UDC Announces
Sale of Land Lot for Development of Shopping Mall
August 03, 2017
United Development Company
(UDC), the master developer of The Pearl-Qatar, announced the
signing of an agreement with Mohammed Al Hamad Al Mana Group
covering the sale of land plot located on the island at La Plage
South district. The land will be used for the construction of a
commercial mall, to be known as “04 Mall”, which is scheduled to
open its doors to the public in the third quarter of 2018.
The agreement was signed by
Mr. Ibrahim Jassim Al Othman, President & CEO of UDC and Mr.
Abdulaziz Mohammed Hamad Al Mana, CEO of Mohammed Al Hamad Al
Mana Group during a signing ceremony held today at the Oyster
Building in The Pearl-Qatar.
Mr. Ibrahim Jassim Al
Othman commented that he is very pleased to announce this
significant undertaking as the investment of Al Mana in The
Pearl-Qatar reflects a growing confidence of the local business
sector in the development of the island and its investment
potential. It also serves as a further testament of The
Pearl-Qatar’s position as the retail shopping destination of
choice in the country.”
Al Othman added that the
decision to locate the new mall in The Pearl-Qatar is a product
of UDC’s continuous efforts to develop the island and equip it
with the highest standards of facilities. These amenities are
allowing residents, visitors and investors alike to enjoy a
uniquely satisfying experience and comprehensive lifestyle that
only The Pearl-Qatar can provide.”
For his part, Mr. Abdulaziz
Mohammed Hamad Al Mana stated: “”04 Mall” will be our fourth
community mall project adding to our portfolio of 40,000 sqm of
already open retail spaces around Doha targeting vibrant
community areas. We are already a major real estate player in
the Qatari market with a total QR 1.6 billion investments in The
Pearl alone. This not only reflects our active support of
Qatar’s urban development, but echoes our confidence in The
Pearl’s appeal as a retail anchor that houses one of Doha’s
fastest growing communities and attracts a significant number of
visitors; both crucial elements for the success of our
business.”
He went on to say that “the
shopping mall will become a distinctive community destination,
offering a unique shopping experience that fulfills the needs of
both the residents of The Pearl and those living in adjacent
areas around West Bay”.
Mr. Abdulaziz Mohammed
Hamad Al Mana announced details of the shopping complex, which
he said will encompass three stories and provide ample covered
car parking spaces. In addition to three major department
stores, a supermarket, a five-screen cinema and a gym; there
will be a variety of restaurants, convenience stores, cafés,
innovative concept shops and family and entertainment designated
areas plus other facilities.
La Plage South, which will
be the home for the new shopping center, is an area noted for
its magnificent beachfront, with buildings developed in a
semi-circular design, and outdoor leisure facilities, such as
swimming pools, open-air parks and a tantalizing beach. The area
is also home to La Plage Villas, an enchanting part of the
island that will feature high-end architectural designs and
colorful facades that are rich in details.
The Pearl-Qatar has
witnessed a number of construction project milestones recently,
including the laying of foundation stone for the latest
residential development, Al Mutahidah Towers, located in Viva
Bahriya, which will include 480 residential units, and the
construction of ten prototype villas in Giardino Village, that
will be available for sale shortly.
UDC previously announced a
half-year financial result for the year 2017 with year over year
revenues increase by 32% and net profit of QR 318 million.
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