Barwa Real Estate, one of Qatar’s international real estate and investment companies, announced that over 99% of its ‘Barwa Al Sadd’ project has now been completed. The project is expected to be ready for hand-over during the second quarter of the year.
Barwa has currently leased all housing units and two of three office towers on the project. The third office tower expected to serve as the headquarters of Barwa Real Estate and its subsidiaries. An agreement has also been signed with a leading international hotel chain to set-up on the project, the name of the hotel is expected to be announced at a later stage.
Final project preparations are well underway, following the finalization of work on the development as a whole and Barwa is expected to re-locate to its new headquarters during the second quarter of 2012.
Many reputed local and international real estate and urban development companies have contributed to the design, development and construction of the Barwa Al Sadd project. The total cost of the project amounts to approximately QR2.4bn.
Commenting on the announcement, Abdulla Abdulaziz Al Subaie, Chief Executive Officer of Barwa Real Estate Group said: “The completion of the Barwa Al Sadd project marks an important milestone, which reflects Barwa’s dedication to the project’s planning, development, design and construction over the years.
As we celebrate this moment, I would like to thank all our colleagues and partners who contributed and supported this project to become a reality and a prominent landmark in the Al Sadd area. In the future we look forward to announcing the completion of other Barwa developments that have been under construction over the last few years”.
Located on Suhaim Bin Hamad Road (C Ring) and covering 27.654 square meters, Barwa Al Sadd is considered one of the largest real estate developments and Doha’s largest local project. The project consists of a commercial and residential complex and features three office towers, with two consisting of 21 floors, and the third 18 floors, a five-star hotel is also included.
Centered amidst the three buildings is a 3 floor retail centre, with the first two floors reserved for retail outlets and the third floor expected to house office spaces. On the residential front, the project includes three apartment buildings, each measuring 10 floors and containing 261 flats and a 3-floor basement. A 5-floor building is also reserved for parking spaces and is expected to accommodate up to 1702 cars.
Work at various other Barwa projects is also well underway and expected to be completed on schedule. For instance, Barwa Commercial Avenue, a leading QR7bn mixed-use development that extends up to 8.5 kilometers near the industrial area has already completed the majority of its construction work and is expected to be completed during the second quarter of 2012.
The project provides 547 retail spaces, residential units and office spaces with a total built area of 1 million square meters. The development also offers residents wide spaces for restaurants, grocery stores, pharmacies, shopping malls and other facilities. This leading project is expected to attract young Qatari entrepreneurs and investors, who wish to establish their business activities on a project characterized by modern and unique facilities.
Measuring an impressive 2.7 million square meters and built in two phases in the Mesaimeer area, the Barwa City project has currently completed 96% of construction work. Costing QR7bn, the first phase of the project is expected to be completed during the second quarter of 2012. This stage of the development includes the creation of 128 residential buildings that can provide approximately 6.000 housing units to accommodate up to 25,000 residents.