Qatar Real Estate Investment Company (Alaqaria) will invest QR10bn in housing projects over the next five years. Some of these projects are expected to commence this year itself with an estimated cost of QR2bn, the company announced yesterday.
The new housing projects, along with those announced by firms like Barwa, should go a long way in relieving the stress placed on housing in the country. With a large scale influx of foreign workers as well as senior management expected due to the many projects coming up in the country, the new housing units should be easily filled.
The housing situation in the country is largely blamed for the current high level of inflation, currently hovering near or at the 15 percent level.
Alaqaria has handed over 20 percent of its projects under construction, valued at QR540m, during the first half (H1) of this year.
The firm completed and developed more than 950 residential units of the Dukhan project Phase IV and Phase V, the Abu Samra project and accommodation for 2,300 low-income workers in Messaieed.
Of the projects remaining under construction and valued at QR2.4bn, 50 percent will be handed over in the second half of this year, according to Mohammed Ismail Mandani, Alaqaria CEO, who was briefing media yesterday on the company's H1 results.
The balance of the projects is expected to be completed by H1 of next year, making for an additional 900 housing units.
The CEO said: “Alaqaria has acquired several plots of land in Doha, Energy City and Lusail. The total area of these plots comes to 68,000 sq. metres and cost QR280m but has an estimated market value of QR415m."
For H1 of this year, the company registered a net profit of QR173m, a 30 percent increase over the corresponding period last year. During H1, Alaqaria realised QR58m from the sale of two properties.
In the fourth quarter of 2006, Alaqaria picked up a 50 percent stake in ASAS real Estate Company, which has a total shareholders' equity of QR1.6bn. ASAS has two residential tower projects in West Bay which have been fully leased to companies. Along with other properties, ASAS assets amount to QR1.7bn with a market value of QR2.9bn.
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