It's not only beautiful it's also way ahead of schedule. When board members from United Development Company (UDC), owner and developer of the $2.5 billion Pearl-Qatar, concluded a one day tour of the island development recently, they found that over 2.3 million sq m of land had already been reclaimed, over half the total area to date.
The speed at which the project is progressing underlines the excellence that is the hallmark of every aspect of Pearl-Qatar, which has been founded on a determination to position Qatar as a place of superlatives.
The developers
According to UDC, one of Qatar's leading private-sector shareholding companies, to invest in a home at Pearl-Qatar is to invest in a lifestyle, which is exclusive in atmosphere, unrivalled in quality and unique in its Riviera treatment. When complete, it will be an idyllic home for about 40,000 international residents, with the first investors to take up residency in early 2007.
"The Pearl-Qatar is our flagship project," says Hussein Alfardan, Chairman, UDC. "When completed, it will house about 40,000 residents and will boast one of the region's most elegant shopping districts. It's a mix-use residential, retail, entertainment, and cultural development second to none in the region."
The board also reviewed the issues of on-site health and safety, environmental impact of the island, soil improvement and the Porto Arabia quay wall construction by subcontractor Six Construct. "It is important for the board of directors to get a real hands-on perspective of the development work at The Pearl-Qatar," says Khalil Sholy, Managing Director, UDC. "The visit demonstrates their commitment to the project and is a great opportunity to view some of the milestones we have crossed. For example, we have recorded an excellent safety record of more than 3 million accident-free man hours, which is remarkable given the scale of the project."
The project
The Pearl-Qatar's name and location, on a former pearl diving site, highlights the country's traditions, and strong historical and cultural ties to the sea it is an island rediscovered. Its up-scale, multi-cultural residential community will be a secure and exclusive island retreat bringing the ambience and lifestyle of the Mediterranean to the heart of Arabia. It is being built 350 m offshore the West Bay Lagoon area of the country's capital, Doha. While offering an exclusive retreat, the island will also be closely integrated with, and have easy access to, the capital's thriving community. It is just 20 km away from Doha International Airport.
The Pearl-Qatar project is essentially a string of offshore islands with two circular feature harbours that mirror the famous Doha harbour's natural shape. The four-phase development comprises 10 distinct districts to be developed over five years. The Riviera Arabia-themed districts will house three luxury hotels, three marinas, with combined mooring for over 700 boats, and more than 1.6 million sq ft of luxury retail, recreation and restaurant space.
With an estimated net rental yield of around 10 per cent, large floor plans and plots, and a unique location in one of the world's fastest growing economies, The Pearl-Qatar is an outstanding investment opportunity. Since its launch almost a year ago, villas, apartments and land plots have been selling well. That's no surprise.
The latest buzz: The Land, a GCC-based company that operates across the Middle East, has announced its plan to build seven residential towers on The Pearl-Qatar.
The Land is investing over QR2 billion ($ 550 million) in its first project in the country which will be one of the largest at Porto Arabia, the main marina of The Pearl-Qatar.
© Construction World 2006
