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Mazaya Qatar Completes Handover of Sidra
Compound
April 07, 2019
In October 2018, Mazaya Real Estate
Development initially handed over Sidra Housing Village to Qatar
Foundation (QF) for it to begin the procedures of inspection for
all the housing units and accompanying facilities. QF then
requested additional requirements and Mazaya immediately met and
completed them within a short period of time. Accordingly, QF
has agreed on the final handing-over of the village on April 1
of this year.
Mr. Rashid bin Fahad Al Naimi, Chairman of
the Board of Directors, Mazaya, stated that a final agreement
has been reached with QF, and despite the current conditions in
the real estate market and low rental rates, the current
agreement would carry a yield above 12%, over a period of 21
years.
Mr. Al Naimi thanked QF for its cooperation
and support to Mazaya, looking ahead to potential new
partnerships and cooperation between the parties in the near
future.
On his part, Eng. Hamad Bin Ali Al Hedfa,
Board Member and CEO, Mazaya, thanked QF for its confidence in
awarding the Sidra Housing Village to Mazaya and for its
continued support, as the project is considered one of the best
current real estate investments in the local market based on the
terms of the lease.
Sidra Housing Village has 1165 residential
units covering an area of 145,000 square meters, developed by
Mazaya Real Estate Development Company for Qatar Foundation for
Education and Science under Build-Operate-Transfer scheme (BOT)
for a period of twenty-one (21) years.
Sidra Housing Village is considered one of
the largest residential compounds in the country in terms of
area and number of housing units and facilities. The village
contains 1165 units divided into 2 bedrooms and one-bedroom
units, all of which are fully equipped with quality furniture,
household appliances, entertainment equipment and housewares. In
the center of the compound is a masjid, which can accommodate
200 worshipers and is supervised by the Ministry of Endowments
and Islamic Affairs. Near the mosque is the Sports Complex
building, boasting a large swimming pool with a view of the
entire village, as well as a large multi-use gymnasium and
outdoor playgrounds. The Sports Complex also has two fitness
centers one for men and the other for women. The sports complex
is equipped with the latest technologies and sports equipment.
Mazaya Real Estate development company had furnished the
compound with the finest furniture manufactured from the best
raw materials and in the best international factories specially
for the village and is equipped with the latest technology of
household appliances, which is upgraded to the level of the
facilities of the upscale hotel apartments. The greenery area is
decorated in large areas and distributed throughout the village,
with a total area of 13,000 square meters.
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