United Development Company (UDC), master developer of The Pearl-Qatar, has announced the signing of an agreement with Mohammed Al Hamad Al Mana Group covering the sale of a land plot in La Plage South district.
The land would be used for the construction of 04 Mall, a commercial mall scheduled to open its doors to the public in the third quarter of 2018, UDC said in a press statement on Wednesday.
The agreement was signed by UDC president and CEO Ibrahim Jassim al-Othman and Mohammed Al Hamad Al Mana Group CEO Abdulaziz Mohamed Hamad al-Mana during a signing ceremony at the Oyster Building in The Pearl-Qatar on Wednesday.
Al-Othman said 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”.
Artist's perspective of '04 Mall's' facade.
He said the decision to locate the new mall in The Pearl-Qatar is part of UDC’s continuous efforts to develop the island and equip it with facilities of the highest standards.
“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,” he said.
Al-Mana said, “04 Mall will be our fourth community mall project, adding to our portfolio of 40,000sqm 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 of QR1.6bn worth of investments in The Pearl alone.
“This not only reflects our active support of Qatar’s urban development but also 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.
“The shopping mall will become a distinctive community destination, offering a unique shopping experience that fulfils the needs of both the residents of The Pearl and those living in adjacent areas around West Bay.”
Al Mana said the three-storey shopping complex would 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 of the new shopping centre, is an area noted for its beachfront with buildings developed in a semi-circular design and outdoor leisure facilities, such as swimming pools, open-air parks and a beach. The area is also home to La Plage Villas, a part of the island that will feature high-end architectural designs and colourful facades that are rich in details.
The Pearl-Qatar witnessed a number of construction project milestones recently, including the laying of the foundation stone for the latest residential development, Al Mutahidah Towers, located in Viva Bahriya, which would include 480 residential units, and the construction of 10 prototype villas in Giardino Village that would be available for sale shortly.
UDC had previously announced that it recorded a QR318mn net profit for the first half of 2017 with a 32% year-on-year increase in revenues.