UDC inks $196m Pearl Qatar project deals
United Development Company announces three projects including the Al Mutahidah Towers
United Development Company (UDC) has announced the signing of three contracts, worth a total of 716 million Qatari riyals ($196.6m), to develop three new construction projects at The Pearl – Qatar.
The agreements will see UDC develop the Abraj Al Mutahidah Towers in Viva Bahriya, in addition to infrastructure in Giardino Village, and ten villas to be constructed in the latter precinct. Total investments in the projects are worth $329.5 million, UDC said in a statement.
These contracts are in alignment with UDC’s five-year business plan, which is aimed at revitalising investments in new infrastructural developments at The Pearl – Qatar. This includes modernising and expanding the road networks and enabling the residential locale to be prepared for the new urban plan set for the project.
Amongst the developments planned for the project are a hospital and school establishment in the Giardino Village; both of which will offer investors viable projects to invest in The Pearl – Qatar, UDC said.
“UDC continues to work faithfully towards fulfilling its business plan by focusing on its core businesses, and applying risk management through diversification of real estate projects to meet all types of demand,” said Ibrahim Al-Othman, UDC President and CEO.
“It is certain that the implementation of viable investment projects, such as infrastructure development and construction of luxurious villas in Giardino Village precinct, in addition to the building of Al Mutahidah Towers which is an ambitious project comprising 480 housing units of different sizes and specifications with facilities and retail to serve this residential complex, will attract businessmen and property investors to our market.”
Al-Othman welcomed the first-time cooperation with the three companies, highlighting the expertise and overall competitiveness they brought to the project.
Leighton Contracting Qatar has been commissioned to carry out the construction works of the Al Mutahidah Towers’ main building.
Comprising approximately of 480 apartments in the beachfront precinct of Viva Bahriya, the project is expected to be completed in the fourth quarter of 2019.
“Working on a variety of property units, we believe that this investment into Viva Bahriya will certainly cater to a good mix of residential needs,” said Emad Darwish A Al-Darwish, chairman of Leighton Contracting Qatar.
“Ranging from studios, apartments and penthouses, this project will serve to enrich the portfolio of Leighton Contracting Qatar and thus we would hope to leave a lasting mark within The Pearl and the country as a whole,” added Jeremy Lai, executive general manager of the contractor.
Meanwhile, Navayuga Engineering Co will carry out infrastructural works at Giardino Village, UDC said.
The company’s general manager (Qatar), Ravi Kishore Chunduri, expressed his company’s eagerness to implement UDC’s plans for state-of-the-art infrastructure. He said that the new district would showcase a range of fully integrated services for residents.
Finally, the ten luxury villas being constructed in a private precinct of Giardino Village will be built by Promer Qatar. The villas are scheduled to be handed over in 18 months, and will be put up for sale in the next short term, the statement from UDC said.
“We are excited to spearhead the construction on these ten luxury villas and hope to be able to translate UDC’s aspirations for sophistication and luxury into a solid investment product for Qatar’s selective property buyers,” said Salem Rashid Al-Mohannadi, chairman of Promer Qatar.