United Development Company to launch new, ambitious QR2.5bn Island project
The United Development Company (UDC), the master developer of The Pearl-Qatar, will soon launch a new, state-of-the-art island project as part of UDC’s estimated QR5.5bn investment over the next five years.
UDC chairman Turki bin Mohamed Al Khater, who presided over the company’s annual general meeting at the Marsa Malaz Kempinski, said the 300,000SqM island would be an extension of The Pearl-Qatar, reported Gulf Times.
The new devlopment is expected to accommodate around 6,000 residents. UDC will invest around QR2.5bn into the island project, which is expected to finish by the end of 2021.
“In UDC’s efforts to diversify its offerings, the island project will be launched in 2018. It’s being designed to have an aquarium-style waterpark, an air-conditioned outdoor boardwalk, a green park and a waterfront retail esplanade that will attract brands to Doha,” Al Khater was quoted as saying by The Peninsula.
“The project will also 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,” he added.
Al Khater said the new island project was part of the company's QR5.5bn five-year (2018-2022) expenditure plan to develop major new projects.
Work on reclaiming land for the new island project will begin in July, according to UDC President and Chief Executive Officer Ibrahim Jassim Al Othman.
While UDC will develop the overall infrastructure of the new island, local and international developers will be invited to take part in various other projects on the upcoming island, reported Qatar Tribune.
Besides the initial QR2.5bn investment by UDC, developers would be required to invest additional QR600m to complete all related projects on the island.
The name and other details of the new island, which will be developed adjacent to the Pearl Qatar, is expected to be revealed next month.
Besides the new island project, UDC is also carrying out work to further develop The Pearl Qatar. Key developments on the island that are currently in progress include Al Mutahidah Towers, Giardino Village, and Floresta Gardens.
Work to build a hospital and international school on the island is also expected to start this year.
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