Mazaya Real Estate Development Company said it has handed over the Sidra Housing Village to Qatar Foundation (QF).
In October last year, Mazaya “initially handed over Sidra Housing Village to QF for it to begin the procedures of inspection for all the housing units and accompanying facilities. QF requested additional requirements and Mazaya immediately met and completed them a short period of time.” QF agreed on the final handing-over of the village on April 1 of this year.
Mazaya chairman Rashid bin Fahad al-Naimi stated that a final agreement was reached with QF, and “despite the current conditions in the real estate market and low rental rates, the current agreement would carry a yield above 12%, over a period of 21 years.”
Al-Naimi thanked QF for its co-operation and support to Mazaya, looking ahead to “potential new partnerships and co-operation” between the parties in the near future.
Hamad bin Ali al-Hedfa, board member and CEO, Mazaya, thanked QF for its confidence in awarding the Sidra Housing Village to Mazaya and for its continued support, as the “project is considered one of the best current real estate investments in the local market based on the terms of the lease.”
Sidra Housing Village has some 1,165 residential units covering an area of 145,000sq m, developed by Mazaya Real Estate Development Company for Qatar Foundation under Build-Operate-Transfer scheme (BOT) for a period of 21 years.
Sidra Housing Village is considered one of the largest residential compounds in the country in terms of area and number of housing units and facilities.