Mazaya Qatar plans new projects to enhance realty portfolio and revenues

Mazaya Qatar is contemplating new projects this year as part of efforts to strengthen its real estate portfolio and enhance revenues.
The company's two projects in Lusail - Voya and Vera Towers - are expected to be completed by 2026, its chairman Sheikh Salman bin Hassan al-Thani said in the board of directors’ report, which was presented before the shareholders at the annual general assembly meeting.
"During 2024, Mazaya will continue its activity in the real estate development sector with new projects that contribute to the development of its real estate portfolio and enhance the company's revenues," he said.
The focus will also be on developing vacant lands and fully exploiting assets to generate returns, he said, adding in the coming years, it will continue its operations in developing its services, maintaining its partnerships, and contributing to national development in alignment with Qatar’s objectives in the third phase of the Qatar National Vision 2030.
The meeting, presided over by Ibrahim Jeham al-Kuwari, vice-chairman, approved the financial results of 2023 and the 2.5% cash dividend.
Regarding income-generating assets, Mazaya Qatar’s portfolio has been enhanced with new income-generating assets, the latest being "Gold Plaza Complex."
As a result, the number of units owned by the company that are available for lease in both residential and commercial sectors has reached 1,694 units, with the occupancy rate across all units reaching approximately 98%.
As for the plots owned by it, Mazaya Qatar's portfolio included five plots both within and outside Qatar. Mazaya Qatar has four plots in Dubai, of which it sold three in the Rawaiya area in a deal worth QR32.3mn, while it currently considering either to develop or sell its existing plot in Dubai Island.
He said company is currently studying the development of a project on Al Meshaf plot and will announce it upon completion of the study.
The Voya residential tower project includes 119 residential units, ranging from apartments and chalets, offered for sale.
The residential units vary from one-bedroom units to four-bedroom units. The tower provides comprehensive amenities such as outdoor activities, swimming pools, gym and health club, as well as direct access to the beach for recreation and marine sports.
The Vera Tower comprises 91 residential units spread across 14 floors, with an additional two penthouse floors.
The residential units feature a contemporary and practical design; offer a variety of one and two-bedroom options, each with balconies providing private outdoor spaces for residents. The tower also provides comprehensive amenities, including outdoor activities, swimming pools, a fully equipped fitness club, in addition to a designated children’s play area.