United Development Company (UDC), the master developer of The Pearl-Qatar, will develop a new 300,000-sq-m island project as an extension of The Pearl-Qatar.

 

The new island will be part of UDC’s QR5-5 billion ($1.51 billion) estimated investment for the next five years, said a Gulf Times report.

 

UDC chairman Turki bin Mohamed Al Khater, who presided over the company’s annual general meeting, said the project will feature an aquarium-style water park, an air-conditioned outdoor boardwalk, a green park, and a waterfront retail esplanade “that will attract brands to Doha.” 

 

In addition, the project will have various real estate offerings, including beachfront and waterfront villas of different categories and independent islets, “all in a modern architectural design”. 

 

“This unique project will attract a warm, welcoming community whose residents are seeking an urbane and vibrant lifestyle,” Al-Khater told shareholders.

 

Al-Khater also highlighted that UDC's business strategy remains focused on creating opportunities and partnerships, achieving growth, minimising risks and sustaining progress. 

 

He said: “The board has astutely directed the company to progress the new opportunities that are being generated on the island so that UDC can continue to profit from the mutually beneficial relationships that businesses at The Pearl-Qatar naturally attract.”

 

The Gulf Times report quoted UDC president and CEO Ibrahim Jassim Al-Othman as saying the new island project is expected to be completed “by the end of 2021”. UDC will officially launch the project next month and construction work “starting in July this year”, he said.

 

The island is expected to accommodate around 6,000 residents once fully completed, said Al-Othman said.

 

Al-Othman told the meeting: “The full development of The Pearl-Qatar is starting to take shape and glimpses of brilliance abound. These are very exciting times for everyone involved and I am confident that with continued dedication and hard work, 2018 will be a remarkable year for UDC, and another great step forward in our collective journey.”

 

Al-Othman continued: “Major sales of land were concluded in 2017 with multiple developers for the construction of a commercial mall and mixed-use facilities. These sales demonstrate that non-UDC developments on the island are commercially viable”. 

 

He said the Pearl Tower 1 was now complete and ready for occupancy. This world-class office tower is in the process of being leased with 13,132 sq m, equivalent to 24 per cent of the total leasable area, currently under contract for 2018.”

 

Key developments on the island that are currently in progress include Al Mutahidah Towers, Giardino Village, and Floresta Gardens (under design stage). Each of these developments is being designed with the specific intention of further enhancing and diversifying the residential offerings on the island, attracting more investors, residents, visitors and retailers, and sustaining The Pearl-Qatar’s viability for years’ to come, he said.