Eng Mohamed Hosny (left), Deputy CEO of SAK Partnerships Company and Eng Amir Farouk A Taman, Projects Manager, SAK Contracting; addressing the media at a press conference after a media tour at the Hala Tower, one of the milestone achievements of ‘Sharekn
Doha: The SAK Partnerships Company yesterday launched an array of new smart real estate solutions to help landlords build projects on their owned land lots under the ‘Sharekna’ initiative. This was announced during a tour organised for journalists and media professionals at the five-star Hala Tower, a recently developed joint venture under ‘Sharekna’, and another achievement to the country’s growing hospitality sector.
‘Sharekna’, which was developed by the company, aims to boost the Qatari real estate sector by forming joint ventures and partnerships between investors and landowners. It offers a package of smart real estate solutions that grant landlords who own vacant land lots to utilise, reclaim, and convert these plots into lucrative real estate projects that generate profit in a short period of time.
Addressing a press conference, Deputy CEO of SAK Partnerships Company, Eng. Mohamed Hosni, reiterated that the ‘Sharekna’ real estate product offers solutions that address the needs of a large segment of landowners in Qatar. General Project Manager, Amir Farouk, was also present during the event.
“It has been growing as the most favourable choice for landlords and owners of vacant land lots, allowing them to benefit from the deep and long expertise of Sheikh Thani bin Abdullah Al Thani, the Managing Director of SAK Partnerships, in the domains of real estate development which has already achieved a number of milestones in the local market,” said Hosni.
To date ‘Sharekna’ is behind several successful real estate projects in Qatar including the Wyndham Doha West Bay Tower, Ezdan Oasis, Al Wakra Hotel, Al Rayyan Tower, Danat Al Sadd Tower, and Al Thumama Villas Complex.
Hosni added that there are six more real estate projects that are in the pipeline under the ‘Sharekna’ programme. The under construction projects which are located in Doha and Al Wakrah consist of hotel, villa compound, building, towers, and residential projects. All of which are expected to be completed before the upcoming FIFA World Cup 2022.
Expressing his optimism with Qatar’s real estate sector post COVID-19, Hosni added that the Sharekna project has been getting an increasing number of positive responses from the landowners.
“Since its establishment, ‘Sharekna’ has become a goal for all landlords who want to realise their dreams on their land by transforming them into huge real estate projects that generate long-term returns; whether spacious or small land lots which are suitable for developing a residential or commercial complex, building, tower, or even a hospital or school,” he added.
He went on to explain that ‘Sharekna’ offers a three-tiered package of investment solutions. The first tier (Classic Partnership Solution), where SAK Partnerships provides a package of services that save nearly 40 percent of any real estate development project cost, in addition to securing financing and construction at a cost price in return for a one-third stake in the project, while the partner acquires a two-third stake of the project.
The second tier (Smart Partnership Solution) is proposed for landlords who own land lots exceeding 45 thousand square metres viable for a real estate project, and features a package of important free real estate services.
The second solution provides the opportunity to conduct a realty project without lending or being bound by financial obligations, as the first party (the landlord) gets his own project built on a portion of the land earmarked by a joint venture agreement after assessing the feasibilities of the project, while the other portion of the land goes for the second partner (SAK Partnerships Company), whose responsibility is to secure financing and building the project for the first partner on its own expenses.
The third tier under the ‘Sharekna’ product is ‘Mubadala Solution’, which entails swapping land lots in return for cash-generating properties with immediate income. This gives a good opportunity for the landlords to gain the proceeds as soon as ownership is transferred without waiting for construction and arranging for loans or being bound by financial liabilities. The land becomes sold according to an agreed pricing with the second party (the owner of the ready built properties), whereby he assigns classified and leased out properties (apartments or villas) to the first party. Such units can be priced and valued in a manner that conforms to the value of the land meant for swapping by its owner.
“In all cases, the landlord is only required to bring the title deed of the land, and to ensure that the land is not mortgaged, or disputed, and the technical office will assess the condition of the land and the best alternatives offered to its owner, each according to its nature and the interests of both parties, to guarantee remunerative and immediate financial returns for the landowner,” Hosni said. He added that the company also offers a 5 percent commission to real estate agents partnering with the ‘Sharekna’ project. He reiterated that the high quality projects constructed under ‘Sharekna’ are completed in record time, usually in less than 18 months, and at the lowest cost available in the market in terms of building materials, contracting, and others.
“This saves a lot of cost on the project budget so that the cost of developing the property is lower than the market, which gives the project greater competitive advantages, and thus a better financial return on investment. Through the “Sharekna” product, SAK Company was able to accomplish a tremendous achievement that featured many real estate projects. The huge ones include hotel towers, residential complexes, and administrative towers, as well as residential buildings, among others,” added Hosni.
