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Jordan’s real estate sector still riding high

Jordan: Wednesday, March 12 - 2008 @ 13:53

Late last month, King Abdullah II launched the ‘National Housing Initiative,’ which is a multi-billion dollar project that aims to build 120,000 properties throughout the kingdom for low and limited-income Jordanians.

In a move that highlights the kingdom’s commitment to the programme, the government plans to give away huge parcels of land to private sector property developers to kick start the initiative.

A new body, affiliated with the Housing and Urban Development Corporation, is being set up to oversee the programme. Meanwhile, construction of the first 20,500 housing units, which will range in area from 100 square metres to 160 square metres and be offered at affordable prices, is expected to begin later this year.

Limitless enters Jordan

Another recent boost to the Jordan real estate market came from UAE developer Limitless, which said it will be spending $300m to build two residential towers in Amman.

The launch of Limitless Towers came just a few weeks after the developer, a unit of Dubai World, established new operations in Jordan, where it is planning a number of projects to add to its rapidly expanding international portfolio.

‘Jordan’s fast-growing economy, changing real estate requirements, convenient location and stability make it a firm favourite as a new market for Limitless,’ said Bahaa Abouhatab, Country Manager for Limitless in Jordan. Limitless plans to invest a total of $1 billion in Jordan over the next few years, Abouhatab told Gulf News.

Limitless Towers, which will be over 200 metres in height, will be the tallest in Jordan and among the tallest twin buildings in the Middle East. The project will feature the world’s highest suspended swimming pool – 125 metres high – connecting the two towers. The glass-bottomed pool, which will be accessible from the 40th floor of each building, will provide a panoramic view of Amman and the surrounding landscape.

Limitless also claims that the towers will be the first ‘green’ building in Jordan. The project will adopt a number of eco-friendly initiatives in its design, construction, and maintenance in hopes of achieving Leadership in Energy and Environmental Design (LEED) accreditation.

Mawared touts projects

Jordan’s surging real estate market was touted at the recent Jordan Economic Forum held in Amman. The National Resources Investment & Development Corporation, better known as ‘Mawared’, unveiled a model of the King Abdullah bin Abdul Aziz City that is currently under construction in Zarqa. The planned city covers over 25 million square meters and is expected to house over 400,000 people in over 70,000 residential units of between 100-160 square meters each.

Akram Abu Hamdan, Mawared’s Director General, said the project will include hotels, schools, and hospitals, along with commercial, retail and entertainment centers, all of which are aimed at stimulating the economy of Zarqa and raising the standard of living in the area. ‘Jordan is experiencing a period of unprecedented growth, and the development of real estate represents is one of the main ways in which the Kingdom will maintain its momentum for continued economic growth and remain investment-friendly for foreign investors,’ he noted.

Taameer Jordan Holdings also used the forum as a showcase for one of its major projects, the Ahl Al-Azim development, which is another large housing project targeting low and medium income segments in Jordan. The development is located in the Al Jiza district and will offer around 16,000 housing units.

The housing units are being offered at affordable payment terms, and the project as a whole is being developed in collaboration with the Jordan Housing and Urban Development Corporation.

AME Info tried to contact Limitless for this report but was unable to get a response.

See also:
Green buildings LEED eco-construction
Limitless reaches new heights with Jordan’s tallest towers

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Wednesday, March 12- 2008 @ 13:53 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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