By Peter Alagos/Business Reporter
A leading company in Qatar has unveiled a new initiative to develop the state's real estate sector.
SAK Holding Group has announced that its subsidiary SAK Partnership Company will join hands with investors and land owners as part of the initiative named "Partner with us".
SAK Holding Group chairman Sheikh Thani bin Abdulla al-Thani said: “SAK is ready to share in building and developing all kinds of first-rate land and property in the country to help investors meet their objectives and get attractive returns as well as increase the readiness of Qatar’s real estate sector.”
Aside from landlords and property owners, Sheikh Thani noted that “Partner with us” is open to real estate investors, owners of ailing projects and other prospective partners.
He explained that “SAK Partnerships Company’s team of highly-professional specialists has already succeeded in developing its work over the past years and achieved a series of achievements and partnerships”.
SAK Holding Group deputy CEO Abdul Rahman al-Najjar said: "Rather than selling land, the development of various tracts of property could help cushion the effects of the escalating costs of real estate in Qatar."
He said that land owners were always trying to sell their properties and this explained why real estate prices were constantly increasing.
"But the time for selling land is finished, and now is the time to develop real estate properties,” al-Najjar told Gulf Times yesterday.
“It became clear to us through a realistic and a prospective study of the real estate market that a large segment of the sector can considered as potential partners…but they don’t have anyone to easily and clearly communicate their needs and discuss their investment ideas and plans."
SAK Partnerships Company general manager Adel Hassan M Saeed told Gulf Times that there were six ongoing projects in the residential and hotel sector under the “Partner with us” initiative.
But Sheikh Thani was quick to stress that “details of these projects will be unveiled shortly; they will translate into various urban projects that will form a distinct addition to the real estate sector in Qatar”.
Al-Najjar emphasised that the “competitive advantage” of SAK Partnerships Company is its ability to help prospective partners manage and market their real estate projects “whether it is a piece of land, an existing or ailing project, or any property ready for development”.
He added:“SAK Partnerships Company will provide a feasibility study to determine the return of investments and identify various market risks. Since we have years of experience in contracting, we have full control and we know how much is the project cost from the very beginning thus, there is no variation in the time frame. Timing is very important to us.”
This was reiterated by Saeed, who said: “We have full control of the project and we are able to deliver it on schedule. We believe that time is money. If you delay, that means unnecessary losses in terms of income.”
