Sabban Property Investments (SPI), the Gulf-based, family-owned real estate property development company, has announced that its plan to build three residential towers on Porto Arabia, the main marina of The Pearl-Qatar, the US $2.5 billion island being reclaimed offshore the Qatari capital of Doha, has been given the go-ahead by the island’s developer and promoter, United Development Company (UDC).
An agreement to begin construction was signed by Issam Alsabban, Chairman of SPI who commented: “This is a very important day for us. We are in the enviable position of being one of the first companies to build on this unique development which represents Qatar’s first international real estate venture.”
“Participating in The Pearl-Qatar project, which is an asset for the whole region, is an opportunity for us to realize our company line ‘turning land into living communities’.”
Mr. Hussein Alfardan, Chairman of UDC, who welcomed SPI to The Pearl-Qatar, added: “This agreement puts SPI among the first to begin construction on the luxury 20-storey towers on Porto Arabia, which is designed as an international yachting hub.”
John A. Browne MBE, Managing Director of Sabban Property Investments, said: “Our fashionable tower apartments will lead the way in terms of prestigious and glamorous living owing to The Pearl’s positioning as the Arabian Gulf’s most
glamorous address. We are, therefore, delighted that Sabban Property Investments will spearhead the building phase.”
The three towers will contain upscale apartments and luxury penthouses which will be ready for occupation in August 2007.
The range of one, two, three and four-bedroomed luxury apartments in SPI’s three towers, most with sweeping sea or picturesque views, come in three architectural styles conceived to reflect The Pearl-Qatar’s ‘Riviera Arabia’ positioning.
