Qatar Real Estate News
Alaqaria to invest QR10bn on housing projects in Qatar
The Qatar Real Estate Investment Company (Alaqaria) plans investment of QR10bn in housing projects over the next five years. However, few of these projects, costing an approximate of QR2bn are likely to commence construction this year itself, the company announced yesterday.
The new housing projects are believed to reduce the burden on housing in the country. With a huge influx of foreign workers and senior management, and due to the many upcoming projects in the country, the new housing units are hoped to be occupied easily.
The housing situation in the country largely depends on the high inflation levels that are currently hovering near or at the 15 percent level.
Alaqaria has already delivered 20 percent of projects, worth QR540mn, that are under construction, during the first half of this year. About more than 950 residential units, pertaining to the Dukhan project Phase IV and Phase V have been completed and delivered, apart from the Abu Samra project and accommodation for 2300 low-income workers in Messaieed.
Among the projects that are under construction and worth QR2.4bn, 50 percent will be handed over during the second half of this year, said Mohammed Ismail Mandani, CEO, Alaqaria. The balance of the projects will be complete by first half of next year, contributing to an additional 900 housing units.
Mandani pointed out that Alaqaria has acquired several plots in Doha, Lusail, and Energy City. The total area of these would be about 68,000 square meters, costing about QR280mn, but has an estimated market value of QR415mn. During first half of 2008, the company recorded a net profit of QR173mn, representing a 30 percent growth over the same period last year.
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