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Satyendra Pathak
Doha
Qatar's mega realty firms Regency Group Holding and United Developers announced four new projects worth QR7.5 billion at the ongoing Cityscape Qatar exhibition in Doha on Wednesday.
Addressing a press conference to announce the new projects, Regency Group Holding Vice-President and CEO Hassan Ibrahim al Asmakh said the first project is Le Petit Paris, which is the second phase of the mixed-use multi-billion-dollar Place Vendome project being developed by United Developers.
To be launched in 2019, Le Petit Paris will have more than 350 apartments, more than 260 rooms, a hotel, a number of cafes and trendy shops.
The second project, Al Khuraij Towers, located in Lusail City, will consist of three towers and over 250 apartments, in addition to amenities and entertainment facilities that will feature world-class technology. This project is currently under construction, Asmakh said.
The third project is the second phase of Abu Sedra with more than 700 luxury villas with the latest environment-friendly technology. It will include service and leisure facilities and green spaces, and will be started soon.
The fourth project is being planned for the establishment of a new logistics area, Asmakh said.
All these projects will be completed well in advance before the 2022 Fifa World Cup, he said, adding that the upcoming projects would complement their existing portfolio.
The announcement of a raft of new real estate projects in Qatar despite the ongoing blockade, he said, is proof that Qatari economy is resilient.
"The blockade has in fact strengthened the partners' resolve and belief in the economy noting the incredible oportunities in manufacturing, retail, and logistics aided by the government's significant investments in world-class infrastructure including air, road, and rail networks," he said.
"We will continue to capitalise on the opportunities given to us to carry on our investment in Qatar, in the economy, the people, and the country," Asmakh said.
He noted the support provided to the project from all government authorities and Qatari Diar in expediting approvals and being integral in the development and completion of the project was very encouraging for the real estate sector in the country.
Commenting on their participation in Cityscape, he said that the partners in Place Vendome and Regency Group Holding wanted to demonstrate their combined strength across all asset classes in Qatar.
From Place Vendome, to Villaggio Mall, to towers at the Pearl, the towering Al Asmakhcommercial office in West Bay, and the Logistics' Park, the group has proven its ability to tailor real estate solutions for all.
"Cityscape gives us the opportunity to demonstrate strength in unity," he said.
