Hassan Ibrahim Al Asmakh, Vice-President and CEO at Regency Group Holding
DOHA: Hassan Ibrahim Al Asmakh, Vice-President and CEO at Regency Group Holding, announced on behalf of Ibrahim Al Asmakh, President at Regency Group Holding and Partner at United Developers, a raft of new real estate projects in Qatar.
Regency Group Holding and United Developers are investing over QR7.5bn in four new projects to complement their existing portfolio. This announcement came at a press conference held yesterday at the pavilion of United Developers and Al Asmakh Real Estate Projects at Cityscape Qatar.
Hassan Al Asmakh, noted that the first project is Le Petit Paris, representing the second phase of Place Vendôme, a multibillion mixed-use development created by United Developers, that comprises over 350 apartments, more than 260 rooms, a business/boutique hotel and many lifestyle cafés and retail outlets. The project will break ground in 2019.
The second real estate project is Al Kharaej Towers in Lusail consisting of three towers and over 250 apartments, in addition to amenity and entertainment facilities that will feature world-class technology. This project is currently under construction.
A new logistics’ park, being the fourth project, is currently under wraps. Hassan Al Asmakh noted that the blockade has in fact strengthened the partners’ resolve and belief in the economy noting the incredible opportunities in manufacturing, retail, and logistics aided by the government’s significant investments in world-class infrastructure including air, road, and rail networks.
“We have unshakable confidence in the government’s leadership of the country and in the way that Emir H H Sheikh Tamim bin Hamad Al Thani, has led us through difficult times. We will continue to capitalize on the opportunities given to us to carry on our investment in Qatar, in the economy, the people, and the country,” Al Asmakh said.
Commenting on the Place Vendôme project in Lusail, Sean Kelly, Project Director at United Developers, noted the project is 80 percent complete and will begin hand over to the first of over 570 tenants in September of this year. He noted, “We are buoyed by the feedback received from LVMH’s Chief Executive Officer, Bernard Arnault, during his recent site visit where he confirmed his satisfaction with the progress on the site and the significant efforts of the team delivering the project”.
LVMH Group have committed many of their luxury brands to the project including the global leaders like Louis Vuitton, Christian Dior, Fendi, and Sephora, among others.
Kelly also noted the strong support from the Kering Group for the project with confirmed locations for their brands like Gucci, Saint Laurent and Balenciaga among others. “The commitment of the luxury retailers gives us great impetus to complete our project to a global standard”.
