Qatari real estate developer Barwa Real Estate Group revealed plans for Alateeda, a commercial development to be located on A-Ring road - Rawdat Al Kahlil. Barwa announced the new project at a press conference held for the signing of an agreement with Promontorio, the engineering consultants for the project.
The project's estimated budget is approximately USD 137.3 million. It’s expected to be released for contractors during the second quarter of 2015, marking the start of construction works, and will aim for completion in the early part of 2017.
Alaateda consists of five connected buildings with units ranging between 70 to 80 square meters. Each commercial unit will include a multi-use Mezzanine, covering 60 percent of the total space, to serve the needs of merchants.
Feasibility studies for the project have been completed, following which the company finalized the location on A-Ring Road, three minutes from Musherireb, and implemented the initial design phase.
Barwa Real Estate is developing Alaateda to address the shortage in commercial units in the country, caused by demolishing the old souq locations, and ownership of land plots around them. The project also offers an alternative for merchants of medium businesses.
This is the second project announced by the company in less than a week. The company launched the Motor City, a USD 412 million project planned near the Salwa Road.