Property developer Al Maabar is developing two key projects in Jordan, namely Marsa Zayed in Aqaba, a mixed-use project and the St. Regis Amman and The Residences at the St. Regis Amman, located in Abdoun Area, consisting of a hotel and two residential towers, Yousuf Al Nowais, Managing Director of Al Maabar, told Gulf News.
“The St. Regis Amman is the first St. Regis property to be developed in Jordan. We are delighted by the bookings for the Residences at the St. Regis Amman, to date, which are now more than 25 per cent,” Al Nowais said.
He added: “These figures represent bookings prior to the official sales launch for the first private branded residences to be available for purchase in Jordan.”
Al Nowais pointed out: “Projects cost of Marsa Zayed, Aqaba, is estimated at $10 billion (Dh36.78 billion) while the cost of the St. Regis Amman and the Residences are estimated at $300 million.”
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“Marsa Zayed is currently in the first project phase, which includes Al Raha Village, which is the development’s first residential neighbourhood, and Shaikh Zayed Masjid, which will accommodate 2,000 worshippers upon completion,” said Al Nowais.
Earlier this month, Al Maabar announced that it has selected the preferred bidder for the main contracting works at Al Raha Village; Omar Abu Sa’ad and Sons Co. for a 26-month contract.
“The preferred bidder was selected from a pool of 10 qualified and experienced Jordanian contractors based on a set of stringent criteria, including their financial and technical strength,” said Al Nowais.
Phase I of the Marsa Zayed will complete in 2015, said Al Nowais.
Al Maabar said that Marsa Zayed’s first project milestone entails the completion of Shaikh Zayed Masjid, which will be completed in 10-12 months.
Al Nowais remarked that the December 2012 inauguration of Shaikh Zayed Masjid, marked the first step of Marsa Zayed’s construction phase.
He pointed out that the second project milestone is the completion of Al Raha Village, soon to be launched, which includes 450 residential units, a clubhouse and serviced by a wide range of community living facilities that will provide a unique and serene lifestyle for the residents of Aqaba.
The company said that Marsa Zayed, named in memory of the late Shaikh Zayed Bin Sultan Al Nahyan, is not only the largest mixed-use development project in Jordan, but also in the region, encompassing 3.2 million square meters of built-up area, which will include apartments, townhouses, high-rise residential, retail spaces, hotels, recreation, entertainment, business and financial districts.
Total sales of the Marina and River Front District residences of Bab Al Bahr project, which were delivered to owners in 2012, has now surpassed the 80 per cent mark, said Al Nowais.
“Phase two of the Bab Al Bahr development has been initiated, marked by the launch of the Arts District, which showcases a variety of luxury residential buildings, a five-star hotel, boutiques, an array of art galleries and museums and dining establishments is under construction and that 50 per cent of its has been sold,” he said.
The cost of the project is $450 million, he said.
He added that once completed, they will start Phase III.
As for Libya, Al Nowais that the company had started a project in Tripoli before the Arab Spring and they ceased it accordingly.
“We stopped tendering for the project at Al Wahat in the Centre of Tripoli shortly after the Arab Spring. The development of the project is estimated at US$200 million,” said Al Nowais.