(MENAFN- The Peninsula) Lani Rose R Dizon |
The Peninsula
Qetaifan Projects, a leading Qatari Real estate development company fully owned by Katara Hospitality, and Dar Al Arkan, a leading real estate company in Saudi Arabia have unveiled the QR1bn seafront residential project 'Les Vagues residences by Elie Saab' at the Qetaifan Island North (QIN).
The premium residential project, which is said to be the first of its kind in Qatar, will have five buildings featuring one, two, and three-bedroom seafront residences with interiors styled by the world-renowned designer. Qatar will be the third destination for Elie Saab, after similar residential projects have also been previously launched in London and Dubai. The upcoming luxury property project also marks the Saudi-based company's first entry into Qatar post-blockade.
Managing Director at Qetaifan Projects Sheikh Nasser bin Abdulrahman Al Thani and Chairman of Dar Al Arkan Real Estate Development Company Yousef Al Shelash have signed the partnership agreement for the project at an unveiling ceremony held at the QIN recently.
Le Vagues, which means waves in French, have been exquisitely designed as an ode to luxury island life. The residences include a total of 348 units, with a variety of balconies and terraces and floor-to-ceiling windows for residents to enjoy uninterrupted panoramic views of the glistening waters at Qetaifan Island North, in addition to Doha's ever expanding skyline.
Work on the development project will start in the second quarter of 2022, while construction for the residences will begin by January 2023, with a planned delivery three years after the construction date.
Total sales for the project are expected to reach over QR1bn, according to officials.
In his speech, Sheikh Nasser said:“Following our concerted efforts to provide the local market with international standards that work on developing and revitalising sectors such as tourism, hospitality, entertainment and of course real estate development, we are happy to bring a new innovative project to Qatar. We're looking forward to working with Dar Al Arkan and Elie Saab, a global pioneer in design, on this premium project that is unlike any other in the region. Qetaifan Island North is being developed as the first touristic entertainment destination in Qatar, that will put the country on the regional and global tourism map, and Les Vagues residences is an integral project within the masterplan of the development”.
Chief Operating Officer at Qetaifan Projects Hesham Sharaf added:“We are very pleased with the achievements Qetaifan Projects has made in the span of four years; and the success it will witness in the future. Innovation has become an important competitive advantage that should be integrated within the real estate value chain. Qetaifan Projects aims to deliver unrivalled real estate innovative projects, and to create safe and sustainable investments that will carry the name of Qatar, contributing to the country's economy and in line with the National Vision 2030”.
Also speaking during the event, Al Shelash highlighted Qatar's promising real estate sector, and said:“We really believe in the Qatari market, and we also believe we are in the sweet spot, with only few months before the FIFA World Cup. This is a good opportunity to showcase the luxury property project, with the whole world being here”.
Vice-Chairman at Dar Al Arkan Properties Ziad El Chaar added that plans are afoot, which include collaborating with the Hamad International Airport and Qatar Airways in promoting the upcoming real estate project to local and international investors.
He said:“One of the key elements in international real estate development is connectivity. And you have here in the city one of the biggest airports in the world, and the best airline in the world. We have all the ingredients to attract both local and international investors“After our successful project launch with the master of design himself, Elie Saab, in Riyadh we're collaborating for a second time on a premium residential project in one of the region's most sought-after developments. Our project on Qetaifan Island North is unique and builds on the Dar Al Arkan's strategic aspirations of regional and global expansion through superior, high-quality real-estate projects that cater to discerning clientele from across the world,” El Chaar added.
Commenting on the announcement, Elie Saab said:“We are delighted to collaborate with Qetaifan Projects and Dar Al Arkan on this premium residential project that is inspired by the natural beauty of the island and its magnificent surroundings. Les Vagues is a project that embodies architectural and lifestyle expression of our brand and complements my vision of delivering exceptional and timeless experiences through luxury real-estate projects that are unmatched globally”.
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