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Posted On: 2 June 2008 09:27 am
Updated On: 12 November 2020 02:08 pm

Lusail Villas to be sold soon

Khalifa Al Haroon
Khalifa Al Haroon
Your friendly neighborhood Qatari
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National Leasing Holding Company yesterday announced it has signed a Memorandum of Understanding (MoU) with Qatari Diar to purchase real estate properties located in Lusail. The property is designed for the construction of villas for Qatari citizens. The total area allocated is one million sq. metres divided into approximately 880 lots. The final contract for sale and purchase orders will commence immediately after Diar completes the preliminary designs and studies for each lot intended for sale. Diar is committed to provide the necessary infrastructure for construction. National Leasing will allocate each lot to nationals aged 18 and above. The company will sell each lot through an electronic draw to be held during the last quarter of this year. The sale price will be set at QR145 per square foot and there is a repayment period of six years, starting from the date of the signing of the agreement. A down payment of 20 percent of the selling price will be required at the signing date followed by a grace period of one year to be given to mark the first anniversary. The remaining installment amount will be required at a rate of 20 percent of the selling price per year. The purchasing contract will stipulate that construction will begin within two years from the date of signing with no extension permitted and selling will not be allowed until the end of construction and issuance of title deeds. The Peninsula