Barwa to launch Madinat Al Mawater project phase 2 this year

Barwa Real Estate has announced that Phase 2 of its Madinat Al Mawater project will be launched in the second quarter of 2017 following a “huge turnout rate for leasing” of the project’s Phase 1. Spanning 1.6mn sqm in Rawdat Rashid, the development of Barwa’s Madinat Al Mawater project Phase 1 was initiated in May 2016 with a built up area of 34,000 sqm, said Group CEO Salman bin Mohamed al-Mohannadi, who told reporters that Phase 1 “is expected to be completed in the second quarter of 2017.”
Al-Mohannadi said the project was the result of Barwa’s partnership with the government to create a central market place “with the necessary services” for the used-car business. The facility will accommodate showrooms, workshops, housing units, retail shops and various services, in addition to large areas of designated car parking plots.
The project, he further explained, “shall help in solving the problem of concentrating this business inside Doha and over-crowdedness of cars in the residential areas.”
“The effective handover and inauguration of the site will be in August but we will hand over the facility to the tenants by June to do their own fit out. The rent structure will be QR20 for the rest of 2017, QR25 for the entire 2018, and QR30 for the succeeding years,” al-Mohannadi told Gulf Times.
Asked to shed light on Phase 1’s “huge turnout rate for leasing,” al-Mohannadi said: “The facility is already fully-booked as we speak and it constitutes 27 showrooms and 10 shops, as well as a car inspection facility. Once we award the contract for Phase 2, which is expected very soon, we will also launch it for leasing.”
“The huge turnout rate for the leasing of Phase 1 has encouraged Barwa to commence the development of Phase 2 in the next few days to fulfill all leasing requirements,” he stressed.
He noted that Barwa continues to support its asset base with new operational assets like the Shell Employees Housing Complex - Al Khor, which started operating in the first quarter of 2017. The project comprises a total of 350 residential units.
Al-Mohannadi said the increased occupancy rate of the Barwa Al Baraha labour accommodation project helped increase net rental income by 20% compared to the same period of 2016.
The group’s current operational assets, according to al-Mohannadi, include 6,463 residential units and 12,021 workers accommodation rooms, in addition to 150,940 sqm of commercial shops and 44,307 sqm of office spaces.
Other ongoing construction projects such as the Mustawdaat, Dara A, and Barwa Village Extension projects will provide 1,094 residential units, 688 workers accommodation rooms, and 259,446 sqm of warehouses and storage spaces, in addition to 13,693 sqm of offices and commercial shops once completed.
“The group also will commence the development process of various projects that are currently under design. Those projects are expected to provide 4,332 residential units and 191,340 sqm built up area of warehouses and stores, in addition to 38,927 sqm of office and shop spaces,” he said.
On the sidelines of the press conference held at the Madinat Al Mawater project site, Wassef CEO Hamad Rashid al-Kuwari signed lease contracts with several companies for Phase 1.