The multimillion-dollar agreement will open doors for new projects in the area, which has been dubbed as ‘City of the Future.’
A Qatari public stock company, Qatar General Electricity & Water Corporation (Kahramaa), sold its plot of land in Lusail City to Regency Real Estate for a whopping QAR175 million, the company revealed in a statement.
The land stretches across 25,120 square meters and is located in one of the fastest-growing cities in Qatar. In recent years, Lusail has gained popularity amongst real estate investors due to its strategic location and services across the area.
The city also houses one of the Gulf nation’s biggest World Cup stadiums, the Lusail Stadium, making it an attractive gem for investors globally.
Regency Real Estate jumped on the opportunity to invest in the area, signing an agreement with Kahramaa to further extend its projects in Lusail.
For its latest addition, the company is currently working with Diar Real Estate.
The latter was given the task of coordinating Qatar’s real estate projects in accordance with governmental objectives and economic priorities. Its flagship project, Lusail City, is the largest single development to be undertaken in the country.
With a combined investment worth of about US$35 billion and 50 investment projects in 22 different countries worldwide, Qatari Diar has an $8 billion shared capital.
City of the future
After Lusail is fully completed, the city is expected to be home to more than 200,000 people, with 170,000 expected to work in the area and 80,000 expected to visit its entertainment and recreational amenities.
The city will have a total of 19 districts, most of which are already completed, and will include brand-new residential, business, hospitality, and retail opportunities. It will also have a whole range of community needs, including schools, mosques, healthcare facilities, recreational areas, and retail establishments.
These distinctive districts include an energy city and a dedicated entertainment city, a new financial district with towers designed by world-famous Foster and Partners, exceptional residential islands, two golf courses with residential communities, tranquil beaches, marinas for berthing more than 1,800 boats, and many other distinctive features.
By the end of the year, Qetaifan Projects’ much-anticipated ‘Meryal’ waterpark in Lusail will open its doors to the public, months ahead of an expected influx of tourists from around the world.
The Water Park, which stretches over 281648 square meters, is set to open in the third quarter of 2022, the company revealed during a ceremony on the opening day of Cityscape Qatar 2022.
Not only that, but Lusail City is also set to host Winter Wonderland, one of the most famous theme parks globally, in time for the much-anticipated World Cup this winter season.