Regency Group Holding and United Developers Company are investing over QR7.5bn in four new real-estate projects to complement their existing portfolio, it was announced yesterday at Cityscape Qatar 2018.
Regency Group Holding vice president and CEO Hassan Ibrahim al-Asmakh said the first project is the Le Petit Paris, representing the second phase of Place Vendome – a multi-billion mixed-use development created by United Developers comprising over 350 apartments, more than 260 rooms, business/boutique hotel, and many lifestyle cafes and retail outlets. The project will break ground in 2019.
The second real-estate project is the Al Kharaej Towers in Lusail, which consists of three towers and over 250 apartments, in addition to amenity and entertainment facilities that will feature world-class technology.
This project is currently under construction, al-Asmakh said. The third project is the second phase of the Abu Sidra project, which includes more than 700 luxury villas with the latest environment-friendly technology, service and leisure facilities, and green spaces, “which is expected to start soon.”
A new logistics park, being the fourth project, is currently under wraps, said al-Asmakh, who announced the status of the projects on behalf of Regency Group Holding president Ibrahim al-Asmakh, who is also a partner at United Developers.
According to Hassan al-Asmakh, the blockade has strengthened their partners’ resolve and belief in the economy, noting the “incredible opportunities” in manufacturing, retail, and logistics aided by the government’s significant investments in world-class infrastructure, including air, road, and rail networks.
“We have unshakable confidence in the government’s leadership of the country and in the way that His Highness the Emir Sheikh Tamim bin Hamad al-Thani, God bless and protect him, has led us through difficult times. We will continue to capitalise on the opportunities given to us to carry on our investment in Qatar, in the economy, and the people,” al-Asmakh stressed.
Sean Kelly, project director at United Developers, delivered updates on the development of the Place Vendome project in Lusail. He said the project is 80% complete and will begin hand over to the first of over 570 tenants in September 2018.
“We are buoyed by the feedback received from LVMH’s chief executive officer, Mr Bernard Arnault, during his recent site visit where he confirmed his satisfaction with the progress on the site and the significant efforts of the team delivering the project.”
The LVMH Group has committed many of their luxury brands to the project, including the global leaders like Louis Vuitton, Christian Dior, Fendi, and Sephora, among others, Kelly emphasised.
Kelly also noted the “strong support” from the Kering Group for the project with confirmed locations for their brands like Gucci, Saint Laurent, and Balenciaga, among others.
“The commitment of the luxury retailers gives us great impetus to complete our project to a global standard,” Kelly pointed out. Al-Asmakh lauded the support given to the project by concerned government authorities and Qatari Diar in expediting approvals, and “for being integral in the development and completion of the project.”
On Cityscape Qatar 2018, al-Asmakh noted that the partners in Place Vendome and Regency Group Holding “wanted to demonstrate their combined strength across all asset classes in Qatar.”
“From Place Vendome, to Villaggio Mall, to the towers at the Pearl, the towering Al Asmakh commercial office in West Bay, and the Logistics’ Park, the group has proven its ability to tailor real estate solutions for all,” he stressed.
Kelly added: “Cityscape gives us the opportunity to demonstrate strength in unity.”
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