Barwa Real Estate Group achieved a QR586mn net profit and earnings per share worth QR0.15 in the first half of 2020, a 15% increase over the corresponding period of last year.
The total assets of the group amounted to QR31.7bn and the total equity of the shareholders of the parent company amounted to QR19.7bn, Barwa said in a statement yesterday.
Despite the challenges facing the real estate market as a result of the Covid-19 pandemic, the group has succeeded in enhancing its operating revenues represented by increasing the net rental income by 10%, as a result of the group's keenness to develop a balanced real estate portfolio that helps to face market fluctuations and supports continuous operating revenues.
The group recently strengthened its real estate portfolio with many new operational projects such as the Mukaynis Compound for Workers Accommodation, a project that is one of the fruits of co-operation between Barwa Real Estate Company and the State of Qatar to support the efforts made by the government to improve the conditions of workers housing and meet the needs of the local market for workers housing in line with the goals of Qatar National Vision 2030 and Qatar's preparations to host the Qatar World Cup 2022.
The project is located on Salwa Road and includes 3,170 housing units containing 25,360 residential rooms for workers in addition to shops, hypermarkets, mosques, a security centre, a government service centre, and bus and car parking.
Barwa Real Estate has started leasing activities for the first phase of the project through its subsidiary Al-Waseef Asset Management during July 2019 and as a result of the current conditions that the State of Qatar is going through, with the co-operation of all state institutions to combat and reduce the outbreak of the coronavirus epidemic, and based on the precautionary measures, the majority of the second and third phase housing units in the project were designated as a quarantine area.
The Barwa Al Baraha Workshops & Storages is the second stage of Barwa Al Baraha project, which includes 561 warehouses with an area of 300sq m each, and 118 workshops with an area of 144sq m each. The current occupancy rate of the project is 98% for workshops and 64% in warehouses.
The second phase of Al Khor Workers Sports Complex includes 516 apartments with a total construction area of 53,639sq m in addition to a hypermarket and a multi-purpose hall, where construction work was completed at the end of the year 2019 and the project leasing was started in the second quarter of 2020.
The Dara (A) Project, which is the first stage of the Dara project located in Lusail City, covers a land with an area of 16,412sq m. The total construction area is 54,630sq m. The project includes 271 apartments of various sizes. The company has started offering the project units for sale.
The group also continues to develop its real estate portfolio by developing many new projects, including the third phase of Madinat Mawater project, which began implementation on August 1, 2019 and is being implemented on a land area of 339,000sq m, to offer 118 used car showrooms, a hypermarket, car service centres, a car parts centre, and a showroom for a car dealer. This stage is considered an extension of the first and second stages of the project.
In April 2020, the company’s bid submitted to the Public Works Authority (Ashghal) was chosen as the best bid submitted for the ‘Qatar Schools PPP Development Programme – Package 1’. Barwa's participation in the project remains subject to completion of the project agreements with Ashghal.
The group is currently working on completing the necessary procedures for contracting to start implementing two new projects in Al Wakrah. It is planned that one of the two projects will be allocated as a residential complex for workers and the other as an integrated residential city for families.
The group is also working on studying the economic feasibility of many of the development projects proposed by the Public Works Authority with a public-private partnership system, and the participation of the group in any of these tenders will depend on the economic feasibility of it and its suitability with the group's development strategy.
The group is currently working on completing the necessary procedures for contracting to start implementing two new projects in Al Wakrah. It is planned that one of the two projects will be allocated as a residential complex for workers and the other as an integrated residential city for families.
Barwa will also continue to study the available land stock space to determine the optimal use for it in order to help support the group's financial position and contribute to the development of sustainable returns.
In addition to these projects, Barwa Real Estate also continues to study the group’s available land bank to determine its optimal utilisation, in a way that supports the group’s financial position and contribute to the development of sustainable returns.
Barwa is also keen to strengthen the principle of partnership with the government to create real estate development projects that contribute to meeting the needs of citizens and residents, and contribute to achieving Qatar National Vision 2030 and also meets the needs of organising the 2022 FIFA World Cup, in fulfilment of the group’s role as a leading national real estate developer.
Despite the challenges facing the real estate market as a result of the Covid-19 pandemic, the group has succeeded in enhancing its operating revenues represented by increasing the net rental income by 10%, as a result of the group's keenness to develop a balanced real estate portfolio that helps to face market fluctuations and supports continuous operating revenues.
The group recently strengthened its real estate portfolio with many new operational projects such as the Mukaynis Compound for Workers Accommodation, a project that is one of the fruits of co-operation between Barwa Real Estate Company and the State of Qatar to support the efforts made by the government to improve the conditions of workers housing and meet the needs of the local market for workers housing in line with the goals of Qatar National Vision 2030 and Qatar's preparations to host the Qatar World Cup 2022.
The project is located on Salwa Road and includes 3,170 housing units containing 25,360 residential rooms for workers in addition to shops, hypermarkets, mosques, a security centre, a government service centre, and bus and car parking.
Barwa Real Estate has started leasing activities for the first phase of the project through its subsidiary Al-Waseef Asset Management during July 2019 and as a result of the current conditions that the State of Qatar is going through, with the co-operation of all state institutions to combat and reduce the outbreak of the coronavirus epidemic, and based on the precautionary measures, the majority of the second and third phase housing units in the project were designated as a quarantine area.
The Barwa Al Baraha Workshops & Storages is the second stage of Barwa Al Baraha project, which includes 561 warehouses with an area of 300sq m each, and 118 workshops with an area of 144sq m each. The current occupancy rate of the project is 98% for workshops and 64% in warehouses.
The second phase of Al Khor Workers Sports Complex includes 516 apartments with a total construction area of 53,639sq m in addition to a hypermarket and a multi-purpose hall, where construction work was completed at the end of the year 2019 and the project leasing was started in the second quarter of 2020.
The Dara (A) Project, which is the first stage of the Dara project located in Lusail City, covers a land with an area of 16,412sq m. The total construction area is 54,630sq m. The project includes 271 apartments of various sizes. The company has started offering the project units for sale.
The group also continues to develop its real estate portfolio by developing many new projects, including the third phase of Madinat Mawater project, which began implementation on August 1, 2019 and is being implemented on a land area of 339,000sq m, to offer 118 used car showrooms, a hypermarket, car service centres, a car parts centre, and a showroom for a car dealer. This stage is considered an extension of the first and second stages of the project.
In April 2020, the company’s bid submitted to the Public Works Authority (Ashghal) was chosen as the best bid submitted for the ‘Qatar Schools PPP Development Programme – Package 1’. Barwa's participation in the project remains subject to completion of the project agreements with Ashghal.
The group is currently working on completing the necessary procedures for contracting to start implementing two new projects in Al Wakrah. It is planned that one of the two projects will be allocated as a residential complex for workers and the other as an integrated residential city for families.
The group is also working on studying the economic feasibility of many of the development projects proposed by the Public Works Authority with a public-private partnership system, and the participation of the group in any of these tenders will depend on the economic feasibility of it and its suitability with the group's development strategy.
The group is currently working on completing the necessary procedures for contracting to start implementing two new projects in Al Wakrah. It is planned that one of the two projects will be allocated as a residential complex for workers and the other as an integrated residential city for families.
Barwa will also continue to study the available land stock space to determine the optimal use for it in order to help support the group's financial position and contribute to the development of sustainable returns.
In addition to these projects, Barwa Real Estate also continues to study the group’s available land bank to determine its optimal utilisation, in a way that supports the group’s financial position and contribute to the development of sustainable returns.
Barwa is also keen to strengthen the principle of partnership with the government to create real estate development projects that contribute to meeting the needs of citizens and residents, and contribute to achieving Qatar National Vision 2030 and also meets the needs of organising the 2022 FIFA World Cup, in fulfilment of the group’s role as a leading national real estate developer.
from Gulf Times https://ift.tt/3hKInAG
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