Qatar Real Estate News
Ezdan plans series of mega projects
Ezdan Real Estate is awaiting approval to construct huge malls in Wukair and al Gharrafa, apart from its aim to construct a big school. The company is also considering potential merger with International Housing Group.
The Company achieved a net profit of QR203m during the first half of this year, Hesham Al Sahtari, the company CEO revealed. The results indicate an increase of QR96.7m in net profits in comparison to the same period last year.
Despite the impact of financial crisis on the region, Ezdan has managed to make an increase in operational profits, and strengthen its financial presence, Al Sahtari pointed out.
He revealed that Ezdan is striving to offer unique residential units in prime locations of Qatar, particularly targeting the mid-income sector.
The strong financial results by the company this year, is largely due to the diverse activities that it involved itself with, and the follow up of the development in the general Qatari market, particularly in the property sector, Al Sahtari claimed.
The renting of Al Wakrah complex, comprising 640 residential apartments and 158 villas brought about a considerable increase. The Wakrah Compound 3 will be available for lease by the fourth quarter of this year, and will grow to be a fully functional development, with all facilities required by the residents, he confirmed.
EZdan has several projects in hand, several of which are under development. Currently, the company is awaiting a permit to develop the Qatar International School, Galaxy Mall and Wukair Mall, Al Sahtari said. He also spoke about a possible merger with the International Housing Group, which the company is planning at present, as the merger would ensure a better presence for Ezdan in the real estate sector.
Posted on 1/8/2009
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