UDC Announces Deal with Mohammed Al Hamad Al Mana Group
United Development Company (UDC), the master developer of The Pearl-Qatar, announced the signing of an agreement with Mohammed Al Hamad Al Mana Group covering the sale of the land plot located on the island at La Plage South district at The Pearl-Qatar. The land will be used for the construction of a commercial mall, to be known as 04 Mall, which is scheduled to open its doors to the public in the third quarter of 2018.
The agreement was signed by UDC President and CEO Ibrahim Jassim Al Othman and Mohammed Al Hamad Al Mana Group CEO Abdulaziz Mohammed Hamad Al Mana, during a signing ceremony held at The Pearl-Qatar recently.
Al Othman said he is very pleased to announce this significant undertaking.
The investment of Al Mana in The Pearl-Qatar reflects a growing confidence in the local business sector in the development of the island and its investment potential. It also serves as a further testament of The Pearl-Qatar’s position as the retail shopping destination of choice in the country.’
Al Othman added that the decision to locate the new mall in The Pearl-Qatar is a product of UDC’s continuous efforts to develop the island and equip it with the highest standards of facilities.
These amenities are allowing residents, visitors and investors alike to enjoy a uniquely satisfying experience and comprehensive lifestyle that only The Pearl-Qatar can provide.’
Al Mana said that the 04 Mall will be their fourth community mall project, adding to their portfolio of open retail spaces around Doha targeting vibrant community areas.
We are already a major real estate player in the Qatari market with a total QAR 1.6 billion investments in The Pearl alone. This not only reflects our active support of Qatar’s urban development, but echoes our confidence in The Pearl’s appeal as a retail anchor that houses one of Doha’s fastest growing communities and attracts a significant number of visitors; both crucial elements for the success of our business.’
He said that the shopping mall will become a distinctive community destination, offering a unique shopping experience that fulfils the needs of both the residents of The Pearl and those living in adjacent areas around West Bay.
Al Mana also announced details of the shopping complex, which he said will encompass three stories and provide ample covered car parking spaces. It will house three major department stores, a supermarket, a five-screen cinema and a gym; there will be a variety of restaurants, convenience stores, cafés, innovative concept shops, family and entertainment designated areas plus other facilities.
La Plage South, which will be the home of the new shopping centre, is an area noted for its magnificent beachfront, with buildings developed in semi-circular design, and outdoor leisure facilities, such as swimming pools, open-air parks and a tantalizing beach. The area is also home to La Plage Villas, an enchanting part of the island that will feature high-end architectural designs and colourful facades that are rich in details.
The Pearl-Qatar has witnessed a number of construction project milestones recently, including the laying of foundation stone for the latest residential development, Al Mutahidah Towers, located in Viva Bahriya, which will include 480 residential units, and the construction of ten prototype villas in Giardino Village, that will be available for sale shortly.
UDC previously announced a half-year financial result for 2017 with a year-on-year revenue increase of 32% and a net profit of QAR 318 million.