(MENAFN- The Peninsula) By Sachin Kumar / The Peninsula
DOHA: United Development Company (UDC), will launch a new island project next month that will span over 300,000 square metre (sqm) and will accommodate around 6,000 residents. The company also plans to invest around QR5.5bn over the next five years in its various projects.
'In UDC's efforts to diversify its offerings, a state-of-the-art new island project which is an extension of The Pearl-Qatar, is being launched in 2018. It is being designed to have an aquarium-style waterpark, an air-conditioned outdoor boardwalk, a green park and a waterfront retail esplanade that will attract brands to Doha, said Turki bin Mohammed Al Khater, Chairman of UDC, addressing shareholders at company's Annual
Ordinary and Extraordinary General Assembly Meeting held yesterday at Marsa Malaz Kempinski Hotel.
'In addition, the project will have various real estate offerings, including beachfront and waterfront villas of different categories and independent islets, all in a modern architectural design. This unique project will attract a warm, welcoming community whose residents are seeking an urbane and vibrant lifestyle, he added.
UDC will invest around QR2.5bn in the island project which company expects to finish by the end of 2021.
The Board of Directors' recommendation for distribution of equivalent to QR442.6m of dividends, representing12.5 percent of share capital and equal to QR1.25 for each share was approved in the meeting.
'Moving forward, UDC's cumulative investment for major new projects, over the period 2018 2022, is estimated to be QR5.5bn, which illustrates our strong commitment to continue the exceptional development work, he said.
'Despite the economic uncertainties that prevailed during the year, 2017 results were still positive. This demonstrates that UDC has a viable business model with the flexibility necessary to access diversified revenue streams as needed to sustain satisfactory financial results even in turbulent times.
Al Khater pointed that increase in retail leasing at The Pearl reached 24 percent in 2017, while residential occupancy rate remained constant in comparison to 2016.
Ibrahim Al Othman, UDC President & Chief Executive Officer of UDC described 2017 as being another productive year for UDC.
'Good financial results were achieved under challenging conditions, the pace of development of The Pearl-Qatar continued to accelerate in a cost effective manner and the ‘customer experience' of residents, retailers and visitors at The Pearl-Qatar was further enhanced, he said.
'Major sales of land were concluded in 2017 with multiple developers for the construction of a Commercial Mall and Mixed Use Facilities. These sales demonstrate that non-UDC developments on the island are commercially viable.
He also noted that, 'recurring revenue from the leasing of residential and retail units held steady year over year, reaffirming that The Pearl-Qatar was a popular place to live, dine and shop.
In addition, he advised that 'The Pearl Tower 1 was now complete and ready for occupancy. This world class office tower was in the process of being leased with 13,132 sqm, equivalent to 24 percent of total leasable area, currently under contract for 2018.
Key developments on the island that are currently in progress include Al Mutahidah Towers, Giardino Village, and Floresta Gardens (under design stage). Each of these developments are being designed with the specific intention of further enhancing and diversifying the residential offerings on the island, attracting more investors, residents, visitors and retailers, and sustaining The Pearl-Qatar's viability for years' to come.
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