Doha - First Qatar Real Estate Development Company, a firm set up by GCC owners and with headquarters both in Qatar and Kuwait, yesterday unveiled a $350m (QR1bn) investment in The Pearl Qatar project over the next three years.
"First Qatar continues its successful investment policies in the burgeoning real estate sector in the region and particularly in Qatar. The company is very keen in investing in the luxurious and prestigious residential and commercial projects and made it a strategic choice for its development process", the company's Chairman and CEO Fahad Al Ghunaim told a news conference here yesterday.
He added that First Qatar is also looking into other opportunities Pearl-Qatar project. At a later stage, as per the company's expansion strategy, it may own and develop properties in Qatar in accordance with the Qatari property ownership regulations.
The company has secured four beach-front plots with a 35,000 sq.m total area in different districts within The Pearl-Qatar project, including in Porto Arabia to be developed in Phase 1, in Viva Bahreya in Phase 2 and in Abraj Quartier in Phase 3 where several mid and high-rise residential towers for residential and commercial purposes are to be built.
In the company's First Towers (phase 1 project) at The Pearl Qatar, a total of 205 units are to be built ranging from studio up to five bedroom luxury penthouses. There will be a total of four towers built in the 35,000 sq.m. area with one tower to be built in Phase one, two towers in the second phase and a 35 storey residential building is being planned in Phase 3 of the project.
Al Ghunaim said that First Qatar has been since it was launched focused on building real estate units of special nature with the utmost luxury standards in the First Towers so that its investors can get high level of returns on their purchases. "First Qatar is also giving loans and facility for individuals and companies opting for residential units in The Pearl Qatar Project at comfortable terms," he said.
He said that the Qatari Arabian Construction Company (QACC) with which First Qatar had signed an agreement, has pledged to deliver the residential units in the First Towers project in August 2008.
© The Peninsula 2007
