- United Development Company (53%)
- Fund (47%)
Incorporation Date: 2007
Sector: Real Estate Fund
The Pearl-Qatar Real Estate Fund was established to fund and develop Qanat Quartier precinct. The real estate products of Qanat Quartier, being developed by The Pearl Fund, include:
- 977 residential apartments in 31 buildings;
- 188 townhouses;
- 320,000 square feet of retail space;
- 1,130 car-parking spaces.
The majority of apartments and townhouses have been pre-sold. Upon completion, UDC will acquire from the Fund the remaining 49% ownership of the retail section and will hold it under a separate investment entity.
Qanat Quartier is one of the most attractive and recognized precincts in The Pearl-Qatar. Its design incorporates buildings and canals reminiscent of Venetian waterfront living, as well as their famous bridges, with islands or blocks characterized by distinct themes.
Authenticity is a key ingredient to the success of Qanat Quartier. The development remains true to the city upon which it is based, down to the minute details that include use of the same brand of paint applied to buildings in Venice.
Residents in Qanat Quartier are drawn to the beautiful architecture and “live on water” lifestyle that the precinct offers. Water taxis will transport visitors and residents to locations within Qanat Quartier as well as to other precincts throughout The Pearl-Qatar.
Qanat Quartier will boast retail areas along Venetian-themed boardwalks. A variety of store types will be offered, including:
- A gourmet food market;
- Small fashion boutiques;
- Art galleries and antique stores;
- Small gift shops;
- Restaurants and cafes;
- Day spas and indulgence center;
- Specialized gymnasiums.
Customers and Markets
Retailers are naturally drawn to the unique character of Qanat Quartier. Upon completion, the precinct will become a center of activity for those interested in arts and antiques as well as those that want to experience the feel and charm of a historic walkable community. .
Achievements in 2010 and 2011 look ahead
The first four precincts of Qanat Quartier were substantially completed in 2010. In addition, infrastructure work is progressing on schedule and includes:
- The extensive canal system;
- Pneumatic waste transfer system;
- Power and water infrastructure facilities.
The majority of piazzas have been completed, as well as the extensive boardwalks alongside the canal edges.
In 2011, the following are expected to be completed:
- Eight apartment developments, totaling 977 units;
- Three townhouse developments, totaling 188 units;
- Fifteen bridges, including a replica of the Rialto Bridge.
- Two hundred retail units and their associated parking.
First residents are expected to move in by late 2011.