“Qatar’s Barwa Real Estate on Monday denied reports that it was in talks to sell off its $2bn Barwa City project” (“Bahraini Saudi Bank”). “Built on a sprawling 2.7 million square meter land in Musameer, just outside the heart of Doha, Barwa City offers its home owners and investors 128 apartment buildings, 6000 flats, and 1024 studio units” (“Barwa city”). The project is a technologically advanced residential setup encompassing excellent cooling systems and network facilities. Work on the first phase of project is expected to complete in year 2011. Cost of the project is estimated to be QR 4.89 billion, making it one of the biggest residential projects in Qatar. The project will be commenced in two phases. “The first phase of the development includes the construction of 5900 plus residential units that will accommodate up to 25,000 tenants. The second phase will include the major constructions of 42 of the 128 buildings, 7 schools, a 200 bed hospital, nurseries, banks, and commercial complexes. Among the extra creature comforts are health clubs and spas” (Barwa city).
The lease cost of residences has not been decided upon and, company is under talks with Qatar Petroleum for centralized network in Barwa city. Barwa has made technological convenience a focus for this project and is in line with other major construction projects in integrating residential, recreational and commercial spaces together. “Media report in Qatar over the weekend suggested it was in discussions with a government buyer but Barwa dismissed this” (“Qatar’s Barwa denies $2Bn project sell-off talks”). Barwa’s talks with Qatar Petroleum over price finalization are in highlight now as the facility is one of the major attractions of the project. Security of residents is another attribute that Barwa considered stringently while designing this project.
Works cited
“Bahraini Saudi Bank”. arabianbusiness.com. Arabian Business, n.p, 2009. Web.
“Barwa city”. barwa.com. Barwa, n.d, Web. 2010.
“Qatar’s Barwa denies $ 2bn project sell-off talks”.arabianbusiness.com. Arabian Business, 2010, Web.