This follows a test-marketing period which saw great interest from potential investors from within the Gulf Co-operation Council states and beyond, all looking to get in on the ground floor of the latest Middle East real estate market to open up.
The 1,012 fashionable apartments, 28 luxury penthouses and 140 stylish town homes in seven, 20-storey towers are due to be completed in the final quarter of 2006/first quarter 2007 and will line Porto Arabia - the main harbour of the rediscovered island, The Pearl-Qatar, being reclaimed offshore the Qatari capital of Doha.
The range of one, two, three and four-bedroomed homes, most with sweeping sea or picturesque harbour views, come in four architectural styles - Monaco, Tuscan, Provencal and Florentine - conceived to reflect The Pearl-Qatar's Riviera Arabia positioning. The marketing of the towers also represents a lifting of the benchmark in the Middle East's real estate framework.
"These are the first properties within the Arabian Gulf to be offered with true freehold status as laid down in Article 3 of decree number 17 of 2004, issued by the Emir of Qatar, His Highness Sheikh Hamad Bin Khalifa Al Thani on June 6th of this year," said Omar Al Fardan, Director, United Development Company (UDC), the developer and promoter of The Pearl-Qatar. "This decree, which is backed by cabinet approval and is subject to a draft protocol between UDC and the Government of Qatar, regulates the ownership of real estate and residential units by non-Qataris.
"We believe local, regional and international investment will be attracted to this unique destination off the coast of one of the world's most rapidly expanding economies."
The sales launch coincided with UDC's unveiling of the The Pearl-Qatar's final masterplan and brand essence.
"The island will become the Riviera Arabia and each of the 10 themed districts and their individual localities is named to reflect a Mediterranean lifestyle in the heart of the Gulf," said Nick Bashkiroff, Development Director, The Pearl-Qatar.
"The names have been created with a mix of French, Italian, Spanish and Arabic, summoning up the promise of an iconic destination and one of the most glamorous addresses in the Middle East.
"To invest in a home on The Pearl-Qatar is to invest in a lifestyle, which is exclusive in atmosphere, unrivalled in quality and unique in its Riviera treatment.
"The Riviera Arabia concept will position The Pearl-Qatar as truly world-class and differentiate it from other developments within the region and around the world."
The seven West Porto Drive towers of the project's first phase will skirt La Croisette, which will be a lively 2.5 kilometre long hub for diners and shoppers. The luxurious Croisette town homes sit on the marina's edge. The Porto Arabia will eventually feature 21 high rise residential towers in a Riviera-like boardwalk setting around the 400-boat slip marina.
"Every home in Porto Arabia will feature luxurious amenities and an ambience that is truly Mediterranean," said Bashkiroff.
Also within Porto Arabia is the Fanar Croisette lighthouse, shopping, dining and residential district characterised by its boulevard café culture and upscale quay-side boutiques. The dynamic hub of Porto Arabia is the Piazza Arabia - a destination with an exciting international blend of retail, dining and cosmopolitan chic. The festive heart of Porto Arabia is Ras Croisette with all-night restaurants and lounges.
In the heart of Porto Arabia lies the Marsa Arabia anchor island. Accessed via a causeway, this 'island-within-an-island' will feature a 250-room, five-star hotel - a haven for some of the million business and leisure travellers expected each year in Qatar by 2010.
The Pearl-Qatar, covering 985 acres of reclaimed land is Qatar's first international real estate venture, the largest real estate development in the country and the first to offer freehold and residential rights to international investors.
When complete in 2009, some 30,000 people are expected to live on the island, which will be linked to the mainland by an eight-lane, palm-tree lined boulevard - the Grand Cruz.
The four-phase development will have 10 distinct districts housing three luxury hotels, four marinas, with combined mooring for over 700 boats and 60,000 square metres of luxury retail and restaurant space.
"Land reclamation is currently ahead of schedule and piling for the seven towers in the first phase is imminent," explained Bashkiroff.
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Qatar's first freehold properties now released
- Qatar: Saturday, October 09 - 2004 at 11:34
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The first freehold properties ever to be offered for sale in the Arabian Gulf state of Qatar went on the market today.
The first phase towers on La Croisette
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Posted by Christine H. Andersen, Assistant News EditorSaturday, October 09 - 2004 at 11:34 UAE local time (GMT+4)
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About The Pearl-Qatar
This US $2.5 billion offshore, Riviera-style man-made island, covering 400 hectares of reclaimed land, is Qatar's first international real estate venture, the largest real estate development in the country and the first to offer freehold and residential rights to international investors. It will create over 40 kilometres of new coastline.
The Pearl-Qatar's name and location, on a former pearl diving site, leverages the country's traditions, and strong historical and cultural ties to the sea - it is an island rediscovered.
The Pearl-Qatar will eventually house 30,000 residents in an up-scale, multi-cultural residential community which will be a secure and exclusive island retreat bringing the ambience and lifestyle of the Mediterranean to the heart of Arabia.
The four-phase development comprises 10 distinct districts to be developed over five years, with the first investors expected to take up residency in 2006. The Riviera Arabia themed districts will house three luxury hotels, four marinas, with combined mooring for over 700 boats, and 60,000 square metres of luxury retail and restaurant space.
The Pearl-Qatar is being built 350 metres offshore the West Bay Lagoon area of the country's capital, Doha. Whilst offering an exclusive retreat, the island will also be closely integrated with, and have easy access to, the capital's thriving community.
Dredging work for The Pearl-Qatar is currently underway; the project is due for total completion in 2009.
The Pearl-Qatar is being developed and promoted by United Development Company (UDC), Qatar's largest private sector shareholding company.
ABOUT UNITED DEVELOPMENT COMPANY (UDC)
The Pearl-Qatar's developer, UDC, is the country's largest private sector shareholding company with a mission to identify and invest in long-term projects that contribute to Qatar's growth and provide good shareholder value. The company was established in 1999, with an authorized share capital of QR 500 million (US $140 million), and listed on the Doha Securities Market in June 2003.
UDC's target areas of interest include: infrastructure, energy-intensive industries, hydrocarbons downstream, real estate, construction and environment-related businesses. UDC established the Qatar Dredging Company - a joint venture with the State of Qatar and Belgium's Dredging International - and formed Qatar Cool, a district cooling company, in association with Tabreed of the United Arab Emirates. UDC is also a partner in Al-Seif Company Ltd - a joint venture with Qatar Petroleum to develop a plant to produce linear alkyl benzene (LAB), which is the main feedstock for detergent manufacture. The plant will have a production capacity of 100,000 tons a year. UDC has also invested in the Al Khaleej Formaldehyde Company.
UDC's founders, who at launch held 45% of the shares, are among Qatar's most successful investors and developers. A large number of Qatari and GCC investors are shareholders in UDC.
ABOUT THE STATE OF QATAR
Centrally located in the Arabian Gulf, the peninsula state of Qatar, with 17.9 trillion cubic metres, has five per cent of the world's proven natural gas reserves. Qatar is the richest Arab nation with a per capita income of US $30,000 per annum.
Eighty per cent of the Qatari population, which is now approaching one million, is based in and around the capital, Doha.
Qatar has strong historical and cultural ties to the sea. Pearl fishing was the traditional mainstay of the economy until oil and gas took over around 50 years ago. Although pearling is no longer a key economic driver, it has left a legacy of skills, stories, music, art and poetry that is a source of identity and pride for Qataris today.
Qatar has growing inbound tourism ambitions with The Qatar Tourism Authority targeting tourism arrivals of 1.25 million in 2005 and Doha International Airport is undergoing huge expansion and new build to cope with anticipated increased passenger traffic. When completed in 2015, the new airport will be able to handle around 50 million passengers a year.
Central to the international promotion of Qatar is the country's flag carrier Qatar Airways - now one of the world's fastest-growing international airlines. Currently serving a growing route network throughout Europe, Russia, the Middle East, Sub-Continent and Asia, the airline plans to serve more than 60 destinations by 2005 and have a fleet of 52 Airbus aircraft by 2008.
Qatar, already host to annual ATP tennis tournaments and PGA golfing events, is fast making a name for itself on the international sporting arena and, in 2006, will host the Asian Games.
The Qatari government has a pro-business stance on foreign investment and is encouraging the growth of the country's private sector, stimulating progress with an active privatisation programme.
*Source: Ministry of Economy and Commerce, State of Qatar
For further information:
Barbara Saunders, The Pearl-Qatar.
Tel: +974 4463406
Mobile: +9714 50 6253327
Or
Fouad Kassem, Action Qatar
Tel: +974 465 7704
Fax: +974 465 0385
This US $2.5 billion offshore, Riviera-style man-made island, covering 400 hectares of reclaimed land, is Qatar's first international real estate venture, the largest real estate development in the country and the first to offer freehold and residential rights to international investors. It will create over 40 kilometres of new coastline.
The Pearl-Qatar's name and location, on a former pearl diving site, leverages the country's traditions, and strong historical and cultural ties to the sea - it is an island rediscovered.
The Pearl-Qatar will eventually house 30,000 residents in an up-scale, multi-cultural residential community which will be a secure and exclusive island retreat bringing the ambience and lifestyle of the Mediterranean to the heart of Arabia.
The four-phase development comprises 10 distinct districts to be developed over five years, with the first investors expected to take up residency in 2006. The Riviera Arabia themed districts will house three luxury hotels, four marinas, with combined mooring for over 700 boats, and 60,000 square metres of luxury retail and restaurant space.
The Pearl-Qatar is being built 350 metres offshore the West Bay Lagoon area of the country's capital, Doha. Whilst offering an exclusive retreat, the island will also be closely integrated with, and have easy access to, the capital's thriving community.
Dredging work for The Pearl-Qatar is currently underway; the project is due for total completion in 2009.
The Pearl-Qatar is being developed and promoted by United Development Company (UDC), Qatar's largest private sector shareholding company.
ABOUT UNITED DEVELOPMENT COMPANY (UDC)
The Pearl-Qatar's developer, UDC, is the country's largest private sector shareholding company with a mission to identify and invest in long-term projects that contribute to Qatar's growth and provide good shareholder value. The company was established in 1999, with an authorized share capital of QR 500 million (US $140 million), and listed on the Doha Securities Market in June 2003.
UDC's target areas of interest include: infrastructure, energy-intensive industries, hydrocarbons downstream, real estate, construction and environment-related businesses. UDC established the Qatar Dredging Company - a joint venture with the State of Qatar and Belgium's Dredging International - and formed Qatar Cool, a district cooling company, in association with Tabreed of the United Arab Emirates. UDC is also a partner in Al-Seif Company Ltd - a joint venture with Qatar Petroleum to develop a plant to produce linear alkyl benzene (LAB), which is the main feedstock for detergent manufacture. The plant will have a production capacity of 100,000 tons a year. UDC has also invested in the Al Khaleej Formaldehyde Company.
UDC's founders, who at launch held 45% of the shares, are among Qatar's most successful investors and developers. A large number of Qatari and GCC investors are shareholders in UDC.
ABOUT THE STATE OF QATAR
Centrally located in the Arabian Gulf, the peninsula state of Qatar, with 17.9 trillion cubic metres, has five per cent of the world's proven natural gas reserves. Qatar is the richest Arab nation with a per capita income of US $30,000 per annum.
Eighty per cent of the Qatari population, which is now approaching one million, is based in and around the capital, Doha.
Qatar has strong historical and cultural ties to the sea. Pearl fishing was the traditional mainstay of the economy until oil and gas took over around 50 years ago. Although pearling is no longer a key economic driver, it has left a legacy of skills, stories, music, art and poetry that is a source of identity and pride for Qataris today.
Qatar has growing inbound tourism ambitions with The Qatar Tourism Authority targeting tourism arrivals of 1.25 million in 2005 and Doha International Airport is undergoing huge expansion and new build to cope with anticipated increased passenger traffic. When completed in 2015, the new airport will be able to handle around 50 million passengers a year.
Central to the international promotion of Qatar is the country's flag carrier Qatar Airways - now one of the world's fastest-growing international airlines. Currently serving a growing route network throughout Europe, Russia, the Middle East, Sub-Continent and Asia, the airline plans to serve more than 60 destinations by 2005 and have a fleet of 52 Airbus aircraft by 2008.
Qatar, already host to annual ATP tennis tournaments and PGA golfing events, is fast making a name for itself on the international sporting arena and, in 2006, will host the Asian Games.
The Qatari government has a pro-business stance on foreign investment and is encouraging the growth of the country's private sector, stimulating progress with an active privatisation programme.
*Source: Ministry of Economy and Commerce, State of Qatar
For further information:
Barbara Saunders, The Pearl-Qatar.
Tel: +974 4463406
Mobile: +9714 50 6253327
Or
Fouad Kassem, Action Qatar
Tel: +974 465 7704
Fax: +974 465 0385
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