06/03/2017 07:59 AST
Barwa Real Estate Company will keep exploring investment opportunities to ensure profitable revenues and said its low-cost warehousing project Mustawdaat as well as Phase I of Madinat Al Mawater are slated to be completed by this year. The company has also initiated steps to develop an integrated residential and commercial project in Saudi Arabia.
Highlighting that the company has laid out a five-year business plan (2016-20), Barwa chairman Salah bin Ghanim Nasser al-Ali said "the group will continue to analyse available investment opportunities in light of our business plan in order to achieve sustainable growth and ensure profitable revenues for our shareholders."
On its future plan, the chairman, in the board of directors' report, said it would include the construction and operationalising the Mustawdaat project and Phase I of the Madinat Al Mawater.
"The (Mustawdaat) project is expected to be completed in the second quarter of 2017," said the report, which was released yesterday at the annual general assembly, which was presided over by its vice chairman Mohamed bin Abdulaziz al-Sadd.
Upon completion, the project will provide 136,171 sq m of dry storage areas, 62,812 sq m of chilled storage areas and 19,028 sq m of freezer storages. It also includes the construction of a 7,655 sq m residential compound for the workers, 532 sq m of offices and a total of 38 retail shops on a plot area of 1,676 sq m, and a 700-sq m mosque.
The construction will also include the infrastructure of the project comprising 13 sub-power stations, internal connecting roads, loading and unloading areas, networks for potable water, fire systems, irrigation, rain and sewage and their respective tanks.
On Madinat Al Mawater, which extends over a land area of 1.15mn sq m at Rawdat Rashid near Salwa Road intersections, the first phase is under construction and includes 60 used-car showrooms, 176 different sized apartments, shops, workshops and a petrol station. "It is expected to be completed in the third quarter of 2017," Barwa said,
Once completed, it would provide used car showrooms, residential units, workshops, in addition to a hotel, a motel and retail shops.
Barwa said its Lusail project would be developed on a plot of 3.4mn sq m. The project would be home to different sized villas, including three, four and five bedrooms, in addition to one, two and three-bedroom apartments.
On Saudi Arabia, Barwa said it is working on acquiring all necessary licences to initiate the development of the 2.2mn sq m land at Al Janadriyah in Jeddah purchased in 2016 for an integrated residential and commercial neighbourhood.
"The purchase of the land came in line with the plan to explore the potential investment opportunities of the real estate market in Saudi Arabia that support the company's land bank," the report said.
Gulf Times
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