Ezdan to raise QR3bn from real estate sales this year
03 Jun 2014 - 1:27
Doha: Real estate major Ezdan Holding Group is going to sell real estate with a value of QR3bn this year as a part of its strategic plan to partially exit its real estate investments, said Ali Al Obaidli (pictured), group CEO of Ezdan Holding yesterday.
As a part of a long-term strategy to diversify its investment portfolio, the Group had yesterday announced its plans to sell five residential villages (Ezdan villages 3,7,8,11 and 36 in Wakra), comprising 2,660 housing units.
Speaking to media-persons on the sidelines of real estate exhibition Cityscape he said that the sale process has been developed this year will be retail oriented.
He said that the recent decision to raise the share of foreigners in companies operating in Qatar to 49 percent of the capital has raised the trading on the company’s share to around 2 million share daily. This shows the interest of the owners of the group to sell part of their shares.
He said that the group is engaged in talks with foreign companies and institutions to sell part of its share in the company. These negotiations are going on and they may or may not reach an agreement.
He said that the company will continue to run real estate for others and in this regard, they have signed agreements with three government entities to run their real estate investments. During the last week, the group signed agreements to run two private towers, each of them has 45 floors. Therefore, the name of Ezdan will remain in real estate market and their focus will be on local market, he added.
The company has no plan to reduce its capital at this time or in future. The group is about to receive accreditation from international standardisation institution with which the group had communications and fulfilled all requirements. This standardisation will support company’s activity and status locally and regionally. Ezdan Group is expected to receive this international standardisation during the first quarter 2015, he said.
Al Obaidli also said that Ezdan Group is displaying models of its fully furnished residential which are being marketed to individuals and the target group is traders and investors and individuals looking for middle class or lower than middle class residential units for investments.
He said that the decision of group to sell five villages in Al Wukair and Al Mishaf are fully occupied and the group has a plan to conduct maintenance in these villages. The model displayed in cityscape will make the potential buyers aware about these projects.