Business | Property
$3.5b joint venture golf residential project gets under way in Qatar
Al Sidra development will have 3,200 units around Greg Norman championship course.
- Staff Report
- Published: 21:23 November 23, 2008
Dubai: A $3.5 billion golf residential project is under way in Qatar.
The project is a joint venture between global investment house, Arcapita Bank and Al Imtiaz Investment, a Kuwait-based investment company.
The development, Al Sidra, will be located within the Lusail Qatar development and will comprise 3,200 residential units centred around the Greg Norman championship golf course and a tennis academy, under the name of former American tennis star, Chris Evert.
The residential units include high-end villas, townhouses and low-rise apartments and will be positioned within communities within the development.
School
There will also be green areas and an international school managed by American education service provider, International School Systems.
"At a time of global uncertainty, the Qatar economy stands out with solid fundamentals and high growth prospects. With some of the world's most abundant reserves of gas, Qatar's economy is expected to develop quickly in the coming years and the continued expansion of its production and export capacities, driving the demand for real estate, which is currently undersupplied," Atif Abdul Malek, chief executive officer of Arcapita, said.
Al Sidra will be developed over 3.6 million square metres of land. The golf course will take up 1.5 million square metres.
"Qatar has already made major steps in establishing itself as an important energy and higher education and sports destination for the region and this joint venture is consistent with this aim, with its fully-equipped golf sports facilities and tennis academies and outdoor recreational environment," Ali Al Zubaid, managing director and chief executive officer of Al Imtiaz, said.
The Lusail Qatar project itself is an urban project, intended to house around 200,000 residents. It will be 21 square kilometres.
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