09 March 2016
DOHA: Red Sea Housing Services
(RSHS) Co -- one of the international market leaders that provides high quality living and working environments for industrial and residential communities -- signed a contract with 'Daruna for Real Estate Brokerage, LLC' in Qatar to construct an integrated accommodations facility for 4000 tenants.
The project value is worth over QR144.07m. Construction will begin with immediate effect and completion is expected on July 24, 2017.
RSHS will provide a complete infrastructure and housing development to support a 4000-strong community for Daruna. The facilities include accommodation blocks, indoor and outdoor recreation, utilities, mini-markets, police/security station, a bank, a clinic and other miscellaneous outlets.
Donnie Sumner, President of Red Sea Housing Middle East Division, said: "We are delighted to enhance our footprint in Qatar through this deal with Daruna. The project demonstrates the acute need for high quality, large-scale communities which enable our clients to operate at full performance in comfortable, clean and superior conditions."
The project will be financed from existing bank facilities and internal cash flow. The relevant impact will be reflected in the company's financials starting from Q2, 2016.
© The Peninsula 2016