Mazaya and QF sign deals for two projects
Originally published in Gulf Times on October 13, 2010
Real estate developer Mazaya Qatar yesterday entered into two build, operate and transfer (BOT) agreements with Qatar Foundation (QF).
The agreements will see Mazaya build a QR1bn architectural icon at the Lusail City, the ‘Marina Mall’, and a QR500mn residential complex to be known as ‘Sidra Residential Project’.
The Marina Mall agreement, lasting 30 years, includes construction of a shopping complex spread over 56,605sq m over two floors plus the ground floor (G+2), facing the new marina and yacht club, currently being built at Lusail City.
The property, fully owned by QF, will be surrounded by hotels, offices, commercial and residential units, a variety of leisure and entertainment facilities, as well as a cinema, theatres and an aquarium, officials said.
The agreements were signed by QF Capital Projects and Facilities vice president Eng Saad al-Mohannadi and Mazaya Qatar chairman Rashid Fahad al-Naimi.
Al-Mohannadi said: “Marina Mall is a turning point in the current Qatari real estate market due to the high quality elements of the project, including its design and location. This requires finding the best partners and solutions to make this project a success. We have found in Mazaya that partner.”
Al-Naimi said: “Mazaya Qatar is proving its ability to win mega projects, to improve its position in the ranks of top real estate developers.”
The Sidra Residential Project, meanwhile, is expected to provide up to 1,165 residential units to the rental market.
The project will be 100% owned by QF, while plans include the construction of residential units for nurses, employees and technicians working at the Sidra Medical and Research Centre, currently under construction across the sprawling Education City.
The residential neighbourhood will consist of two-storey buildings, green spaces, community club. Each building will host one-bedroom and two-bedroom units. There will be 658 one-bedroom and 507 two-bedroom units measuring 50sq m and 85sq m respectively.
The validity of Sidra Project BOT agreement is for 20 years.
Al-Naimi said: “Sidra Residential Project is one of the projects that was recently studied and that has come into execution.”
Answering questions, al-Naimi said the company was able to raise enough capital to start working on both projects for the next 12 months, through its IPO earlier this year.
Mazaya Qatar will also be listed on the Qatari bourse on October 17 becoming the 43rd company on the Qatari equity exchange.
As Published
