each, which overlook the Gulf waters and offer panoramic views of Doha’s West Bay and The Pearl, along with direct access to Doha’s major cities and to the Island’s premier restaurants and retailers as well as the upcoming rail network.

UDC president and chief executive Ibrahim Al Othman said: "We are satisfied with the closing of the tower’s sales deal and the speedy and efficient handover process commensurate with the quality benchmark recognized by UDC as a leading developer, and The Pearl-Qatar as a destination of choice for lifestyle, business and leisure seekers."

Completing the sale of The Pearl Tower 2 is a significant accomplishment which adds value to UDC’s deliverables in 2016, stated Al Othman.

The sale also proves UDC is capable of delivering on its promise to achieve the best returns to its valued shareholders through a commitment to the development of integrated real estate products that meet the growing demand for smart residential and commercial products. "In this spirit, The Pearl Towers are expected to positively impact the business dynamics in the vital West Bay area with the looming move-in of office tenants in 2017," he added.

The other commercial building, Pearl Tower 1, is now available for leasing. The Pearl-Qatar is one of the largest real estate developments in the country and the first to offer freehold and residential rights to international investors.

It will boast of five-star hotels, marinas, a yacht club, schools and other services as well as luxury residential property and upscale retail, restaurant and lifestyle amenities.-

Trade Arabia