BARWA PLANS MORE PROJECTS

Qatar Today - - BUSINESS > REALTY CHECK -

Barwa Real Es­tate group has an­nounced Fox Hills North project in Lu­sail City, which will have 3,000 units and whose work will start later this year.

The com­pany also plans to launch Barwa Al Doha, which will be de­vel­oped as a strip re­tail, cater­ing to lo­cal mer­chant traders.

Ac­cord­ing to com­pany chair­man Salah bin Ghanim Al Ali, work on the sec­ond phase of Barwa Al Barah was pro­gress­ing smoothly and along with its first phase, it will ac­com­mo­date 53,000 work­ers.

Barwa had ac­quired the strip of land on the eastern bound­ary of Barwa Vil­lage in De­cem­ber 2012, which has good road frontage with high pass­ing traf­fic and it con­trols the ar­rival ex­pe­ri­ence into Barwa Vil­lage mak­ing the land at­trac­tive to re­tail ten­ants.

Ghanim Al Ali said that Barwa Al Sadd Ho­tel Tower, which was sold to Katara Hos­pi­tal­ity, is al­most com­plete and will start op­er­a­tions in the sec­ond quar­ter of 2014. Barwa Al Khor res­i­den­tial project con­sist­ing of 300 res­i­den­tial apart­ments and 50 vil­las for Qatar Shell staff is pro­gress­ing well and is on tar­get to achieve the con­trac­tual com­ple­tion date of fourth quar­ter of 2014.

Barwa Real Es­tate's net profit for 2013 has risen by 27.3% to QR1.4 bil­lion com­pared with QR1.1 bil­lion in the prior year.

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