Chinese construction company Sinohydro has won a $130m contract from Mazaya Qatar Real Estate Development Company to build the Sidra Village project in Qatar.
The Sidra Village project includes 1,165 residential buildings, including 658 one-bedroom apartments of approximately 50m2 each, and 507 two-bedroom apartments of approximately 85m2 each.
Mazaya Qatar Real Estate Development Company CEO Seraj Al Baker said that the company is thrilled to sign another construction contract in the history of Mazaya Qatar.
"It is a new milestone and confirms our professionalism and determination as a company and our commitment to deliver Sidra Village project within the scheduled deadline," Al Baker said.
Sinohydro is expected to complete the project in 20 months. Managing director Wu Wenhao said the company has considerable experience in delivering projects on time in different regions across the world and is confident that it can complete the construction work within the scheduled deadline and to the highest quality standards.
Mazaya Qatar has signed a 20-year build, operate and transfer (BOT) agreement with Qatar Foundation for Education, Science and Community Development to build and manage the Sidra Medical and Research Centre’s residential project. The initial cost of the project has been estimated at QR500m ($137m), which includes green parks, a community club, and residential units for nurses, employees and technicians working at the Sidra Medical and Research Centre.
Recently, Mazaya Qatar Real Estate Development appointed Qatar-based investment bank QInvest as a financial advisor to arrange financing for the Sidra Village Residential Project.
Image: The project includes 1,165 residential buildings and 507 two-bedroom apartments. Photo: Mazaya Qatar Real Estate Development Company.