21 March, 2005
After last year's highly successful launch of freehold towers around Porto Arabia, the main marina of The Pearl-Qatar, the rediscovered island being reclaimed off the coast of the Qatari capital, Doha, the project promoter United Development Company (UDC) has released the second wave of harbour-side homes in ten, 20-storey towers.
"The first release of West Porto Drive towers sold out within a week and demand from institutional investors has been running high," said Nick Bashkiroff, Development Director, The Pearl-Qatar. "We anticipate similar demand this time around as news of the project has reached the international arena."
The towers overlook Porto Arabia, which will be an international yachting hub with berthing for 400 vessels, and the 2.5 kilometre La Croisette boulevard which skirts the marina and will be a centreplace destination for diners and shoppers.
"These will be among the most fashionable tower apartments in the Arabian Gulf and certainly the region's most glamorous address," said Bashkiroff.
The towers contain upscale apartments, luxury penthouses and elegant adjacent town homes which will be ready for occupation late 2006/early 2007.
The range of one, two, three and four-bedroomed luxury apartments, most with sweeping sea or picturesque views, come in six architectural styles - Monaco, Tuscan, Provencal, Florentine, Catalan and Andalusian - conceived to reflect The Pearl-Qatar's Riviera Arabia positioning.
"Each of the island's 10 districts is themed to reflect a Mediterranean lifestyle in the heart of the Gulf," said Bashkiroff.
The Porto Arabia homes have been designed by Callison Architecture Inc. of Seattle. Luxury interior designs, utilising the finest of craftsmanship and materials from around the world, were recently unveiled.
In all, some 30 towers will surround Porto Arabia, which will also have 60,000 square metres of upscale retail and restaurants.
"It will be a true leisure destination, the lively hub of The Pearl-Qatar, with homes for those who aspire to a Mediterranean lifestyle in a unique setting," added Bashkiroff.
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ABOUT THE PEARL-QATAR
This US $2.5 billion offshore, Riviera-style man-made island, covering 985 acres of reclaimed land, is Qatar's first international real estate venture, the largest real estate development in the country and the first to offer freehold and residential rights to international investors. It will create over 30 kilometres of new coastline.
The Pearl-Qatar's name and location, on a former pearl diving site, leverages the country's traditions, and strong historical and cultural ties to the sea - it is an island rediscovered.
The Pearl-Qatar will eventually house over 30,000 residents in an up-scale, multi-cultural residential community which will be a secure and exclusive island retreat bringing the ambience and lifestyle of the Mediterranean to the heart of Arabia.
The four-phase development comprises 10 distinct districts to be developed over five years, with the first investors expected to take up residency in early 2007. The Riviera Arabia themed districts will house three luxury hotels, three marinas, with combined mooring for over 700 boats, and 60,000 square metres of luxury retail and restaurant space.
The Pearl-Qatar is being built 350 metres offshore the West Bay Lagoon area of the country's capital, Doha. Whilst offering an exclusive retreat, the island will also be closely integrated with, and have easy access to, the capital's thriving community.
Dredging work for The Pearl-Qatar is currently underway; the completed project build-out is due for completion in 2009.
The Pearl-Qatar is being developed and promoted by United Development Company (UDC), Qatar's largest private sector shareholding company.
ABOUT UNITED DEVELOPMENT COMPANY (UDC)
The Pearl-Qatar's developer, UDC, is the country's largest private sector shareholding company with a mission to identify and invest in long-term projects that contribute to Qatar's growth and provide good shareholder value. The company was established in 1999, with an authorised share capital of QR 500 million (US $140 million), was listed on the Doha Securities Market in June 2003, and is a Gulf Business Top 150 company.
UDC's target areas of interest include: infrastructure, energy-intensive industries, downstream hydrocarbons, real estate, construction and environment-related businesses. UDC established the Qatar Dredging Company - a joint venture with the State of Qatar and Belgium's Dredging, Environmental & Marine Engineering NV- and formed Qatar Cool, a district cooling company, in partnership with Tabreed of the United Arab Emirates. UDC is also a partner in Al-Seif Company Ltd - a joint venture with Qatar Petroleum to develop a plant to produce linear alkyl benzene (LAB), which is the main feedstock for detergent manufacture. The plant starts operations in 2006 with a production capacity of 100,000 tons a year. UDC has also invested in the Al Khaleej Formaldehyde Company as a joint venture partner with Qatar Fertiliser Company (QAFCO) and other Qatari investors. Operations began in 2004.
UDC's founders, who at launch held 45% of the shares, are among Qatar's most successful investors and developers. A large number of Qatari and GCC investors are shareholders in UDC.
ABOUT THE STATE OF QATAR
Centrally located in the Arabian Gulf, the peninsula state of Qatar, with 900 trillion cubic feet, has five per cent of the world's proven natural gas reserves. Qatar is the richest Arab nation with a per capita income of US $30,000 per annum.
Eighty per cent of the Qatari population, which is now approaching one million, is based in and around the capital, Doha.
Qatar has strong historical and cultural ties to the sea. Pearl fishing was the traditional mainstay of the economy until oil and gas took over around 50 years ago. Although pearling is no longer a key economic driver, it has left a legacy of skills, stories, music, art and poetry that is a source of identity and pride for Qataris today.
Qatar has growing inbound tourism ambitions with The Qatar Tourism Authority targeting tourism arrivals of 1.25 million in 2005 and Doha International Airport is undergoing huge expansion and new build to cope with anticipated increased passenger traffic. When completed in 2015, the new airport will be able to handle around 50 million passengers a year.
Central to the international promotion of Qatar is the country's flag carrier Qatar Airways - now one of the world's fastest-growing international airlines. Currently serving a growing route network throughout Europe, Russia, the Middle East, Sub-Continent and Asia, the airline plans to serve more than 60 destinations by 2005 and have a fleet of 52 Airbus aircraft by 2008.
Qatar, already host to annual ATP tennis tournaments and PGA golfing events, is fast making a name for itself on all the international sporting event circuits and, in 2006, will host the Asian Games.
The Qatari government has a pro-business stance on foreign investment and is encouraging the growth of the country's private sector, stimulating progress with an active privatisation programme.
*Source: Ministry of Economy and Commerce, State of Qatar.
For further information:
Barbara Saunders,
MCS/Action.
Tel: +971 4 390 2960
Mobile: +971 50 6253327
Email: Barbara.s@actionprgroup.com
Or
Fouad Kassem,
Action Qatar
Tel: +974 465 7704
Fax: +974 465 0385
Email: fouad.k@actionprgroup.com
Or log on to: www.thepearlqatar.com
© Press Release 2005
