Pearl Qatar inks $150m Qanat Quartier deal
Doha, November 30, 2008
The Pearl-Qatar has signed a QR550 million ($150 million) deal with a leading property company for the sale of a precinct in the Island’s Qanat Quartier.
United Development Company (UDC) and Retaj Marketing and Project Management signed a contract for the purchase of the QQ3 quarter in Qanat Quartier at the Oyster on The Pearl-Qatar.
The contract was signed by Abdul Latif Almahmoud, Retaj chairman and Khalil Al Sholy, UDC managing director and president for The Pearl-Qatar in the presence of Abdul Rahman Alnajar, Retaj CEO.
The QQ3 quarter at Qanat Quartier comprises 152 apartments and 25 town houses as well as a central retail area.
“We are very pleased to be part of a signing ceremony that further demonstrates that Qatar continues to be the center of attention and a safe haven for investors and people alike,” said Al Sholy.
“This is a further demonstration of the confidence investors have in Qatar‘s economy and UDC’s flagship project The Pearl-Qatar,” he noted.
Alnajar expressed his complete confidence in the Qatari leadership’s ability to deal with the present economic crisis.
He said that he was enthusiastic for the marketing of one of the most prestigious precincts which “reflects the charming image of the city of Venice.
“It seems as if it is coming from a beautiful time and a different land to spread its romantic essence across the place. The Pearl-Qatar reflects the best of Venice with its beautiful buildings, canals and piazzas,” he commented.
At the launch of the Qanat Quartier in January this year all of the properties on sale were snapped up within an hour – for a total value of QR1.5 billion, he added.-TradeArabia News Service