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Tribune News Network
Barwa Real Estate has announced to offer additional new apartments for ownership at its Dara (A) project in Lusail City
According to the company, residential units in Building A1 is now available to investors wishing to own property. The building provides 142 apartments of various sizes for
“This step comes after the success achieved by the sales of Building A2, where the sales reached about 80 percent, out of the total 129 apartments offered by the building despite the COVID-19 pandemic. This brings the total number of buildings offered for sale in this pioneering project to three buildings,” the company said.
Dara (A), the first phase of the Dara project, offers four five-storey buildings that provide 271 apartments, including 94 one-bedroom apartments, 139 two-bedroom apartments, and 38 three-bedroom apartments, in addition to providing 365 underground parking spaces. More units in Building A1 will also be offered for sale in the coming months. The sale of units will be managed by Waseef, a subsidiary of Barwa Real Estate Group.
The pioneering project with its modern design and strategic location in the north of Fox Hill area in Lusail city is an attractive architectural monument in this modern city, and it is an added value to Qatar’s residential market. It reflects the company’s goals to be home to a sustainable community that meets the requirements of modern life.
The city of Lusail is witnessing a large urban movement and is considered part of the great development witnessed by Qatar, and it is one of the most promising and integrated cities in terms of its services.
Barwa completed Dara (A) development in 2019 and began offering its units for sale in the second half of the last year. It reflects the Group’s vision and strategy and its foresight with the ‘build to sell’ model to comply with the great development witnessed by Qatar’s real estate market. It complies with the new legal and economic legislation related to the real estate sector in Qatar.
The latest resolution of Qatar’s Cabinet specifies the areas in which non-Qataris may own and use real estate, and the conditions, controls, benefits and procedures for their ownership and use of it. Lusail City is one of the ar eas of the freehold right included with this decision.
The decision increased the number of non-Qatari real estate ownership areas to 9, and non-Qatari use of real estate to 16 areas, in addition to creating new advantages whereby Qatari and non-Qatari investors can own a separate unit in a residential complex. This is in addition to owning separated units (offices and shops) in commercial malls, in areas other than those stipulated in the decision, which in turn will contribute to a major leap in the expansion of the real estate market in the country.
Lusail City is one of the freehold areas that create new investment opportunities for Barwa Real Estate Group as the Group owns a huge land bank in Lusail City, extending over an area of 3.5 million square meters.
Barwa Real Estate is currently evaluating the most appropriate development plan for its land stock in Lusail City through feasibility studies for potential opportunities, and through a mix of ‘build to sell’ and ‘build to lease’ models with the aim of enhancing returns in the short and long term.
The company also aims to add a distinct destination to the city of Lusail in particular and the country in general, through the diversity of the proposed uses and the integration of facilities there.
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