“THE LAND”, a Middle East based real estate development company operating across the region, announced the completion of their piling on the first 2 towers of its project in the Porto Arabia harbour district of The Pearl-Qatar. THE LAND is investing over 2 Billion Qatari Riyals in the construction of 7 towers, which began in January 2006 and is estimated to be ready for occupancy by the beginning of 2008.
“We are proud to announce that we are one step closer to completing this prestigious project. As the primary promoters of the Pearl-Qatar, we strongly believe that the island development represents one of the premier investment opportunities in the Arab world today”, remarked Salam Said, Managing Director of THE LAND.
With high liquidity, investment in Qatari real estate is extremely attractive and the market is set to grow by 50% this year as the government pumps money into infrastructure and oil and gas development. The burgeoning economy is expected to double in the next 5 years to around $70 billion and is already attracting up to 120,000 expatriates each year accelerating a demand for real estate in what is already one of the world’s fastest growing economies. As part of an effort to open up the real estate sector in Qatar and attract foreign investment, the government will allow freehold ownership at The Pearl. Property owners are entitled to apply for a residency visa upon the purchase of a property. It will include family visa and is valid until the resale of the property.
The Pearl-Qatar is one of several mega projects being developed in the country at the moment. An iconic marine style development located at a prime site in Doha; it is set to put Qatar on the map as one of the leading destinations for superior living and quality lifestyles. One of the largest developments at Porto Arabia is being built by THE LAND and the project will provide all the amenities and features of a 5-star hotel. The apartment blocks offer a mix of studio, one-to-five bedroom apartments and penthouses, and will incorporate the highest quality finishing with the latest in technology.
The penthouse apartments are the most lavish option in THE Land’s 7 tower development, bringing a new definition to the concept of luxury living. The clean lines and soft colours used internally are designed for those who expect nothing but the best, and with spectacular views over the Pearl-Qatar, this lifestyle in the sky provides an opportunity to be part of Porto Arabia’s vibrant community whilst retaining the exclusivity of penthouse living.
At the heart of Porto Arabia is its unique shopping and dining promenade. With over 60,000 square meters of retail, restaurant and entertainment districts reminiscent of the traditional Mediterranean port cities complete with a working lighthouse, Souk, fashion galleria, public playground, shoreline gardens and outdoor amphitheatre with floating stage. The boardwalk of Porto Arabia is indeed a shopper’s paradise - an exciting blend of business and community and the perfect mix of traditional and modern. It features an emporium for all things nautical, the Chandlery, complete with a working lighthouse, evoking images of an historical port resort, and offering everything from water sport rentals and nautical maps to the finest seafood restaurants.
The land is one of the most eagerly anticipated real estate developments at Porto Arabia in Qatar and indeed the entire region today. The completed project will herald a new vista of chic Mediterranean lifestyles and high-end living.
THE LAND’ is a GCC based company that operates across the Middle East region, with operations in Qatar, Jordan, Bahrain and Kingdom of Saudi Arabia. THE LAND comprises a team of successful businessmen from Saudi Arabia and Qatar, with extensive experience in investment, finance, retail and large scale construction projects. The company has announced its plan to build 7 residential towers at the Porto-Arabia district of The Pearl-Qatar, investing over 2 Billion Qatari Riyals for its first project in the country.
ABOUT THE PEARL-QATAR
This US $2.5 billion offshore, Riviera-style man-made island, covering 985 acres of reclaimed land, is Qatar’s first international real estate venture, the largest real estate development in the country and the first to offer freehold and residential rights to international investors. It will create over 30 kilometres of new coastline.
The Pearl-Qatar’s name and location, on a former pearl diving site, leverages the country’s traditions, and strong historical and cultural ties to the sea – it is an island rediscovered.
The Pearl-Qatar will eventually house over 35,000 residents in an up-scale, multi-cultural residential community which will be a secure and exclusive island retreat bringing the ambience and lifestyle of the Mediterranean to the heart of Arabia.
The 3-phase development comprises 10 distinct districts to be developed over five years, with the first investors expected to take up residency in late 2007. The Riviera Arabia themed districts will house three luxury hotels, three marinas, with combined mooring for over 700 boats, and 100,000 square metres of luxury retail and restaurant space.
The Pearl-Qatar is being built 350 metres offshore the West Bay Lagoon area of the country’s capital, Doha. Whilst offering an exclusive retreat, the island will also be closely integrated with, and have easy access to, the capital’s thriving community. Dredging work for The Pearl-Qatar is currently underway; the completed project build-out is due for completion in 2009.
The Pearl-Qatar is being developed and promoted by United Development Company (UDC), Qatar’s largest private sector shareholding company.
