The Pearl-Qatar is the first development in the region to take the bold step of offering 100 per cent foreign ownership of land in the development.
Each purchase on the development is freehold - for national or expatriate - whether a tower block, a luxurious villa or a deluxe apartment. By agreement with the Government of Qatar, this freehold grants the total property rights to the buyer, until either sold or transferred due to inheritance.
The buyer also benefits from a 'perpetual visa' allowing them the right to reside in the property or to visit it at any time. These rights are now enshrined in Qatari law.
Commenting on the freehold issue, The Pearl-Qatar Director of Development Nick Bashkiroff said: "In this region the issue of foreign ownership has been a controversial and often a thorny one. Once again, through the foresight of the government of Qatar, The Pearl-Qatar has shown an innovative approach to ownership issues."
"We have completed reclamation of just over half the final land area in August - totally on schedule. Full reclamation is set for mid-2006. Major piling has already begun; and in the coming months we'll see work on essential services and infrastructure."
When completed, The Pearl-Qatar will house more than 35,000 residents in an upscale, multicultural community. "We're building a real, thriving community - complete with schools, healthcare facilities, shopping and entertainment. And we have even set up a network of water taxis linking the West Bay business area. It's a great way to travel to work - certainly beats the traffic jams!"
There are substantial and flexible mortgage offerings. Mortgages are available for up to 85 percent of the cost price of each property - and for a generous repayment period of 25 years, if necessary. Two of the Gulf's leading banks, Commercial Bank of Qatar and Qatar National Bank now work hand in hand to meet all purchaser requirements.
The entire island will be managed, serviced and maintained by the developer in perpetuity and is a vital part of the agreement with every buyer.
Continued Bashkiroff: "Our two initial villa releases on the southern waterfront have sold out. We have also released a further series of 145 luxury villas. Sales interest has been fantastic and we predict that these will all be sold out very soon."
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The Pearl-Qatar leads the way in foreign land ownership
- Qatar: Monday, September 19 - 2005 at 08:58
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The US$2.5 billion Pearl-Qatar offshore residential island project continues to advance on all fronts - reclamation, construction and sales - with the target of early 2007 for the first residents to move in.
Nick Bashkiroff.
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Posted by Anne-Birte Stensgaard, Senior News EditorMonday, September 19 - 2005 at 08:58 UAE local time (GMT+4)
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For further information:
Roger Dagher, United Development Company (UDC).
Tel: +974 446 3406
Mobile: +974 589 4088
ABOUT THE PEARL-QATAR
The Pearl-Qatar is a US $2.5 billion offshore, Riviera-style man-made island, covering 985 acres of reclaimed land. It 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 30 kilometers 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 over 35,000 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 early 2007. The Riviera Arabia themed districts will house three luxury hotels, three marinas, with combined mooring for over 700 boats, and more than 160,000 square meters of luxury retail, recreation and restaurant space.
The Pearl-Qatar is being built 350 meters offshore the West Bay Lagoon area of the country's capital, Doha. While 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, currently underway, is scheduled to be completed early next year.
The Pearl-Qatar is being developed and promoted by United Development Company (UDC), one of Qatar's leading private sector shareholding companies.
ABOUT UNITED DEVELOPMENT COMPANY (UDC)
The Pearl-Qatar's developer, UDC, is one of the country's leading private sector shareholding companies with a mission to identify and invest in long-term projects that contribute to Qatar's growth and provide good shareholder value. The company, which was established in 1999, has an authorized share capital of QR 825 million (US $227 million), was listed on the Doha Securities Market in June 2003, and is a Gulf Business Top 100 company.
UDC's target areas of interest include: infrastructure, energy-intensive industries, downstream hydrocarbons, 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, Environmental & Marine Engineering NV- and formed Qatar Cool, a district cooling company, in partnership with Tabreed of the United Arab Emirates. UDC is also a partner in Seef Limted - 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 starts operations in 2006 with a production capacity of 100,000 tons a year. UDC has also invested in the Al Khaleej Formaldehyde Company as a joint venture partner with Qatar Fertiliser Company (QAFCO) and other Qatari investors. Operations began in 2004.
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 900 trillion cubic feet, controls five percent of the world's proven natural gas reserves. It is the richest Arab nation with a per capita income of US $30,000 per annum.
Eighty percent 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 this year targeting arrivals of 1.25 million tourists and the Doha International Airport undergoing huge expansion to cope with the anticipated increase in passenger traffic. When completed in 2015, the airport will 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 will operate a fleet of 52 Airbus aircraft by 2008.
Qatar, already host to annual ATP tennis tournaments and PGA golfing events, is making a name for itself on all the international sporting event circuits 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
Roger Dagher, United Development Company (UDC).
Tel: +974 446 3406
Mobile: +974 589 4088
ABOUT THE PEARL-QATAR
The Pearl-Qatar is a US $2.5 billion offshore, Riviera-style man-made island, covering 985 acres of reclaimed land. It 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 30 kilometers 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 over 35,000 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 early 2007. The Riviera Arabia themed districts will house three luxury hotels, three marinas, with combined mooring for over 700 boats, and more than 160,000 square meters of luxury retail, recreation and restaurant space.
The Pearl-Qatar is being built 350 meters offshore the West Bay Lagoon area of the country's capital, Doha. While 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, currently underway, is scheduled to be completed early next year.
The Pearl-Qatar is being developed and promoted by United Development Company (UDC), one of Qatar's leading private sector shareholding companies.
ABOUT UNITED DEVELOPMENT COMPANY (UDC)
The Pearl-Qatar's developer, UDC, is one of the country's leading private sector shareholding companies with a mission to identify and invest in long-term projects that contribute to Qatar's growth and provide good shareholder value. The company, which was established in 1999, has an authorized share capital of QR 825 million (US $227 million), was listed on the Doha Securities Market in June 2003, and is a Gulf Business Top 100 company.
UDC's target areas of interest include: infrastructure, energy-intensive industries, downstream hydrocarbons, 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, Environmental & Marine Engineering NV- and formed Qatar Cool, a district cooling company, in partnership with Tabreed of the United Arab Emirates. UDC is also a partner in Seef Limted - 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 starts operations in 2006 with a production capacity of 100,000 tons a year. UDC has also invested in the Al Khaleej Formaldehyde Company as a joint venture partner with Qatar Fertiliser Company (QAFCO) and other Qatari investors. Operations began in 2004.
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 900 trillion cubic feet, controls five percent of the world's proven natural gas reserves. It is the richest Arab nation with a per capita income of US $30,000 per annum.
Eighty percent 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 this year targeting arrivals of 1.25 million tourists and the Doha International Airport undergoing huge expansion to cope with the anticipated increase in passenger traffic. When completed in 2015, the airport will 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 will operate a fleet of 52 Airbus aircraft by 2008.
Qatar, already host to annual ATP tennis tournaments and PGA golfing events, is making a name for itself on all the international sporting event circuits 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
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