United Development Company (UDC), one of the leading Qatari shareholding companies, has signed three contracts to develop three new construction projects at its flagship development The Pearl-Qatar, at a total value of 716 million Qatari riyals.
The signing event which was held at the Oyster building, will see UDC develop Abraj Al Mutahidah Towers in Viva Bahriya in addition to infrastructure in Giardino Village and construct ten villas in this same precinct, through investments worth 1.2 billion riyals.
These contracts are aligned with UDC's five-year business plan aimed at revitalizing investments in new infrastructural developments at The Pearl-Qatar including modernizing and expanding the road network and enabling the residential locale to welcome the new urban plan set for the project which will feature a hospital and a school establishment in Giardino Village; all serving to enrich UDC's real estate portfolio of viable investment products as The Pearl-Qatar continues to be a safe haven for lucrative investments.
Diversification of projects to attract investment:
Commenting on the agreements and the added value they bring to the property offerings at The Pearl, UDC President & CEO Ibrahim Al-Othman said: “These investments are a clear indication of our leading market position and confidence in the prospects embedded in The Pearl-Qatar as a visionary project for local and regional property investors. As such, 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."
Al Othman further added: "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, stating this will definitely enrich the expertise and overall competitiveness of the project.
Leighton Contracting Qatar commissioned to construct Al Mutahidah Towers:
In speaking of the three recently signed agreements, Leighton Contracting Qatar has been commissioned to carry out construction works of Al Mutahidah Towers’ main building. The contract was signed by UDC President & CEO Ibrahim Al-Othman and Leighton Contracting Qatar shareholders represented by Chairman Emad Darwish A Al-Darwish, and Jeremy Lai, Executive General Manager.
Comprising approximately of 480 apartments in the relaxed beachfront precinct of Viva Bahriya, the project is expected to be completed in the fourth quarter of 2019 and is set to become one of the most attractive residential destinations in Doha.
Committed to delivering the project within the parameters set in the agreement, Al-Darwish and Lai mentioned: "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. 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.”
Navayuga Engineering awarded Giardino Village infrastructure contract:
Following from the first signing, UDC then awarded Navayuga Engineering Co. to perform infrastructural works at Giardino Village, a highly prized residential district of villas nestled in beautifully arranged gardens.
The contract was signed by UDC President & CEO, Ibrahim Al-Othman and Navayuga Engineering shareholders represented by Emad Darwish A Al-Darwish (Chairman, Qatar), and Sridhar Chinta (Managing Director, India).
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, the new district will showcase a range of fully integrated services for residents.
Ten new UDC villas to be constructed in Giardino Village by Promer Qatar:
UDC has also announced plans to construct ten luxurious villas in this private precinct of Giardino Village and has appointed Promer Qatar for this project. The contract was signed by UDC President & CEO Ibrahim Al-Othman and Salem Rashid Al-Mohannadi, Promer Qatar’s Chairman.
Upon completion, the spacious five-bedroom villas will enrich UDC’s portfolio of exquisite quality real estate products, and respond to the unremitting Qatari market demand for luxurious villa dwellings. The ten villas will be handed over within 18 months, and put up for sale in the next short term.
Al-Mohannadi stated: “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."