Mazaya to firm up presence in realty sector: Naimi
MAZAYA Qatar Real Estate Development Company may consider entering into community housing projects “if there is acute shortage of houses”, on the lines of Barwa and Ezdan, its chairman has said.
“At the moment we don’t see any shortage in supplies. It makes no sense to enter this market at this point of time,” Mazaya Qatar Chairman Rashid Fahad al Naimi told reporters at a function, in Doha, on Wednesday.
According to Naimi, the company would continue to consolidate its position in the real estate and investment sector. He said the company did not have any immediate plans of entering the community housing projects and aggravate the demand and supply situation in the market.
The strategy of the company focuses on long-term investments, and all projects are undertaken with this policy in mind. The company, according to him, regularly does due diligence on the market situation and if it feels that it should enter the residential market, it will consider this option as well.
Commenting on the other projects, Naimi said the company had acquired 30,000 square metre multi purpose plot across Al Shamal Road, north of Al Duhail for QR 173 million for a seven- zoned mall. This site has been zoned for Hotel, Petrol Station, Hypermarket, Office and Financial buildings.
“We expect construction of the mall to begin later this year,” Naimi said.
Regarding the QR1 billion Marina Mall, Naimi said, “We have the detailed design for the project and we are likely to invite tenders by the year end.” He said construction of the Marina Mall is expected to begin in 2013 and would be completed by 2015.
In 2010, Mazaya Qatar had entered into a 30-year build, operate and transfer (BOT) agreement with Qatar Foundation for the development and management of Marina Mall Shopping Centre at Lusail.