The developers behind a QR 35 billion ($9.6 billion) real estate plan for Qatar say the country is well placed in the current world economic climate and expect their property venture to hold up well.
Barwa Real Estate is the planner and master developer of the high profile ‘Urjuan’ project in Al Khor, which is set to house more than 63,000 people when it is finished in 2013.
First unveiled in November last year, some may have questioned the viability of such a vast property scheme in the current climate, but Barwa pointed to Qatar’s strong growth and potential for investment.
The Canadian-designed development will offer more than 24,500 homes including beachfront property, apartments and townhouses.
Ghanem bin Saad Al Saad, managing director of Barwa Real Estate, said: “The presence of a massive development such as ‘Urjuan’ underlines the stability and growth of the Qatari economy, and we are confident that this project will deliver beyond the expectations of our customers.”
He added the huge property scheme would add to the “stability and growth” of the local economy.
Urjuan is located 40 minutes from the centre of Doha and also involves sport facilities, commercial real estate, a five-star hotel and 18-hole golf course.
Developers hope the scheme will appeal to end users and international property investors, as it is being built in one of Qatar’s freehold real estate areas.
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