Qatar- Final handover of Sidra housing village this month

In October 2018, Mazaya Real Estate Development initially handed over Sidra Housing Village to Qatar Foundation (QF) for it to begin the procedures of inspection for all the housing units and accompanying facilities. QF then requested additional requirements and Mazaya immediately met and completed them within a short period of time. Accordingly, QF has agreed on the final handing-over of the village on April 1, 2019.

Rashid bin Fahad Al Naimi, chairman of the Board of Directors, Mazaya, said that a final agreement has been reached with QF, and despite the current conditions in the real estate market and low rental rates, the current agreement would carry a yield above 12 percent, over a period of 21 years.

Al Naimi thanked QF for its cooperation and support to Mazaya, looking ahead to potential new partnerships and cooperation between the parties in the near future.

Eng. Hamad Bin Ali Al Hedfa, Board Member and CEO, Mazaya, thanked QF for its confidence in awarding the Sidra Housing Village to Mazaya and for its continued support, as the project is considered one of the best current real estate investments in the local market based on the terms of the lease.

Sidra Housing Village has 1,165 residential units covering an area of 145,000 square meters, developed by Mazaya Real Estate Development Company for the Qatar Foundation for Education and Science under Build-Operate-Transfer scheme (BOT) for a period of 21 years.

Sidra Housing Village is considered one of the largest residential compounds in the country in terms of area and number of housing units and facilities. The village contains 1,165 units divided into 2 bedrooms and one-bedroom units, all of which are fully equipped with quality furniture, household appliances, entertainment equipment and housewares.

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