DOHA: Ezdan Holding Group is all set to open a large housing complex that will also boast a five-star hotel. The cost of ‘Al Shamal Complex’ project is QR1.5bn and it will be located along Al Shamal highway.
“The complex is expected to open during the fourth quarter (Q4) of this year. However, the hotel will be inaugurated by the first quarter (Q1) of next year,” said Mohammad Al Ubaydali, Chief Executive Officer (CEO) of Ezdan Group.
He was speaking at a press conference yesterday at the stall of Ezdan Group at the Cityscape-2013, a real estate exhibition held at Doha Exhibition Center.
Al Shamal complex will include 183 luxury villas, 170 apartments and a five star hotel with 220 rooms, Al Ubaydali added.
It is the first housing complex of this type in Qatar that will have a five star hotel with a many other facilities like swimming pools, commercial centres, nurseries and eateries, among others.
Regarding the demand and supply of the housing units, Al Ubaydali said: “It is expected that the demand for housing units to be more than its supplies by mid 2014.
“Our company is ready to meet the growing demand of housing units. We had planned to open more than 10 residential villages with the capacity of thousands of housing units this year. So far, six villages have been opened and the remaining ones will be opened by the year-end,” said Al Ubaydali.
The profits from rent of Ezdan Group from its premises soared 71 percent in the first quarter (Q1) of this year compared to Q1 of 2012. The profits have increased from QR92.6m in Q1 of 2012 to QR167.9m in Q1 this year.
Since several residential villages have been opened like village No. 9 at Al Wakra that provides more than 700 housing units, it is expected that the profits of the company will grow in the next quarter of this year.
“The occupancy rate of Ezdan housing is 90 percent. More than 30,000 people are residing in our complexes and soon this figure will reach 40,000, said Nasser Al Abdullah, Deputy Chief Executive Officer of Ezdan Group.
“Our company provides a lot of services to its residents in a bid to attract more customers. These services include health, travel and tourism, training, shopping and marketing,” he added.
Regarding Al Rayan Tower whose models is displayed at the exhibition, Al Abdullah said: “The project costs QR1.1bn and comprise eight towers with the capacity of 914 apartments in an area of 145,000sqm. The tower will be inaugurated in three phases. Phase-I includes three towers and it had been opened already. Phase-II that will include two towers will open next month. Phase-III is expected to open by the third quarter of this year and it will include three towers. The Peninsula
