Saudi-listed Red Sea Housing Services Co has signed a contract with Daruna for Real Estate Brokerage in Qatar to construct an integrated accommodation facility for 4,000 tenants.
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The project value is worth over QR144 million ($39.5 million), with construction starting with immediate effect and completion is expected in July 2017, the company said in a statement.
Red Sea Housing Services will provide a complete infrastructure and housing development to support a 4,000-strong community for Daruna.
The community’s facilities will include accommodation blocks, indoor and outdoor recreation, utilities, mini-markets, police/security station, a bank, a clinic and other outlets.
Donnie Sumner, president of Red Sea Housing Middle East Division, said: “We are delighted to enhance our footprint in Qatar through this deal with Daruna. The project demonstrates the acute need for high quality, large-scale communities which enable our clients to operate at full performance in comfortable, clean and superior conditions.”
The project will be financed from existing bank facilities and internal cash flow, the statement added.
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