Strong investor interest in Qatar’s future iconic destination – Qetaifan Island in Lusail – has been demonstrated with almost 80% of the Northern island’s residential lands first phase selling in a bidding auction event held at the Ritz-Carlton Doha on December 2.
The auction was conducted by Just Real Estate (JRE), Qatar’s leading property service provider, on behalf of the country’ leading global hotel owner, developer and operator, Katara Hospitality, which is developing and managing Qetaifan Island North through its Qetaifan Projects Company subsidiary. JRE has been appointed exclusive sales agent for Qetaifan Island North.
“We are very encouraged by the keen response investors have shown in this iconic project, explained His Excellency Sheikh Nasser bin Abdulrahman Al Thani, Vice Chairman of Katara Hospitality and Managing Director of Qetaifan Projects. “This is a huge vote of confidence in the future of Qatar, the anticipated viability of its hospitality and tourism sectors and the intended quality of lifestyles in Qatar.”
In a message to auction-goers, His Excellency delivered a brief on Qetaifan Island North, which will offer a mix of entertainment, residential, hospitality and retail investment opportunities and with its first phase due for completion by November 2021. He explained that Qetaifan Island North will be connected to the coastal city of Lusail by an iconic ‘hanging bridge’. He said the main goal of the island is to provide recreational and entertainment services and activities for families and visitors. More than half of the 1.3 million square metre island – some 830,000 square metres – is to be given over to projects including a 129,296 square metre water park, luxury hotels, well-serviced, high-end homes, a mosque, school and central park.
The central park is planned as a recreational outlet for families built alongside a lake which will connect to the sea allowing a host of leisure opportunities, including fishing, boating and other activities related to the Qatari culture. The park will also host snack stalls, toilets, prayer rooms, viewing benches, air-conditioned meeting rooms, children’s games rooms and lounges.
Qetaifan Island North will also have access to seven beaches and will include an exclusive club providing recreational activities for visitors to the island and its residents. Club services will include a restaurant, swimming pool, health and sports clubs, a children’s area as well as a beach corridor for swimming.
Auction investors were limited to bidding on two plots only with a lottery held for those making multiple offers and willing to pay 100% of the estimated value. The unsold land parcels have been opened to bid to those who failed to secure purchases at the auction and those investors who bid on two parcels but secured only one. JRE has set up a dedicated team to exclusively focus on selling the available 20% plots using its extensive market expertise.
His Excellency Sheikh Nasser Bin Abdulrahman Al-Thani, Qetaifan Project Managing Director and Katara Hospitality Deputy Chairman has previously described the Island’s location and its distinctive waterfront as representing “a new and exciting way of life that symbolizes vision and future ambition, offering its residents an integrated living experience.”
Qetaifan Island North is also intended to serve as a central entertainment and leisure destination for the 2022 FIFA World Cup given its proximity to the Lusail Stadium where the opening match and final will be held.
The Phase 1 masterplan, infrastructure and components of Qetaifan Island North was designed by Atkins, one of the world’s most respected design, engineering and project management consultancies. Its mandate was to design a destination which would change the world of hospitality through investment and innovation to leave an outstanding legacy for future generations, in line with the Qatar National Vision 2030.