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Barwa announces the signing of construction contract for phase two of Madinat AlMawater project.
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Completion of signing all lease contracts of phase one.
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50% discount on the rent for six months as a reward from Barwa to the tenants of phase one of Madinat AlMawater.
Barwa Real Estate Company, one of the leading real estate and investment companies in Qatar and the region, announced the signing of construction contract for phase two of Madinat Al Mawater with Insha Contracting and Trading Co. that has also developed phase one of the project. The contract value amounts to QR 112,500,000 with a construction duration of 12 months so as to meet the growing leasing demands on the project. The signing ceremony was attended by a number of officials from both companies.
The total built up area of phase two is 35,607 square meters and comprises of 59 used car showrooms, 176 residential units, 10 commercial shops and 5 workshops, in addition to the necessary infrastructure, including two power substations, internal connecting roads and networks for drinking water, fire, irrigation, rainwater, sewage and surveillance cameras with all related services such as pump rooms, water and irrigation tanks, as well as sewage treatment plant. Furthermore, it will include a petrol station and vehicle Inspection Service (Fahes) with a total area of 26,000 square meters.
Mr. Salman Bin Mohammed Al Mohannadi, Group CEO of Barwa Real Estate, stated that Barwa is committed to exert all efforts to complete the development of this project and all its phases in the shortest possible time, as it is a source of pride for the Group. AlMohannadi explained that the project is a result of Barwa partnership with the Government and also is considered one of the outcomes of the efforts made by the Government to reduce high rental rates. AlMohannadi said that the group is now preparing a market survey to identify the needs of used- car market so as to fulfill them in the next phases of the project.
On the other hand, AlMohannadi stressed that Barwa has completed the signing of all lease contracts of phase one of the project. He extends his deep gratitude to tenants of phase one for their confidence and support as this reflects their awareness of the importance of the private sector's role in supporting development projects and that Barwa has rewarded them by giving 50% discount on the value of the rent for the first six months, beginning after the expiry of the grace period of three months.
Located on Salwa International Road, at the intersection leading to Rawdat Rashid and opposite Aqua Park, Madinat AlMawater project will be the largest destination in Qatar for the sale, purchase and maintenance of used cars as well as their spare parts. It will also include residential units, a petrol station and vehicle inspection service (Fahes), in addition to service areas including restaurants, mosques, and allocated area for auctions, traffic and health services among other services for both tenants and visitors.
