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Place Vendôme - Lusail

United Developers

Place Vendôme

A US$1.25 billion mixed-use real estate development in Lusail City is starting to take shape, with much of its exterior nearing completion.

However, developers of the Place Vendôme project said this week that it would open in 2018. Previously, they had planned a third-quarter 2017 launch.

The project also appears to have an expanded mandate.

When completed, the Parisian-inspired development will have a shopping center with up to 500 retail outlets in a 1 million square meter area.

Previously, plans were for up to 400 outlets in an 800,000 square meter space – more than double the footprint of Villaggio Mall.

Starwood hotels

In addition to shops, Place Vendôme will contain a hypermarket, entertainment zones, restaurants and two five-star luxury hotels and serviced apartments.

At a press conference yesterday, developers announced that the two hotels will be Le Meridien Lusail and The Luxury Collection Hotel.

They will be built in a collaboration between United Developers, a group of four Qatari companies, and US-based Starwood Hotels & Resorts.

Each hotel will have 250 guest rooms, and Le Meridien Lusail will also have 150 serviced apartments, United Developers said in a statement.

There will also be presidential suites, a deli cafe, swimming pools, kids’ clubs, rooftop lounges, ballrooms, a spa and a business center.

Place Vendôme

United Developers

Place Vendôme

Place Vendôme’s opening will come at a time when analysts have forecast a glut of retail and entertainment venues in Qatar.

When completed, transportation options will include the Lusail expressway, the Doha Metro System (when it opens to passengers in late 2019), water taxis and limousine services.

A bike and pedestrian network is also planned.

Lusail is the ‘new Doha’

But for now, the under-development Lusail City is very much a construction site, with few amenities.

Still, Sean Kelly, Place Vendôme’s project director, said that the project’s location in Lusail will ultimately provide a strategic boost.

“Lusail is the new Doha, it is a long-term vision for the country, it aligns with the country’s 2030 vision, and we feel that the location as well as what we’ve built probably makes it a little bit unique,” he said.

You combine that with the fact were in a seaside location and it’s a very appealing environment.”

Thoughts?

All photos courtesy of United Developers

Excavation work on a massive new mixed-use development north of Doha is reportedly in full swing as part of the latest luxury real estate project to break ground.

Part of the new city of Lusail, Place Vendôme will cost US$1.25 billion and include serviced apartments, entertainment zones, a pair of five-star hotels and up to 400 retail outlets when it is completed in the the third quarter of 2017.

The project’s backers – who displayed renderings of the complex recently at Cityscape Global in Dubai – say the design is drawn from the central Parisian neighborhood of the same name.

The commercial component is intended to draw high-end consumers; the company behind the project, United Developers, says it will contain an “exclusive section dedicated to unrivaled luxury and the most elite brands.”

The company says Place Vendôme will be 800,000 square meters, or more than double the entire footprint of Villaggio Mall.

Lesley Walker

The renderings of the luxurious development stand in stark contrast to how Lusail currently appears.

Despite being in the works for years, the master-planned city is still largely barren desert interrupted by the odd building site, scattered construction waste and heavy machinery.

The Place Vendôme is one of more than a half-dozen large retail centers that are expected to open in Qatar in the coming years, including Doha Festival City and the Mall of Qatar.

Despite the country’s growing population and wealth, the glut of new malls is expected to lead to an oversupply of retail space in the country.

Speaking at a local real estate conference earlier this year, industry experts say the new high-end shopping centers will likely have no problem drawing consumers and retailers.

However, that’s likely to come at the expense of Qatar’s older malls, which could lead to empty stores and reduced foot traffic.

Thoughts?