The United Development Company (UDC), which develops and manages the Pearl-Qatar, has signed a deal to sell 47 undeveloped plots of land to an unidentified “strategic partner.”
The sale – valued at more than $398 million (QR1.5 billion) – gives the unnamed company 103,000sqm of land in the undeveloped Costa Malaz area.
According to the Pearl’s official website, this section of the island is expected to be developed into an “exclusive marine bay area” featuring “Polynesian-style villas” with direct beach access.
Costa Malaz will also be home to a luxury hotel. That development – the Marsa Malaz Kempinski – is expected to open at the end of this year, according to Alfardan Hospitality, which made an announcement about the development earlier this month.
This is not the first time that plots of land on the Pearl have been sold to external companies. Many of the island’s towers in Porto Arabia and Viva Bahriya are owned by independent developers. However, this deal appears to be UDC’s largest sale yet to a single company.
When reached by phone today, a spokesman for the Pearl-Qatar told Doha News that he was unable to provide any more details about the sale at this stage, but said more information would be released soon.
The ownership of the land on Costa Malaz is expected to be transferred later this year, UDC said in a statement.
An expanding island
UDC’s acting CEO, Badr al-Meer, recently forecast that the island’s population would expand “drastically” by the end of this year, as more towers and districts are completed.
Al-Meer describes the Pearl project as now being at an “advanced stage,” with 60 percent of the island’s buildings either completed, or under construction.
He also recently told journalists that construction of the island’s “Medina Centrale” district was now complete, and that the units there were awaiting Civil Defense clearance before being rented or sold.
Additionally, 10 of the 31 towers in Porto Arabia were still under construction, with two plots in the area remaining to be sold, he said.
Construction of the Pearl-Qatar began in 2004, and was originally slated for completion in 2011.
Thoughts?
