Mazaya Real Estate Development has announced its acquisition of four residential buildings in the Al Sadd area for a total value of QR150m. The company said it has completed all the procedures required to register the four residential buildings in Al Sadd, which it had previously announced, and that the buildings have officially been transferred to its private ownership.
The value of the deal reached QR150m, and a contract has been signed with a government institute to lease these buildings for a period of five years. The deal is considered positive because of its financial return for the company and its shareholders.
The buildings consist of 155 housing units, divided into two types of apartments, including three-bedroom apartments and two-bedroom apartments, and each building contains a swimming pool, two gyms (one for men and another for women), and parking for 165 cars.
Spread across a total building area of 6,659sqm, the buildings are located in a vital location in the Al Sadd area, and the site is distinguished by its proximity to all basic services and the daily needs of the residents.
Managing Director of Mazaya Real Estate Development, Eng. Ibrahim Jaham Al Kuwari, said: “Mazaya has continued to make remarkable progress in terms of seizing profitable growth opportunities during the previous period, as it succeeded in completing this deal and it is considered a golden opportunity that has been successfully seized and will return. With a good return, God willing, on the company and its shareholders”.
Al Kuwari pointed out that the idea behind the acquisitions is the board of directors’ desire to diversify sources of income from guaranteed and rewarding profit deals, improve the company’s performance and raise its productivity, as the deal was preceded by other projects and deals carried out by the company, such as the announcement of the Marina Plaza project and acquisition of four buildings in Ariane City project in Mesaimeer.
