Salman bin Mohammed Al Muhannadi (third right), Barwa Group CEO, with other officials pose for a group photo after the press conference held at Madinat Al Mawater project yesterday. (Pic: Baher Amin/ The Peninsula)
Barwa Real Estate Company, one of Qatar’s leading property developers, yesterday made a series of announcements, including providing details on the Group’s latest projects and financials for the first quarter of 2017.
The Group also announced that it has been able to maintain enough cash balance to cover its operations and support the investment strategy with a balance amounted to QR3.7bn.
The announcements were made at a press conference held at the site of Madinat Al Mawater, Barwa's latest project. The phase one of Madinat Al Mawater is expected to become operational during the second quarter of this year.
Madinat Al Mawater project comes as a result of the partnership between Barwa and the Government to create a central marketplace offering all the necessary services for the used-car business as it accommodates showrooms, workshops, housing units, retail shops and various services, in addition to large areas of designated car parking plots.
The project shall help solving the problem of concentrating this business inside Doha and over- crowdedness of cars in the residential areas.
Spanning over a plot area of 1.6 million square meters in Rawdat Rashid, development of phase one of the project was initiated in May 2016 with a built up area of 34,000 square meters. It is expected to be completed in the second quarter of 2017.
Commenting on the financial results for the first quarter, Group CEO Salman bin Mohammed Al Mohannadi said that Barwa is steadily pursuing its plan to achieve its objectives and execute its five year business plan to increase sustainable revenues for the company's shareholders.
Providing details of the Group’s various activities, he said the Company will continue to support the asset base with new operational assets.
The Company managed during the first quarter to start operating Shell Employees Housing Complex-Al Khor with total residential units of 350.
Barwa is also working to enhance the operational efficiency of current projects. The group has succeeded in increasing the occupancy rate of Barwa Al Baraha, labour accommodation project, contributed in increasing the net rental income by 20 percent compared to the same period of 2016.
The Barwa Group's current operational assets include 6,463 residential units and 12,021 workers accommodation rooms, in addition to 150,940 square metres of commercial shops and 44,307 square metres of office spaces. Barwa is developing several new projects in line with its five-year business plan (2016-2020) which currently under construction, such as Mustawdaat project, Dara A project and Barwa Village Extension project.
Once completed, they will add 1,094 residential units, 688 workers accommodation rooms and 259,446 square metres of warehouses and storage spaces, in addition to 13,693 square metres of offices and commercial shops.
The group also will commence the development process of various projects that are currently under design stage. Those projects are expected to provide 4,332 residential units and 191,340 square metres built up area of warehouses and stores, in addition to 38,927 square metres of office and shop spaces.
Al Mohannadi said that the Group is also working to enhance its financial position to face the risks of fluctuation in the financing and real estate market.
