Salman bin Mohammed Al Mohannadi, CEO of Barwa Real Estate Group, and Mohammed Hayil Al Omar, the CEO of the tenant Company, shaking hands after t signing the contract at Barwa headquarters, yesterday.
Barwa Real Estate Group yesterday announced the signing of the leasing contract of its project, Mustawdaat in Umm Shahrain area, with Mohammed Hayil Group for Trading and Contracting WLL.
Salman bin Mohammed Al Mohannadi, the Group's CEO signed the contract on behalf of Barwa with Mohammed Hayil Al Omar, the CEO of the tenant Company at Barwa headquarters.
The contract term is for 10 and a half years, starting from October 1, 2017, during which the tenant shall operate, maintain and lease the project. The total rental value is QR755m over the duration of the contract term.
Mustawdaat project comes as one of the Government of Qatar's initiatives to meet the market demands of storage areas to fulfill the needs of Qatar's citizens and residents at affordable costs so as to support overall price reductions.
The development of this project has been awarded to Barwa Real Estate Company as one of four warehousing parks that has been awarded to a number of developers in 2015. Sponsored by Manateq, these projects offer an ideal solution for logistics activities and were awarded for the developers to run a (Build- Run- Transfer) model, whereby the facility is designed, constructed, operated and maintained by the developer.
It will be subsequently transferred to Manateq following a 25-years concession period.Located in Umm Shahrain, the project extends over a plot area of 500,000 square meters and provides four types of low-cost warehouses, including dry and air-conditioned warehouses and chilled warehouses as well as freezer warehouses on a total plot area of 259,446 square meters.
The project, which has a total built up area of 273,113 square meters, includes the construction of a residential compound for the employees, offices, 38 retail shops and a mosque, in addition to all the necessary infrastructure, including the construction of 13 substations, internal roads, loading and unloading areas and networks for potable water, fire, irrigation, sewage and their respective tanks.
Furthermore, it will feature surveillance cameras, pump rooms and security rooms.
"The objective of Mustawdaat project is to meet the demands of the Qatari market for the logistics areas and modern storages at reasonable prices that help reduce the overall cost of providing goods and products to consumers,” Al Mohannadi said.
