United Development Co launches QR1.5bn Qanat Quartier

An exclusive event was held on January 19, 2008, at The Oyster, The Pearl-Qatar's Sales and Marketing Center. The evening allowed investors to experience first-hand the allure of this precinct.

Within the first half hour of sales being announced, all the original properties released for sale were purchased. This unprecedented demand encouraged UDC officials to make available a new set of properties.

Recognizing the incredible opportunity, investors responded with astounding fervor. By the end of the hour, all the original and new properties up for grab were sold, grossing over QR1.5bn in sales.

Abdul Rahim, General Manager Sales at The Pearl-Qatar.expressed his pleasure at being a part of the launch of Qanat Quartier, something he judges as one of the most important achievements of The Pearl-Qatar to date.

"We are excited about this new precinct," says Abdul Rahim. "Especially considering we have been receiving massive inquiries about investment opportunities from all over the world, including Europe and the U.S., even before the official launch."

A further testament to the value of the real estate available in Qanat Quartier is the fact that the actual architects of the precinct, purchased property within the area. Andre Lategan and wife Rebecca Gernon, flew in to Qatar specifically for the launch, so they could take advantage of the opportunity.

"If the architects themselves are buying, then it must be an amazing investment," says Abdul Rahim, "When they are buying their own design it is the greatest show of confidence in the project."
During the event, UDC officials also announced that the precinct would also be sold in the form of low-rise buildings. This will allow investors to buy a complete building or a group of buildings in order to benefit from this investment opportunity. Investors will also be able to buy townhouses as well as apartments located within buildings rising no more than six stories.

At 8 p.m., the doors opened to the highly anticipated event. The Oyster, a futuristic looking venue, was completely transformed to reflect true Venetian ambiance. The spirit and architecture of Venice were captured and reflected in the décor, while guests were entertained by an original Venetian carnivalesque show and violin music.

A Venetian style dinner was on the menu for a select list of around 350 guests, including renowned businessmen and investors from different business sectors in Qatar and the region. Hussain Alfardan, UDC's Chairman, H.E. Abdulrahman Bin Hamad Al-Attiyah, GCC Secretary General and Board Member, H.E. Abdulla Bin Khalifa Al-Attiyah, Board Member, Khalil Sholy, Managing Director/ President, and Omar Alfardan, Board Member, as well as a number of other high-ranked officials and executives members were on-hand to represent UDC at the event.

Elie Jubran, General Manager for Marketing and Communications at The Pearl-Qatar, welcomed guests and stressed that this particular precinct crowns the relentless efforts of UDC. He emphasized that the precinct will further enhance the Company's ability to fulfill its promises towards its investors and to make The Pearl-Qatar a pioneering project.

"Qanat Quartier is the first development project of its kind in Qatar," says Jubran. "We aim to build a precinct akin to the finest European cities and to the city of Venice with its water canals and Italian architecture."

Jubran also went on to explain that The Pearl-Qatar is the first to introduce the water taxi concept in Qatar. The taxi will transport visitors and residents within Qanat Quartier. All taxis will berth at the different water canals of Qanat Quartier, while private yacht owners will have the opportunity to berth their boats on the Island's exclusive marinas.

UDC officials were very pleased with the large turnout in the first phase of sales and announced that 100 percent of the released properties were sold during the launching ceremony. This reflects the interest of all those present in Qanat Quartier, whether as an investment opportunity or a housing perspective. The remaining properties on Qanat Quartier are now available for the public to invest in.

Through Qanat Quartier, UDC aims to bring the genuine essence of Venice to the heart of the Arabian Gulf. Taking inspiration from the architectural design and encapsulating the spirit of the Italian city will allow The Pearl-Qatar to revitalize the historic metropolis.