Bahrain’s Khaleeji Commercial Bank has launched a $22m mixed use development in Lusail City.
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Bahrain’s Khaleeji Commercial Bank has launched a $22m luxury mixed use development in Qatar’s Lusail City, it was announced on Sunday.
According to a report by the Doha based newspaper, Gulf Times, the project will be built within the Al Erkyah district of Lusail in New Doha. The project is expected to house 1,000 to 1,500 residents.
The mixed use project will offer a combination of low-rise residential housing and medical services, international schools and a 146 room five star hotel.
“The Qatari market has shown clear signs of recovery since early 2012. The value of projects in the country has grown at a compound annual growth rate of 40% between 2005 and 2011. In addition, the impact of the forthcoming World Cup 2022 has been positive on Qatar’s real estate market and this will continue,” said the Bank’s head of investment, Ozan Korkut Benlioglu.
Qatar has seen demand for residential apartments increase during the third quarter of 2012 across the country. This has been fuelled by new infrastructural projects, a local real estate developer has said.