Barwa Real Estate Company will focus on domestic market in the near term, but considers “selective and opportunistic” diversification targeting overseas markets, including the UK, the US, Germany, Turkey and South East Asia.
“Although the near-term focus will be to capitalise on local market opportunities, the investment strategy considers selective and opportunistic diversification targeting UK/London, Turkey, Germany, GCC, USA and South East Asia markets,” the company told shareholders yesterday at the annual general assembly meeting.
Stressing its continued strategic analysis of potential investment opportunities to ensure a strong pipeline of quality investment prospects to deliver “superior” returns for shareholders and ensure “sustainable” growth, Barwa said the corporate strategy is to focus on maintaining a balance between development activities and steady income yielding assets.
“There are many projects and opportunities, which are at different stages of planning and analysis,” Barwa chairman Hitmi bin Ali al-Hitmi.
Barwa has an exciting land bank of opportunities, which are being assessed to identify the best use of the company’s assets with a view to maximising shareholder value, the company said.
Work has commenced on the master planning and feasibility analysis of Fox Hills (Lusail) which is due to become an exciting growth centre of Doha, it said.
Barwa City 2, which is being planned to be an attractive midmarket community and is looking to build on the success achieved at Barwa City, is in the early stages of feasibility analysis and concept design.
Lusail Golf District, which is in the master planning and feasibility analysis stage, is planned in such a way to become a premium residential community built around golf course with world-class facilities including a luxury hotel and retail project.
Highlighting that a construction contract was awarded for “Barwa Al Baraha” Phase 2 late in 2012, the company said the project, which is in the industrial area, is expected to develop into a city that will accommodate 53,000 residents and is considered the largest workers accommodation in Qatar and the Gulf region.
Construction works also started for 50 Villas and 300 Apartments with modern facilities for Qatar Shell in Al Khor, Barwa said, adding “we are also progressing Baraya, which is a mixed-use retail and serviced apartment development that will attract popular retail brands as well as offer serviced apartments targeting middle income families.”
Barwa Commercial Avenue, which is in its final stages of completion, is witnessing high demand from retailers. The project has leased almost 60% of its retail and office space with tenants having started fit-out works, Abdulla bin Abdulaziz al-Subaie, Barwa board member and Group CEO of Barwa Real Estate, said.
The Commercial Avenue will commence trading soon, he added.
He said Barwa City, a large scale master planned residential community has been completed and handed over to tenants.
The residential units are 50% occupied and “we anticipate occupancy to reach 75% before the end of this year”, he said.
Qatar Petroleum District, one of Barwa’s flagship projects occupying a strategic position in the West Bay Central Business District is progressing as per schedule and the project, which was sold to QP, is expected to be completed and handed over by the end of 2015.
On its overseas projects, Barwa said the Turkey-based Ottomare project, a luxury 381-unit residential project has achieved a pre-sales of almost 90% and is expected to sell out soon. The project is planned to be completed by the third quarter (Q3) of 2013.
Refurbishment works are in progress on the London based North Row development, offering office spaces in the prime West End area of the city. Works are expected to be completed by Q3 of this year and occupancy of more than 90% is expected by 2014.
Barwa plans “selective and opportunistic” diversification in overseas markets, says al-Hitmi.
Source: Caye Global News, Gulf Times
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