28/04/2016 07:41 AST
United Development Company (UDC), the master developer of The Pear Qatar (TPQ), has unveiled a new project named ‘Al Mutahidah Towers’, at the ongoing ‘Cityscape Qatar 2016’ exhibition.
Al Mutahidah Towers , consisting of about 450 high-end apartments and retail space, will be located at Viva Bahriya in TPQ, an urban mixed-use township close to West Bay.
“Al Mutahidah Towers is the main project that we are showcasing at the 5th edition of the ‘Cityscape Qatar’. In addition to this, we are also displaying two commercial towers located at The Pear Qatar,” Ibrahim Jassim Al Othman, President and Chief Executive Officer of UDC told The Peninsula on the sidelines of the exhibition.
Al Othman added: “We are planning to begin the construction works on the project by early fourth quarter of this year, which is expected to be completed within three years.”
He said that in addition to luxurious apartments and retail space, the property will also have state-of-the-art amenities such as gymnasium and indoor and outdoor swimming pools with sea view.
The Pearl, being developed at an estimated cost of over $15bn, is an artificial island spanning nearly four million square metres. It is the first land in Qatar to be available for freehold ownership by foreign nationals. As of January 2015, there were 12,000 residents living in the man-made island.
Some of the major residential and commercial developments in TPQ include Porto Arabia, Viva Bahriya Towers, Qanat Quartier, Abraj Quartier, Medina Centrale among others. In addition, there are a lot of commercial establishments, retail space and world-class amenities, including beach resorts, restaurants, car showrooms, meeting halls and entertainment facilities and others.
Once fully completed, it will create over 32 km of new coastline, for use as a residential estate with an expected 18,831 dwellings and 45,000 residents by 2018.
Commenting on the occupancy and the progress of TPQ’s various projects, he said: “The number of people and retail outlets is growing every day. Retailers are doing good business. Medina Centrale remains crowded with retailers and restaurants who are also doing well. Similarly, Porto Arabia is approximately 75 percent occupied. And now we are focusing on Qanat Quartier and other properties.
Speaking about the impact of slowdown in the real estate market in the backdrop of volatile oil prices, he said that these developments are a “cause of concern” but the company is doing its best to overcome these challenges.
“We have recently disclosed our numbers for the first quarter of 2016 (ended March 31), and I believe that we are doing well. And we hope to continue growing at the same pace in the coming quarters,” said Al Othman.
According to reports, the company achieved a net profit of QR271m Q1 2016, while the net profit attributable to owners of the Company stood at QR259m.
The Peninsula
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