(MENAFN - The Peninsula) By Sachin Kumar | The Peninsula
DOHA: Prime Minister and Interior Minister, H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani, launched United Development Company's (UDC) QR2.5bn Gewan Island project yesterday.
The Prime Minister and Interior Minister unveiled company's mega real estate project after opening the seventh edition of Cityscape Qatar exhibition at Doha Exhibition and Convention Center.
The Prime Minister toured the pavilions of the exhibiting companies, starting with Qatar Railways Company (Qatar Rail), where he attended the signing ceremony of joint agreements with the company.
Minister of Transport and Communications, H E Jassim bin Saif Al Sulaiti, also witnessed the signing ceremony. He said that Cityscape Qatar 2018 will contribute to supporting the national economy by promoting various development projects in real estate and other projects.
The four-day exhibition is witnessing participation of several big names in Qatar's real estate market such as UDC, Ezdan Holding Group, Qatari Diar, Barwa Real State, Msheireb Properties and other reputed firms.
Gewan Island, UDC's latest real estate project next to The Pearl-Qatar, spans across 400,000sqm with a total built up area of 388,000sqm. The project, which is expected to be completed by the end of 2021, will accommodate 3,000 residents and 6,000 visitors including working professionals, bringing the total number of daily visitors to 9,000.
'We are pleased to unveil the model of Gewan Island, which celebrates the diverse urban landscape and real estate mix along The Pearl-Qatar. The innovative and modern island responds to the requirements of the community and its cultural needs, providing a distinctive mix of properties including entertainment, retail and residential units,said Turki bin Mohammed Al Khater, Chairman of UDC.
'The island is surrounded by green spaces that reflect our commitment to providing a sustainable environment for residents. We are confident that the local market will attract domestic and international capital with high investment returns, he added. The island will be home to 611 units, including 558 apartments, 26 waterfront villas, 21 beach front villas, and six island villas in addition to 21,000sqm of retail space and a number of residential buildings.
'After closely examining a number of real estate projects, we chose to develop Gewan. This project is part of our long-term commitment to diversifying our income sources and investments while undertaking leading residential and investment projects in the local real estate market in order to achieve the best returns for shareholders and investors, said Ibrahim Jassim Al Othman, President & CEO of UDC.
'Gewan's development is part of UDC's five-year strategy which involves QR5.5bn worth of investments of which approximately QR2.5bn in Gewan Island.
This strategy reflects our strong commitment to continuing our exceptional development work, improving our services, upholding our partnerships and contributing more broadly to diversifying Qatar's economy in line with the requirements of Qatar National Vision and its development strategies, he added. The island includes a theme park, an air-conditioned outdoor ‘Crystal' boardwalk which acts like the island's spine, a green park and a waterfront retail esplanade that will attract new brands to Doha. The island will also be home to entertainment facilities, a sports club and a mosque.
The island, which derives its name from the full-round, pink-tinted and perfectly shaped pearl from Qatar's marine heritage, will support a mix of property types, catering for different accommodation and investment needs.
The island was designed as an extension to The Pearl-Qatar, offering its residents a comprehensive living space merging entertainment and retail outlets with smart technologies. It is expected to attract a warm, welcoming and youthful community seeking an urbane and vibrant lifestyle.
UDC also announced launch of second stage sale of properties at Giardino Village and third phase of sales at Al Mutahidah Towers.