Committed to the delivery deadline and time schedule The Land managed to accomplish the pilling and foundation phase of the first three towers, further more it started working on the first stories of these towers. In addition, the company finished the pilling works on the other three towers, while the phase of foundations still under process. Worth mentioning, the delivery date of the first three towers is March 2008, whereas the other three towers will be delivered in six months of the same year.
The Land Properties Development Company achieved a brilliant success regarding its sales which reached to 60% of the first two towers, with an increase of 10% in the prices, which the company expects they will increase by 40% in the next up coming two years.
"We've received an overwhelming response concerning marketing our two towers. Thanks to this success, The Land promises to give more achievements besides its surprises in regards to the third tower", said Mr. Salam Said, the Managing Director of The Land Company.
Since the inception of The Pearl-Qatar project in April of this year, The Land is receiving a tremendous rush by the investors upon this gigantic endeavor, in line with the company's announcement of reclaiming more than 20% of Porto Arabia's land.
The Land conducted number of agreements with local banks such as Qatar National Bank, Commercial Bank and Doha Bank to offer mortgage loans and financial facilities with installments as low as a monthly rent.
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Reaching advanced stages in the piling and foundations works
- Qatar: Thursday, October 19 - 2006 at 09:24
- PRESS RELEASE
The Land Investment and Property development, a leading real estate company based in the Gulf region with operations in Qatar, Jordan, Bahrain, and Saudi Arabia, held an Iftar party at the Four Seasons Hotel, on the 07 of October, with the attendance of representatives from banks, media, and investors.
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ABOUT 'THE LAND'THE LAND' is a GCC based company that operates across the Middle East region, with operations in Qatar, Jordan, Bahrain and Kingdom of Saudi Arabia. THE LAND comprises a team of successful businessmen from Saudi Arabia and Qatar, with extensive experience in investment, finance, retail and large scale construction projects. The company has announced its plan to build 7 residential towers at the Porto-Arabia district of The Pearl-Qatar, investing over 2 Billion Qatari Riyals for its first project in the country.
ABOUT THE PEARL-QATAR
This US $2.5 billion offshore, Riviera-style man-made island, 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. 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 3-phase development comprises 10 distinct districts to be developed over five years, with the first investors expected to take up residency in late 2007. The Riviera Arabia themed districts will house three luxury hotels, three marinas, with combined mooring for over 700 boats, and 100,000 square meters of luxury retail and restaurant space.
The Pearl-Qatar is being built 350 meters off the shore of 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 completed project build-out is due for completion in 2009.
The Pearl-Qatar is being developed and promoted by United Development Company (UDC), Qatar's largest private sector shareholding company.
Posted by Anne-Birte Stensgaard, Senior News EditorThursday, October 19 - 2006 at 09:24 UAE local time (GMT+4)
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This article was updated on Tue Nov 28 2006.
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