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Posted On: 16 June 2009 09:24 am
Updated On: 12 November 2020 02:09 pm

‘Pearl’ shines despite global property crisis

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The Pearl-Qatar is really living up to its name. One of the largest urban developments in the Middle East, the QR50bn project, has crossed a major milestone by unveiling The Tower-4 at Porto Arabia. ‘A jewel at the heart of the Gulf’, The Pearl-Qatar is the flagship project of the United Development Company, one of Qatar’s largest public shareholding companies. The Pearl-Qatar’s excellence in design and construction has made it a ‘very unique’ project. Property downturn triggered by the global economic crisis has failed to diminish investors’ interest in The Pearl-Qatar, which is evident from the ‘strong demand’ for units at the residential location and luxury resort. Abdullah Araj, executive vice-president at the United Development Company, said: “We continue to generate strong demand from international, regional and local investors at The Pearl-Qatar. Ours is a financially and architecturally engineered property. It has become the benchmark for quality and value.” Araj said the drop in property prices around the globe has had little impact on the The Pearl-Qatar. “In April we have seen the highest prices for units at The Pearl-Qatar. This is because many investors realise the fact that investments at The Pearl-Qatar are solid and secure. If they miss the opportunity now, it may have gone for ever,” Araj said. Araj said statistics proved that the demand for quality units in Qatar would continue for many more years. “Demand still outstrips supply in our country. The population of this country is growing at a rapid pace. Qatar’s economy is on the growth trajectory. Researchers have already estimated that Qatar’s GDP growth would be among the highest in the world this year. We are on strong fundamentals and there will be demand for quality properties for a considerable time,” Araj said. According to Salim Abdul-Rahim, general manager (Sales) at The Pearl-Qatar, the first development in Qatar to offer freehold and residential rights to the international community, continues to attract “unprecedented interest” from buyers and investors in some 52 countries. “A few years ago, when our project was on the drawing board, many thought that we would not be able to develop such a stunning property in Qatar. By God’s grace and with the guidance and support of the country’s leadership, we have been able to build The Pearl-Qatar, which is now a world-class development. It has been shaped by the vision to create an asset and a way of life with lasting quality and value,” Abdul-Rahim said. Recently, Qatar’s leading property developer Alfardan Properties welcomed its first tenant to The Pearl -Qatar’s One Porto Arabia. One Porto Arabia opened its doors to Chris Macklin, a British expatriate working as the Head of Human Resources at QInvest, an investment firm housed at the Qatar Financial Centre. Leasing Manager of Alfardan Properties, Nader El Oweini described the day as a great endorsement of Alfardan’s quality. Macklin said: “I am amazed by the beauty of the place I have moved into. I enjoy living near the sea, and love the view from my balcony. It is extremely spacious and pleasant to wake up in the morning. The weekends feel like a holiday!” On completion in 2012, The Pearl-Qatar will accommodate more than 41,000 residents in approximately 15,000 dwellings divided between 10 distinctive precincts. In and around them, exquisitely landscaped parks, state-of-the-art marinas and pristine beaches vie with a captivating world of upscale shopping, dining and leisure opportunities to bring each unique neighbourhood to vibrant life. The Pearl-Qatar is implementing the most advanced urban technologies to maintain the highest quality of life across its array of secluded villa retreats, world-class hotels and brilliantly designed shops and apartments in its bustling metropolitan hubs. Ground breaking central cooling and waste disposal systems provide an environment that is perfected for human comfort while reducing The Pearl-Qatar’s wider ecological impact to a sustainable minimum. Designed with the future in mind, the island’s IT infrastructure not only offers complete connectivity, but a host of home automation capabilities to enhance convenience and security for all residents.