The Barwa Real Estate Company is working to develop the Phase Three of Barwa City project, said a top official of the company.
The ambitious project located in Abu Hamour area between the Barwa City (now Mesaimeer City) and Al Montazah Street will be developed on two huge plots of land.
The project includes the construction of residential buildings and mixed-used properties as well as other amenities, including mosques and schools with a total construction area of 428,891 square meters (sqm). The project is expected to be completed in the third quarter of 2022.
The other details of the upcoming project such as the exact number of residential units, area of commercial space and others, were not provided.
The first two phases of Barwa City now constitute one of the major urban real estate communities in Qatar. The QR7.3bn-project, which was developed in two phases, is spread over a construction area of 2.7 million sqm with a capacity to accommodate about 25,000 residents.
“We are currently in the process of the designing the third phase of Barwa City project. And we expect the project to be completed on time,” Issa bin Mohammed Al Mohannadi (pictured) , Vice-Chairman and Managing Director of Barwa Real Estate Company told The Peninsula.
He added: “Barwa has started to become an important partner with the government to develop various real estate projects in the country. The company has been working on several initiatives in close cooperation with the government aiming to address the challenges facing the real estate market.”
He explained that Barwa’s business plan includes several strategic axes, the most important of that is to increase cooperation with the government by continuing to develop new projects that meet the needs of the country from different real estate sectors and achieve the target return of the group.
The company is also working to development its real estate portfolio with new projects through the development of the best investment plans for the development of the Group’s land bank, the area of those lands, which are located within Qatar total 5.8 million sqm.
He also mentioned about the other ongoing projects of Barwa Group, and its expansion plans for other projects, including the Madinat Al Mawater project. He said that the first phase of Madinat Al Mawater project has been successfully completed and leased out.
For the second phase, there are several agencies which have shown interests and there is high demand for that, which encouraged the company to implement the third phase of the project.
Barwa last week announced that it has awarded the construction of the third phase of Madinat Al Mawater project to Hassanesco Trading and Contracting (HCC) for a value of QR335m, with the implementation of this phase to be completed within a period of 18 months.
The project embraces a total construction built-up area of around 167,072 square meters, which includes used-car lots, apartments, shops and workshops.
The Peninsula
24/03/2019
