In October 2018, Mazaya Real Estate Development initially handed over Sidra Housing Village to Qatar Foundation (QF) for it to begin the procedures of inspection for all the housing units and accompanying facilities. QF then requested additional requirements and Mazaya immediately met and completed them within a short period of time. Accordingly, QF has agreed on the final handing-over of the village on April 1 of this year.
Mr. Rashid bin Fahad Al Naimi, chairman of the Board of Directors, Mazaya, stated that a final agreement has been reached with QF, and despite the current conditions in the real estate market and low rental rates, the current agreement would carry a yield above 12%, over a period of 21 years.
Further, Mr. Al Naimi thanked QF for its cooperation and support to Mazaya, looking ahead to potential new partnerships and cooperation between the parties in the near future.
On the other hand, Eng. Hamad Bin Ali Al Hedfa, Board Member and CEO, Mazaya, thanked QF for its confidence in awarding the Sidra Housing Village to Mazaya and for its continued support, as the project is considered one of the best current real estate investments in the local market based on the terms of the lease.
Sidra Housing Village has 1165 residential units covering an area of 145,000 square meters, developed by Mazaya Real Estate Development Company for the Qatar Foundation for Education and Science under Build-Operate-Transfer scheme (BOT) for a period of twenty-one (21) years.
Sidra Housing Village is considered one of the largest residential compounds in the country in terms of area and number of housing units and facilities. The village contains 1165 units divided into 2 bedrooms and one-bedroom units, all of which are fully equipped with quality furniture, household appliances, entertainment equipment and housewares. In the center of the compound is a masjid to worship the five duties, which can accommodate 200 worshipers and is supervised by the Ministry of Awqaf and Islamic Affairs next to it is the Sports Complex building, which has a large swimming pool with a view of the entire village, a large multi-use gymnasium and outdoor playgrounds. The Sports Complex also has two fitness centers one for men and the other for women. The sports complex is equipped with the latest technologies and sports equipment. Mazaya Real Estate development company had furnished the compound with the finest furniture which has been manufactured from the best raw materials and in the best international factories specially for the village and is equipped with the latest technology of household appliances, which is upgraded to the level of the facilities of the upscale hotel apartments. The greenery area is decorated in large areas and distributed throughout the village, with a total area of 13,000 square meters.
