United Development Company (UDC), a leading Qatari shareholding company and master developer of The Pearl-Qatar, has reported net profit of QR416mn on revenues of QR1.29bn in the first nine months of this year.
The net profit attributable to equity shareholders stood at QR385mn and basic earnings-per-share was QR1.09 at the end of September 30, 2018.
“UDC has achieved good performance given the challenging conditions prevailing in today’s real estate market. UDC’s relatively strong showing under difficult circumstances was actually a testament to the quality of properties being offered at The Pearl-Qatar and to the prospective nature of three major developments being currently undertaken by UDC, pursuant to the master plan,” said its chairman Turki bin Mohamed al-Khater.
This aims to ensure that The Pearl-Qatar remains the premier real estate development in Qatar and the location of choice for investors, developers, owners, residents and tenants, he said.
The volume of residential properties rented during the first nine months of 2018 increased by 22% year-on-year while the volume of retail areas under lease had increased by 6%, which indicate that The Pearl-Qatar is becoming a favourable destination for residential and retail tenants in Qatar to live and operate a business.
UDC’s unique real estate portfolio at The Pearl-Qatar includes properties for sale, consisting of land plots, apartment and townhouse units; and properties for lease, consisting of office space and residential and retail units, which all are located in a self-sufficient community. “The crown jewel of the three major developments is Gewan Island, a development that will include an assortment of waterfront and beach front villas, private island villas, apartments as well as retail and hospitality outlets, entertainment and sports facilities, and mosque, artistically woven into the reworked and reclaimed land that is adjacent to The Pearl-Qatar, al-Khater said.
The remaining two developments include Giardino Village, an area designed for apartments and villas that will be available to lease or own with a gated community, retail and hospitality outlets, recreation facilities and an international school serving The Pearl-Qatar community as a whole; and Al Mutahidah Towers, a twin tower building jointly connected by a bridge from the 12th to the 24th floor and designed for residential units that will be available to lease or own, with various amenities.
UDC president and chief executive Ibrahim Jassim al-Othman affirmed UDC’s dedication in advancing and executing its distinctive development projects, while achieving sound financial returns on the projects and to the company as a whole, keeping the ultimate objective of meeting the shareholders’ expectations.
“During the current month, UDC has awarded the construction works for commercial showroom at Abraj Quartier district. The construction works will be completed by the end of the fourth quarter of the year 2020, by which the showroom will be ready for commercial tenants,” he said.
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