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Community Development Real Estate

01.09.22

Qetaifan Island North is a master planned mixed-use community along with many othersin the Middle East. Why would there be a need for such developments in general? According to Colliers International, “The term mixed-use continues to evolve as communities and societies develop. Successful large residential developments address the appropriate balance of activities necessary for a complete sustainable community. This means the inclusion of schools, healthcare facilities, convenience retail, leisure, and recreational facilities within the development”.

Furthermore, Colliersattemptsto quantify the benefit of such a development by developing a‘hedonic’pricing modelfor two Middle Eastern countries. This model assigns aproperty price premium attributable to being part of such development rangingbetween 14-75%, depending on the degree of market development.1More specifically, “walkabilitywithin a residential community increased home values up to 9%, while a park/garden view can achieve a 4% -6% price premium”, whilethe school presence can add 10-15% as a price premium in these countries.2

In a developed market there is a higher premium linked to the school’s performance (3-26%).In the UK, the value premium associated with communities having schools and surgeries may total between 5-56% (average and new build values).3

As a master-planned development, Qetaifan Island North is the culmination of a vision to provide Qatar’s first entertainment island with world-class attractions. The 6,500-capacity water park with the highest slide in the world, a luxury 350-bed 5-star resort hotel,and a beach club will be operated by Rixos Qetaifan Island North.The entertainment facilities form part of the carefully designed master plan, enhancing the quality of life for residents. Providing a high standard of living is one of the stipulated long-term goals of the Qatar National Vision 2030 and our project.

When complete the vision will include stunning residential developmentscomprising 3,500 apartments and 146 Villas.The island will accommodate both Qatari and expatriate residents across its villas and higher-density residential buildings. In terms of the amenities, an international school and a healthcare centre would also accommodate both local and expatriate residentsForming the hub of the island is an exclusive retail, café, and restaurant zone. The retail mix will answer the demands of residents and tourists alike.This area is connected to the island community by a linear park extending along the length of the canal.Spectacular entertainment events are planned to celebrate this unique canal-side lifestyle and attract visitors.Since all of the aspects of a master-planned development have been addressed, Qetaifan IslandNorth residential assets will sustain their price premium going forward.

 

1 The Impact of Social Infrastructure on Mixed Use Developments, Colliers, 2017

2 The shape of future demand, Colliers, 2020

3 Placemaking and value, RICS information paper, 1st edition, February 2016

https://www.qetaifanprojects.com

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