Mazaya to Build New QR432 Million Mall

Doha, April 04 (QNA) - Mazaya Qatar for Real Estate Development said that it will build a new mall worth QR432 million that will offer all services needed by a real estate firm under one roof. Chairman of Mazaya Rashid Fahad Al Naimi told local news media outlets that the project's area, which spread over 30,000 meters, is estimated at QR 173 million, adding that the project will start at the end of 2012 or the beginning of 2013. "The second half of 2012 will see the announcement of more projects," Al Naimi said. Mazaya's policy is to avoid projects that bear financial risk on the real-estate development company, he noted, while stressing that it was this policy that led to Mazaya's success in light of the global economic crisis. Al Naimi said that the company started the development of three projects. The first was Tala Residence and involved developing 346 housing units for the Qatar National Convention Center's employees. It was 100% owned by Mazaya, Al Naimi said, adding that the delivery of the apartments began. The second project was Sidra village, which will provide housing to nurses and technicians of the Sidra Medical and Research Center at a total cost of QR 627 million and a rental period of 20 years. After that period the ownership will be transferred to Qatar Foundation, the beneficiary of the project. The third project, which is one of Mazaya's most valuable projects is Marina Mall. It will be located in Lusail and Al Naimi said that the project's tender will be placed in the second half of 2012. The project will be built on a 57,000 meters area and its cost will be QR1.5 billion. Al Naimi said that Mazaya finished the designs of the mall which will be ready by 2015. (QNA)