UDC signs contracts valued at $195m
United Development Company sees its flagship development, The Pearl as a visionary project for local and regional property investors and has signed three new contracts within the precinct.
United Development Company (UDC) has signed contracts to develop three new construction projects at The Pearl-Qatar, its flagship development
The projects amount to a total value of QAR716mn ($195mn).
Under the contracts, UDC will develop Abraj Al Mutahidah Towers in Viva Bahriya in addition to infrastructure in Giardino Village, alongside constructing ten villas in this same precinct through investments worth QAR1.2bn ($330mn).
These contracts are aligned with the developer’s five-year business plan which, while aimed at revitalising investments in new infrastructural developments at The Pearl-Qatar, also includes updating and growing the road network within the precinct.
The new urban plan set for the project features a hospital and a school establishment in Giardino Village, to enhance UDC’s real estate portfolio of viable investment products at The Pearl-Qatar.
UDC president & CEO Ibrahim Al-Othman said that the signing is a clear indication of the developer’s confidence in the prospects within The Pearl-Qatar, which is seen as a visionary project for local and regional property investors.
He added that as such, UDC will focus on its core businesses, and apply risk management “through diversification of real estate projects to meet all types of demand”.
Al Othman further added: “It is certain that the implementation of viable investment projects, such as infrastructure development and construction of luxurious villas in Giardino Village precinct, in addition to the building of Al Mutahidah Towers which is an ambitious project comprising 480 housing units of different sizes and specifications with facilities and retail to serve this residential complex, will attract businessmen and property investors to our market.”
Leighton Contracting Qatar will construct Al Mutahidah Towers, Navayuga Engineering was awarded the Giardino Village infrastructure contract and the ten new UDC villas will be constructed in Giardino Village by Promer Qatar.
Al-Othman welcomed the first-time cooperation with the three companies, stating this will develop the expertise and overall competitiveness of the project.