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Barwa plans 12,000 housing units by 2020

DOHA, May 2, 2016

Qatar-based Barwa Real Estate Group plans to complete the work on 12,000 residential units within the next four years in line with its commitment to provide homes to citizens at reasonable rents, said a report.

Barwa, which has an existing 4,000 residential units, is aiming for the expansion as part of the group’s QR15-billion ($4.1 billion) business plan (2016-2020), unveiled last year, reported Gulf Times, citing its top official.

"Most of our projects will be on housing, focusing on residential mid and high-mid segments. This year, they include Dara in Lusail, Barwa Village, which will be an extension of the existing Barwa Village, and hopefully, Barwa Doha," remarked Group CEO Salman Mohamed Al Muhannadi.

On the Barwa Doha project, the top official said the group intends to complete all 1,970 apartments by early 2018.

"We are going to focus on the residential mid and high-mid because the gap is very obvious in that segment, and most likely the gap will continue to increase and the requirement for additional supply will continue to grow," noted Al Muhannadi.

When asked on the ‘reasonable rent rates,’ he said: "We cannot reveal the levels of rent we are anticipating but we feel that it is part of our national duty to maintain a reasonable level of rent."

"Reasonable house rental is our priority right now, and hopefully, we are going to give the market with prices that will be perceived as a ‘reasonable rent rate’. Most of our units now are considered to have the most reasonable rates in the market," he added.

Al Muhannadi said the company aims to implement the ‘reasonable rent rates’ formula in its new and upcoming projects.

"This is the challenge we are facing right now. And in order for us to maintain such rents, we have to work very hard in the design and the cost of construction without jeopardising the quality," he added.




Tags: Qatar | Barwa | housing units |

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