Barwa eyes handover of $659m Doha project in Q2

Barwa Real Estate said on Sunday that a QR2.4bn ($659m) residential and commercial development in Doha would be ready for handover in the second quarter of this year.

The Qatar-based real estate giant said over 99 percent of its Barwa Al Sadd project was now complete.

Barwa added that it has leased all housing units and two of three office towers on the project.

The third office tower is expected to serve as the headquarters of Barwa Real Estate and its subsidiaries, it said in a statement.

An agreement has also been signed with a leading international hotel chain to operate as part of the project, with the hotel brand to be announced soon, the statement added.

Final project preparations are well underway, following the finalization of work on the development as a whole and Barwa is expected to re-locate to its new headquarters during the second quarter of 2012.

Abdulla Abdulaziz Al Subaie, CEO of Barwa Real Estate Group said: "The completion of the Barwa Al Sadd project marks an important milestone, which reflects Barwa's dedication to the project's planning, development, design and construction over the years.

"In the future we look forward to announcing the completion of other Barwa developments that have been under construction over the last few years".

Covering 27,654 sq m, Barwa Al Sadd consists of a commercial and residential complex and features three office towers, with two consisting of 21 floors, and the third 18 floors, while a five-star hotel is also included.

The project also includes three apartment buildings, parking for 1,702 cars and a retail centre.

Barwa also said that its QR7bn Barwa Commercial Avenue is expected to be completed during the second quarter of 2012.

The project provides 547 retail spaces, residential units and office spaces with a total built area of 1 million sq m.

The development also offers residents wide spaces for restaurants, grocery stores, pharmacies, shopping malls and other facilities.