Monday, May 22, 2017

Barwa inks Madinat AlMawater Phase II contracts

Barwa Real Estate Company, a leading real estate developer in Qatar, has awarded a construction contract worth QR112.5 million ($31 million) to Insha Contracting and Trading Company for the second phase of its ambitious Madinat Al Mawater project.

The Barwa announcement comes following the success of the project's first phase.

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, said the developer.

Insha Contracting and Trading Company, which completed the Phase One of Madinat AlMawater project, aims to finish the Phase Two work within a year.

Group CEO Salman Bin Mohammed Al Mohannadi said Barwa was committed to exert all efforts to complete the development of the project and all its phases in the shortest possible time, "as it is a source of pride for the group."
 
AlMohannadi said the group was 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.

With a total built up area of 35,607 sq m, the Phase Two comprises 59 used car showrooms, 176 residential units, 10 commercial shops and five 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 sq m.

AlMohannadi pointed out that Barwa had completed the signing of all lease contracts of Phase One of the project.

"Impressed with the confidence and support shown by the tenants for the first phase of the project, Barwa has rewarded them by giving 50 per cent discount on their rent value for the first six months, starting from the expiry of the grace period of three months," he added.​​​​​​​-TradeArabia News Service



from Construction Realestate


Links topic: http://www.wegocasablanca.com/2017/05/barwa-inks-madinat-almawater-phase-ii.html