UDC’s Pearl-Qatar residential unit sale surges

14/03/2017 08:36 AST

United Development Company (UDC), the master developer of The Pearl-Qatar, witnessed strong growth for its units in The Pearl-Qatar with sale of residential units in the coveted project jumped by 81 percent in 2016 compared to 2015. The company is now planning to open a school and a hospital at The Pearl Qatar, said a senior official.

“We should particularly remember 2016 as a year that saw our flagship project, The Pearl-Qatar, increasingly become a living, functioning and dynamic entity of which number of residents in 2016 increased to 24,000 compared to 19,000 in 2015, as UDC has pumped investments into accelerating the pace of development works laying the foundations for rewarding and sustainable returns for coming years,” said Turki bin Mohammed Al Khater, Chairman of UDC addressing the company’s Annual General Assembly meeting held yesterday at Marsa Malaz Kempinski Hotel at The Pearl-Qatar. “Residential leasing volume witnessed an increase of 8 percent , while volume of residential sales in 2016 increased by 81 percent, compared to 2015. The volume of leased retail properties during the year 2016 also increased by 32 percent compared to last year,” said the Chairman.

Shareholders approved the Board of Directors proposal of dividend distribution of QR 1.25 per share.

The company is planning to open an international school that will cater to the need of residents of The Pearl- Qatar and people in nearby areas. “ There is school coming up and we have just signed MoU (Memorandum of Understanding) with a developer and operator. There will be a hospital and we are now talking to a potential developer,” Ibrahim Jassim Al Othman, President and Chief Executive Officer of UDC told The Peninsula on the sidelines of AGM. “2016 was a momentous year for UDC, as it marked the rollout of Phase 1 of the Company's five-year business plan. The focus in 2016 was therefore on accelerating development of The Pearl-Qatar Island and attracting more residents and investors to the Island, thereby increasing its residential and commercial occupancy.”

He said the company was able to sign a significant number of retail leasing contracts particularly in the up and coming Qanat Quartier district. “Residential sales and leases were also achieved in 2016,throughout Porto Arabia, Medina Centrale and Qanat Quartier noting that the Company’s recurring revenues have increased by 48percent in 2016 compared to 2015. We further anticipate that volume of residential and retail leasing will continue to increase in 2017,” he said.

The Chairman briefed shareholders about company’s five-year business plan. “Our five-year business plan is focused on creating opportunities and partnerships, achieving growth, minimising risks, rationalising costs and sustaining progress>', he said.

The Peninsula