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UDC nears full rental occupancy at The Pearl Island
Doha, Qatar – 20 June 2022: United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, announced that it is approaching full occupancy of its 1123 residences at The Pearl Island, which are currently 93% occupied or reserved for upcoming lease.
UDC’s residential leasing portfolio covers various units in Porto Arabia, Medina Centrale and Qanat Quartier in addition to Al Mutahidah Towers in Viva Bahriya and Giardino Gardens villa compound where 73 out of a total 80 villas were leased since the compound inauguration in September 2021.
While overall residential occupancy at The Pearl Island recorded an all-time high with 52,000 current residents, UDC reported a significant increase in demand for rental units this year, in the run-up to World Cup 2022, where UDC allocated 318 units to the Supreme Committee in Medina Centrale and launched 58 fully furnished and all-inclusive apartments for short or long-term rental at The Pearl Island with World Cup visitors’ convenience in mind.
Retail business also picked up at the Island where 17 new stores launched their operations so far in 2022 with 31 more openings anticipated by year-end, bringing the total number of operational retail and F&B brands to 360 covering around 158,000 sqm.
UDC forecasted the influx of 19 million vehicles to The Pearl Island in 2022, a significant 13% increase from 2021 figures. This reflects the Island’s leading position as a popular lifestyle, retail, and leisure destination among Qatar residents as well as foreign visitors and tourists.