DOHA: Barwa Real Estate Group’s prestigious Barwa Commercial Avenue is in the final stages of completion.
The project has already leased out nearly 60 percent of its retail and office space with tenants having started fit out works. There is a high demand from retailers, Chairman of Barwa Real Estate Group, Hitmi bin Ali Al Hitmi, has said.
He was addressing the ordinary general meeting of the Group yesterday.
The meeting approved the board of director’s revised decision to distribute a cash dividend of 15 percent from the outstanding share capital amounting to QR1.5 per share for the year ended 2012.
On the 2013 future plans of the Group, Al Hitmis aid work has commenced on the master planning and feasibility study of Fox Hills at Lusail which is due to become an exciting new growth centre of Doha.
Barwa City 2 is in the early stages of feasibility analysis and concept design. Lusail Golf District is also in the master planning stage.
The construction contract has been awarded for “Barwa Al Baraha” Phase 2, late in 2012. Located in the industrial area, the project is expected to develop into a city that will accommodate 53,000 residents and is considered the largest workers accommodation in Qatar and GCC.
Group CEO Abdulla bin Abdulaziz Al Subaie said the Group’s all key projects are fast progressing and many of them are in the final phase.
Barwa Commercial Avenue is in the final stages of completion and would be launched soon. Barwa City, the large scale master planned residential community has already been handed over to tenants. 50 percent of the residential units are already occupied and we expect occupancy to reach 75 percent before the end of this year, he said.
On Qatar Petroleum District, one of Barwa’s flagship projects, Al Subaie said the project is progressing as per the project schedule. The project, sold to QP, is expected to be completed and handed over by the end of 2015.
“All our operating real estate assets including Barwa Al Sadd, Barwa Village and Masaken maintains more than 95 percent occupancy.”
Al Subaie said the Turkey-based Ottomare project, a luxury 381-unit residential project has achieved a pre-sales of almost 90 percent and is expected to sell out soon.
The project is planned to be completed by Q32013. Refurbishment works are in progress on the London-based North Row development offering office spaces in the prime West End area of London. Works are expected to be completed by Q32013 and 90 percent occupancy rate is expected by 2014.
The Peninsula
