Aside from upcoming iconic projects like Gewan Island, “branded” properties inside The Pearl-Qatar continue to attract more local and foreign real estate buyers to Qatar, a senior United Development Company (UDC) official has said.
“These ‘branded’ units and buildings will always be an attraction to investors and those who would like to experience the premium range of lifestyle and living,” said UDC president & CEO Ibrahim Jassim al-Othman, referring top-tier establishments like ‘Paramount Residences Doha The Pearl’, Qatar’s first Hollywood-inspired residential tower.
“These projects provide people a different and higher standard of living, which is something that we welcome at UDC, and this is something that we are providing at The Pearl-Qatar, at the moment, and at Gewan Island in the future,” al-Othman told Gulf Times on the sidelines of Cityscape Qatar 2019, which concludes today (October 24) at the Doha Exhibition and Convention Centre (DECC).
Asked to give an overview of the Qatari property market, al-Othman stressed that real estate demand in different sectors across the country is expected to increase further, citing the recently-announced real estate foreign ownership law, the freehold and leasehold laws, as well as the recent reform to the real estate foreign ownership law.
“The appetite is there, especially after the government had announced several legislative reforms, which will encourage more foreign investors to come to Qatar and purchase property and take residency here, and this will drive demand in the country’s real estate market.
“So, we are capitalising on this by providing the products that will fit both Qataris and the expatriate community in the country, and this would hopefully encourage them to invest in The Pearl-Qatar and Gewan Island,” al-Othman pointed out.
Asked about developments at Gewan Island, al-Othman said work being undertaken at the project is on schedule. “Work on Gewan Island is on-track and we are focused in delivering this project. UDC also has very competent contractors, and we are in the process of continuously awarding contracts for the project’s related infrastructure, such as bridges and other amenities.
“We embarked on the construction of Gewan Island first by shaping the island and working on the design and infrastructure starting with the land reclamation; we have already signed the contracts for these activities, which are ongoing and work is non-stop,” he said.
By 2022, al-Othman said a number of projects will be ready, such as the residential complexes in Floresta Gardens and another residential complex in Giordano Village. Also, he said UDC is eyeing to open a number of hotels, including the Hilton Hotel Pearl before the end of 2019, as well as the St Regis Hotel in Marsa Arabia before 2022.
Al-Othman said, “UDC will add to its portfolio 7- and 5-star hotels from six international brands at The Pearl-Qatar and Gewan Island by the end of these phases.”