Construction begins on Phase II of $1.63bn Doha Festival City
Mixed use development is set to open in the first quarter of 2016, developer’s CEO says
The $1.63 billion Doha Festival City will open by the first quarter of 2016.
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Construction has begun on the second phase of the Doha Festival City project, which is set to open in the first quarter of 2016 and will be Qatar’s largest mall, the chief executive officer of the developer behind the project said.
The mixed-use development north of downtown Doha, will have a major entertainment complex, a hotel and conference centre and motor showrooms, said Kareem M Shamma, CEO of Bawabat Al Shamal Real Estate Company (Basrec), the joint venture representing the development’s Qatari and Emirati shareholders.
“We are setting a realistic time-frame target that is in line with a delivery schedule designed to meet the expectations of tenants who have already committed their presence at Doha Festival City,” he said in a report by Gulf Times, a Qatari newspaper.
The 433,847sqm Doha Festival City is owned and developed by Basrec, while its parent company is supplying the land.
Basrec comprises of four shareholders, including the Dubai-based Al-Futtaim Real Estate Services, the Qatar Islamic Bank, Aqar Real Estate Development & Investment and a private Qatari investor.
“Qatar is ready for something special that will revolutionise the country’s retail landscape and Doha Festival City’s exceptional and expansive portfolio of shopping, leisure, dining and entertainment options will deliver an unrivalled experience to residents and visitors alike,” said Greg Douglas, development director, Doha Festival City.
