The Barwa Housing Programme’s Sailiya residential units, delayed due to problems with the main contractor, are to be ready by the year-end, a senior official said yesterday.
“Barwa is exerting sincere efforts to finish the project through new and direct contracts with the sub-contractors,” acting president of business development (Qatar), Majid Bader al-Bader, said.
Originally slated for handover in July, the nearly 1,000-apartment project at Sailiya is the second phase of the close to 2,000-apartment Barwa Housing Programme (BHP). The first phase, BHP Mesaimeer, was handed over in March this year.
“Barwa’s efforts aim at mitigating any harm caused to the beneficiaries and we are determined to protect the stakeholders’ interests as well,” al-Bader said.
The official attributed the non-completion of the Sailiya project to financial difficulties suffered by the main contractor (Panceltica Qatar), following which Barwa terminated the construction contract.
“We also decided to pay the dues owed by the main contractor to the sub-contractors although we had no legal obligation to do so,” al-Bader said.
The official declared that Barwa has not purchased, acquired or invested in the main contractor of BHP Sailiya. Al-Bader termed as baseless a report published by a local newspaper (not Gulf Times) that Barwa had acquired the main contractor.
Referring to the other projects, al-Bader pointed out that Barwa Village would be ready by the first quarter of 2010 and Barwa Commercial Avenue by 2012.
The QR1.5bn, 400,000sqm Barwa Village development, a project close to the Al Wakrah highway opposite Ras Abu Fontas and only 20 minutes from Doha, embraces multi-use facilities featuring residential units for more than 1,500 occupants and commercial units for 13,000 visitors.
More than 30% of Barwa Village, envisaged as a self-sufficient project with all facilities for modern living, is green space, designed to reduce carbon dioxide emissions.
Barwa Commercial Avenue, located near Doha and being built on an 8km stretch, offers various luxurious residential and commercial buildings, and mainly targets young Qatari entrepreneurs.
Barwa Real Estate’s acting group director (finance) Ahmed Elezabi recalled that the growth of 35% in net profit of QR374mn, recorded in the first half of 2009, is a great achievement despite the turmoil seen in many global real estate markets.
Total assets of the company have risen to QR27.5bn, a 13% rise compared to QR24.2bn during the same period in 2008.
“Barwa’s first-half performance and recorded results are the product of a cautious investment strategy adopted to cover new investments or exits, in addition to a direct result of the managements sincere efforts to diversify income resources,” Elezabi added.
Barwa City, Barwa Al Baraha, Barwa Al Sadd, and Barwa Financial District are the other upcoming projects in Qatar. Barwa City, built on more than 2.5mn sqm, offers residential units for more than 35,000 people.
Barwa Al Baraha, in the heart of the industrial area, is a residential compound for workers, Barwa Al Sadd, coming up adjacent to Suheim bin Hamad Street is a prime commercial and residential complex, and Barwa Financial District, located in West Bay, is an integrated solution designed to serve the local, regional and global financial sector.
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