UDC Announces the Sale of Land Plot for Commercial Mall Development

August 03, 2017 / News

Al Mana to develop a Commercial Mall “04” in La Plage South Precinct at The Pearl - Qatar

United Development Company (UDC), the master developer of The Pearl-Qatar, announced the signing of an agreement with Mohammed Al Hamad Al Mana Group covering the sale of land plot located on the island at La Plage South district. The land will be used for the construction of a commercial mall, to be known as “04 Mall”, which is scheduled to open its doors to the public in the third quarter of 2018.

The agreement was signed by Mr. Ibrahim Jassim Al Othman, President & CEO of UDC and Mr. Abdulaziz Mohammed Hamad Al Mana, CEO of Mohammed Al Hamad Al Mana Group during a signing ceremony held today at the Oyster Building in The Pearl-Qatar.

Mr. Ibrahim Jassim Al Othman commented that he is very pleased to announce this significant undertaking as the investment of Al Mana in The Pearl-Qatar reflects a growing confidence of the local business sector in the development of the island and its investment potential. It also serves as a further testament of The Pearl-Qatar’s position as the retail shopping destination of choice in the country.”

Al Othman added that the decision to locate the new mall in The Pearl-Qatar is a product of UDC’s continuous efforts to develop the island and equip it with the highest standards of facilities. These amenities are allowing residents, visitors and investors alike to enjoy a uniquely satisfying experience and comprehensive lifestyle that only The Pearl-Qatar can provide.”

For his part, Mr. Abdulaziz Mohammed Hamad Al Mana stated: “”04 Mall” will be our fourth community mall project adding to our portfolio of 40,000 sqm of already open retail spaces around Doha targeting vibrant community areas. We are already a major real estate player in the Qatari market with a total QR 1.6 billion investments in The Pearl alone. This not only reflects our active support of Qatar’s urban development, but echoes our confidence in The Pearl’s appeal as a retail anchor that houses one of Doha’s fastest growing communities and attracts a significant number of visitors; both crucial elements for the success of our business.”

He went on to say that “the shopping mall will become a distinctive community destination, offering a unique shopping experience that fulfills the needs of both the residents of The Pearl and those living in adjacent areas around West Bay”.

Mr. Abdulaziz Mohammed Hamad Al Mana announced details of the shopping complex, which he said will encompass three stories and provide ample covered car parking spaces. In addition to three major department stores, a supermarket, a five-screen cinema and a gym; there will be a variety of restaurants, convenience stores, cafés, innovative concept shops and family and entertainment designated areas plus other facilities.

La Plage South, which will be the home for the new shopping center, is an area noted for its magnificent beachfront, with buildings developed in a semi-circular design, and outdoor leisure facilities, such as swimming pools, open-air parks and a tantalizing beach. The area is also home to La Plage Villas, an enchanting part of the island that will feature high-end architectural designs and colorful facades that are rich in details.

The Pearl-Qatar has witnessed a number of construction project milestones recently, including the laying of foundation stone for the latest residential development, Al Mutahidah Towers, located in Viva Bahriya, which will include 480 residential units, and the construction of ten prototype villas in Giardino Village, that will be available for sale shortly.

UDC previously announced a half-year financial result for the year 2017 with year over year revenues increase by 32% and net profit of QR 318 million.



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