United Development Company (UDC) has entered into a financing agreement for developing residential villas complexes and infrastructure in Floresta Gardens Area at The Pearl Qatar.
A regulatory filing to Qatar Stock Exchange (QSE) noted that the total value of the operation is QR353m.
The method of payment and the sources of financing of the operation are installments over a period of approximately 10 years. The agreement was entered between UDC and Al Rayan Bank for financing the project.
There is no impact on the UDC financial position due to the completion of this process. The advantage is to contribute to the completion of developing the project of the Residential Villas Complexes and Infrastructure in the Floresta Gardens at The Pearl Qatar without risks. The QSE filing also noted that there is no conflict of interest between the related parties in the process; also, there is no change in ownership ratios before and after the completion of the process.
The Floresta Gardens’ development will play an important role in UDC’s future growth plans for The Pearl-Qatar. Floresta Gardens will offer a variety of community living options, characterized by Haussmannian-style architecture. The precinct, which will be home to 5,000 residents, consists of 145,967 square meters of developable land and a gross floor area of 267,471 square meters.
The project will be home to 10 mid-rise residential towers and 114 villas within three gated villa compounds, and a 2,452-square meter retail center, UDC announced early last year.