All photos courtesy of United Developers
Excavation work on a massive new mixed-use development north of Doha is reportedly in full swing as part of the latest luxury real estate project to break ground.
Part of the new city of Lusail, Place Vendôme will cost US$1.25 billion and include serviced apartments, entertainment zones, a pair of five-star hotels and up to 400 retail outlets when it is completed in the the third quarter of 2017.
The project’s backers – who displayed renderings of the complex recently at Cityscape Global in Dubai – say the design is drawn from the central Parisian neighborhood of the same name.
The commercial component is intended to draw high-end consumers; the company behind the project, United Developers, says it will contain an “exclusive section dedicated to unrivaled luxury and the most elite brands.”
The company says Place Vendôme will be 800,000 square meters, or more than double the entire footprint of Villaggio Mall.
The renderings of the luxurious development stand in stark contrast to how Lusail currently appears.
Despite being in the works for years, the master-planned city is still largely barren desert interrupted by the odd building site, scattered construction waste and heavy machinery.
The Place Vendôme is one of more than a half-dozen large retail centers that are expected to open in Qatar in the coming years, including Doha Festival City and the Mall of Qatar.
Despite the country’s growing population and wealth, the glut of new malls is expected to lead to an oversupply of retail space in the country.
Speaking at a local real estate conference earlier this year, industry experts say the new high-end shopping centers will likely have no problem drawing consumers and retailers.
However, that’s likely to come at the expense of Qatar’s older malls, which could lead to empty stores and reduced foot traffic.