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Tribune news network
Doha
United Development Company (UDC), the master developer of The Pearl-Qatar, has signed an agreement with Mohammed Al Hamad Al Mana Group covering the sale of land plot located on the island at La Plage South district.
The land will be used for the construction of a commercial mall, to be known as"04 Mall", which is scheduled to open its doors to the public in the third quarter of 2018, according to a press release issued on Wednesday.
The agreement was signed by Ibrahim Jassim al Othman, President & CEO of UDC and Abdulaziz Mohammed Hamad al Mana, CEO of Mohammed Al Hamad Al Mana.
Othman said,"The investment of Al Mana in The Pearl-Qatar reflects a growing confidence of the local business sector in the development of the island and its investment potential. It also serves as a further testament of The Pearl-Qatar's position as the retail shopping destination of choice in the country."
He said the decision to locate the new mall in The Pearl-Qatar comes as part of UDC's continuous efforts to develop the island and equip it with the highest standards of facilities.
"These amenities are allowing residents, visitors and investors alike to enjoy a uniquely satisfying experience and comprehensive lifestyle that only The Pearl-Qatar can provide," Othaman added.
"04 Mall will be our fourth community mall project adding to our portfolio of 40,000 sqm of already open retail spaces around Doha targeting vibrant community areas,"al Mana said.
"We are already a major real estate player in the Qatari market with QR1.6 billion investments in The Pearl alone. This not only reflects our active support of Qatar's urban development, but echoes our confidence in The Pearl's appeal as a retail anchor that houses one of Doha's fastest growing communities and attracts a significant number of visitors; both crucial elements for the success of our business."
He said the shopping mall would become a distinctive community destination, offering a unique shopping experience that fulfills the needs of both the residents of The Pearl and those living in adjacent areas around West Bay.
Announcing the details of the shopping complex, al Mana said, the mall would encompass three stories and provide ample covered car parking spaces.
"In addition to three major department stores, a supermarket, a five-screen cinema and a gym, there will be a variety of restaurants, convenience stores, cafes, innovative concept shops and family and entertainment designated areas plus other facilities,"he added.
La Plage South, which will be home to the new shopping centre, is an area noted for its magnificent beachfront, with buildings developed in a semi-circular design, and outdoor leisure facilities, such as swimming pools, open-air parks and a tantalising beach, a statement said.
The area is also home to La Plage Villas, an enchanting part of the island that will feature high-end architectural designs and colorful facades that are rich in details, the statement added.
Meanwhile, The Pearl-Qatar has witnessed a number of construction project milestones recently, including the laying of foundation stone for the latest residential development, Al Mutahidah Towers, located in Viva Bahriya. This will include 480 residential units, and there will be construction of 10 prototype villas in Giardino Village, that will be available for sale shortly.
UDC recently announced its half-year financial results for the year 2017 with year-over-year revenue growth of 32 percent and net profit of QR318 million.
