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Ezdan Real Estate CompanyEzdan Real Estate Company
has revealed its ambitious plans to be one of the world's biggest real estate developers. With the aim of attracting the middle income segment in the local market, EzdanEzdan's current domestic real estate investment portfolio is in excess of $1bn. The company is currently planning on building the largest amount of residential units for middle income families, as well as the largest number of a variety of projects such as malls, schools and all real estate activities that cater to the middle class needs.
One of the many projects that EzdanEzdan is currently developing in Qatar is five residential complexes in Wukair which will house 2100 residential units, and two buildings which houses 420 residential units.
The Managing Director of EzdanEzdan Hesham Al Sahtary revealed in an interview the company's current and future plans. The following is an excerpt of the sit-down with Al Sahtary: Work in progress at one of EzdanEzdan's housing projects.
Given the reviving real estate market in Qatar, what is your interpretation of the near future real estate market?
We have very good faith in the Qatari economy, and in our opinion is that there is a shortage of residential units in Qatar for the near future.
Qatar has managed to strongly and stably overcome the global economic downturn, making it ranked the third least affected country after Denmark and Singapore, and with the development of the oil and gas sector in Qatar, and the rise in oil and gas prices, the Qatari market will still need a more real estate developments to meet the increasing demand for them.
The governments move to buy a stake in the domestic banks, and the real estate funds assures us (real estate developers) of our promising future plans in Qatar.
Has the Qatar's Investment AuthorityQatar's Investment Authority's (QIAQIA) decision to buy a stake in the real estate funds in Qatari banks had any reflection on the current local real estate market?
The plan taken by QIAQIA has put back faith in the market and the banks, which will result in having banks continue to give out loans to developers and investors, given they do a careful credit check on entities seeking a loan.
The move can be interpreted as a positive move by the investors, and will encourage them to further invest in Qatar.
Most companies and rely on bank loans to finance their projects, what is EzdanEzdan's current situation regarding that, and are you facing any financing difficulties?
We at EzdanEzdan have no problems in financing our real estate projects, quite the contrary, our company's returns have been sufficient in financing our projects. We have received some financing offers from banks but we currently don't need them, our strong returns have been enough for our financing needs.
What philosophy is EzdanEzdan currently taking in the local market?
We are currently concentrating on the biggest segment of society here in Qatar, which are the middle income investors and individuals. We are currently presenting high-class properties with reasonable and calculated prices, and we have successfully accomplished our projects according to our set schedule and estimated costs.
This month we will be beginning a heavy marketing campaign locally, fit for the size of our company which is ranks as the third biggest real estate company in the Gulf, after UAE based Emaar, and Saudi based Dar Al Arkan.
Our aim is to be one of the biggest real estate developers in the world in 5 years time, and we have robust plans to back us in achieving that goal.
You have recently showcased your projects at the Qatar Property Exhibition, what were you able to achieve at this fair?
The Qatar Property Exhibition has been a very successful experience. It has given us the chance to display our future projects as well as see what other developers are doing, as well as opening prospects of going into partnerships with other companies. We have been offered by more than one partnership with individuals and companies which we are now studying.
What are some of the projects EzdanEzdan will be revealing in the near future?
We have many projects planned, of which, some of the most prominent is a 5 residential complexes in Wukair, which will include 2100 units, as well was 2 towers that will house 420 residential apartments.
A mall in Al Wakrah with a 69,000 square meters of retail space is in plan, as well as a mall and school in Al Gharrafa. Some of the other developments in plan include a villa complex, a hotel and clinic facilities in the north road highway.
What is the size of the company's investments in the local market?
Our investments in the local market is in excess of $1 bn, for the next few years. But if we compare the cost tagged to these projects compared to the local market price, you'll find that there is a big difference. This is mainly because we are one of the few real estate companies that develop the projects using its own contractors.
Are there any plans for the company to expand their projects outside of Qatar?
We currently don't mind looking into developing projects outside of Qatar, given that it would incur promising returns that would overcome the risk involved in international real estate development.
We have been offered to develop projects outside of Qatar, but we have not taking any decision on that yet. We have plans on expanding globally, but only after we finish our current projects planned in locally.
If we do take the move to develop properties globally, we will begin by developing projects in the Middle East region, and then move globally. That is the 5 year plan we are moving in currently.
What do you believe is the yearly demand for residential units in Qatar?
For the middle income sector in Qatar, there is a need for around 20,000 residential units annually.
When will the Wakrah project be finished, and what will the rental prices be at those residential units?
Some of the complexes will be completed by the last quarter of this year, and there will be 4 projects completed at the first quarter of next year. We are currently studying the pricing for these units.
Will they be priced lower than the current market price?
Our projects in Wakrah will be priced at rates that will surprise many. Our aim is to have very competitive prices compared to the market price, because our projects will include a wide variety of residential villas and apartments.
The prices will be announced during our marketing campaign over the next few months, but they will definitely be surprising to many and will be less than market pricing.
© The Peninsula 2009
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