UDC selling $398mn of land in The Pearl

Qatar’s United Development Co, a real estate company developing The Pearl residential complex on an artificial island in Doha, said it had agreed to sell 47 plots of land in the area for 1.45bn riyals ($398mn).

The land, totalling about 103,000 square metres, will be sold to an unnamed “strategic partner” and transferred later this year, United Development said in a brief statement yesterday, without elaborating.