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Friday, September 17, 2021

Pearl developer UDC sells land plots to unnamed ‘strategic partner’

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Costa Malaz

The United Development Company (UDC), which develops and manages the Pearl-Qatar, has signed a deal to sell 47 undeveloped plots of land to an unidentified “strategic partner.”

The sale – valued at more than $398 million (QR1.5 billion) – gives the unnamed company 103,000sqm of land in the undeveloped Costa Malaz area.

According to the Pearl’s official website, this section of the island is expected to be developed into an “exclusive marine bay area” featuring “Polynesian-style villas” with direct beach access.

Marsa-Malaz2

Costa Malaz will also be home to a luxury hotel. That development – the Marsa Malaz Kempinski – is expected to open at the end of this year, according to Alfardan Hospitality, which made an announcement about the development earlier this month.

This is not the first time that plots of land on the Pearl have been sold to external companies. Many of the island’s towers in Porto Arabia and Viva Bahriya are owned by independent developers. However, this deal appears to be UDC’s largest sale yet to a single company.

When reached by phone today, a spokesman for the Pearl-Qatar told Doha News that he was unable to provide any more details about the sale at this stage, but said more information would be released soon.

The ownership of the land on Costa Malaz is expected to be transferred later this year, UDC said in a statement.

An expanding island

UDC’s acting CEO, Badr al-Meer, recently forecast that the island’s population would expand “drastically” by the end of this year, as more towers and districts are completed.

Al-Meer describes the Pearl project as now being at an “advanced stage,” with 60 percent of the island’s buildings either completed, or under construction.

He also recently told journalists that construction of the island’s “Medina Centrale” district was now complete, and that the units there were awaiting Civil Defense clearance before being rented or sold.

Additionally, 10 of the 31 towers in Porto Arabia were still under construction, with two plots in the area remaining to be sold, he said.

Construction of the Pearl-Qatar began in 2004, and was originally slated for completion in 2011.

Thoughts?

4 COMMENTS

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A_qtr
A_qtr
7 years ago

If it walks like a bail out and smells like a bail out.. It’s a bail out

Masboro
Masboro
7 years ago

Well the Venetian inspired area of the Pearl has been completed for a couple of years now and it is still like a ghost town. Overall the Pearl is a fantastic development and could be a real ‘showpiece’ for Qatar, but I fear the change in attitude required to achieve its full potential is just too much of a step for the conservatives to make.

Mayette
Mayette
7 years ago
Reply to  Masboro

Change in plumbing and electrical wiring too

Observant One
Observant One
7 years ago

The Pearl is the worlds most boring developed area ever! Secondly how is the one way in one way out traffic management concept ever going to manage if people finally live there and people finally go there to eat, drink and be merry? You’ve bought a lemon pal….

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