Barwa to Sell City Project to Qatari Diar Subsidiary for QR 7.57 Billion
Barwa Real Estate Company has signed a deal worth QR 7.57 Billion (US $2.08 Billion) to sell Barwa City project to Labregah Real Estate Company, a wholly-owned Qatari Diar Real Estate Investment Company subsidiary.
The transaction is subject conditions and the purchase price is subject to adjustment, according to a statement published Wednesday by Qatar Exchange.
On Monday, Qatar’s largest listed real estate company said, this month it is starting construction work for Package 2 of the second phase of Barwa Al Baraha project.
It is the largest development project for workers living in Qatar.
Package 2 comprises 32 buildings, G+ 3 floors, and each building will have 130 rooms that will accommodate 24,000 workers. It will also have four dining halls, two playgrounds, two mosques, as well as restaurants and utility shops.
“This is a commitment towards building a society where people from different social backgrounds live in harmony and raising living standards of those with little income,” Barwa said.
Measuring approximately 1.8 million square meters, Barwa Al Baraha development is designed to serve as an integrated workers’ city that will accommodate 53,000 workers and employees, making it the GCC’s largest workers’ accommodation.
Barwa is developing the project in two phases.
Phase one focuses on establishing Qatar’s largest truck and vehicle parking space, while phase two will provide worker and staff accommodation, pre-owned car show rooms, auctions, workshops and stores for truck and machinery maintenance services.
Facilities include a hotel, entertainment centre, mall, laundry, health centre, mosque, Islamic centre, police station, civil defence centre, fire-control centre, sports facilities, shops, restaurants and offices.
Source : Qatar News Agency