J&P-AVAX SA participates with a 25% stake in a Joint Venture with Joannou & Paraskevaides (Overseas) Ltd which signed a contract with the United Development Company for the project titled "The Pearl Qatar, Design & Construction of Qanat Quartier Precinct and The Construction of 31 Villas in La Plage and Bahriya Precincts", budgeted at Euro325 m.
The new contract follows the project worth Euro239 m awarded to the same JV in February 2006 and still in progress, regarding all infrastructure works for the island, including all road works, bridges, footbridges, flyovers and underpasses, street lighting and sign-posting, sewerage and fresh water networks, and civil works for telecoms.
The new project pertains to the design and construction of a part of the island''s residential housing development :
- In Qanat Quartier,
1. Design and construction of 32 buildings of mixed use, including piazzas, commercial areas, 1,065 one- to four-bedroom apartments with external venetian-themed architecture, totalling a surface of around 270,000 sq.m., and undergound parking areas of around 122,000 sq.m.
2. Construction of 30 townhouse clusters, which include 188 three-storey individual town houses of three different designs of Venetian-themed exterior, with a total surface of 56,500 sq.m.
- In the West, Central και East La Plage and Bahri Areas, the construction of 31 villas of extremely high quality and themed on Romanesque Aesthetic appearance, varying in size between 500 sq.m. and 1,100 sq.m., totaling around 23,000 sq.m.
The project is due for completion in 36 months.
The Pearl-Qatar is an artificial island with a surface of 400 hectares of reclaimed land developed 350 metres off the Eastern shore of Qatar in a region known for its namesake pearl-diving past, 20 kilometres north of the capital city of Doha, UDC, Qatar''s largest private real estate developer, is developing the largest and most luxurious tourist destination in the Gulf area on the island. When fully developed, the project will include three five-star hotels totalling 800 beds, 11,000 luxury villas, houses and apartments, three marinas with a mooring capacity of 700, schools, commercial areas and restaurants in 10 separate theme districts, providing residence to a total of 40,000 people.
The two contracts won so far by the J&P Overseas Ltd -J&P-AVAX SA joint venture are part of this development, with J&P-AVAX SA remaining keen on bidding for all projects scheduled to be tendered in the future.