Leading real estate specialist Asteco has announced its first project in Jordan and the opening of an office in Amman, underlining its commitment to regional expansion.
The Dubai-based company, which celebrated its 20th anniversary this year, will act as the sole worldwide selling agent for the residential component of Saraya Aqaba, an opulent, mixed-use development to take shape on Jordan’s Aqaba coast.
Themed as an ancient Arab city, the project will include five five-star hotels, shops, recreational facilities, villas, town houses and apartments, and a traditional souk. These will be set among lush gardens and overlook the new resort’s sea bay, served by traditional ‘abras’.
“Saraya Aqaba will be a flagship destination for Aqaba, and its size, scale and design will reflect the growing international profile of the resort,” said Andrew Chambers, Managing Director, Asteco.
“We’re already seeing tremendous interest in the project, especially from the Jordanian market but also from overseas and GCC buyers.”
Due for completion by early 2009, Saraya Aqaba is a private and public sector project valued at more than US$600 million. Globally renowned Saudi Oger Ltd. will be the official developer and contractor for the project.
Saudi Oger Ltd. has extensive experience in design concepts, operations and management, in addition to having the resources and financial capabilities necessary to undertake mega construction projects.
UAE-based Jumeirah will manage three of the resort’s world-class hotels. US design firm Phil Hetemma and Associates is the development’s architecture consultant, and 2K - architects, planners, and designers - is the local architecture consultant.
"Our joint venture agreement with Asteco, which appoints the company as official selling agent for Saraya Aqaba, is a strategic move to propel real estate opportunities. We are committed to providing exceptional facilities and customer service support in all our projects. Working with Asteco reinforces this commitment," said Ali Kolaghassi, Vice Chairman and CEO of Saraya Holdings.
Saraya Aqaba’s residential units will be sold on a freehold basis, with ownership of the title of the land included in the sale. Residential visas are also on offer to purchasers in the scheme. Currently, all deposits are refundable until the completion of the final layout and drawings in January 2006.
One-bedroom apartments start from US$ 145,000; town houses are priced from US$362,000, while a beachfront villa at Saraya Aqaba will start from US$2,900,000.
Besides selling the properties, Asteco is advising clients on the many opportunities for financing a purchase, and it will open a permanent sales suite and Asteco office in Amman.
Saraya Aqaba, based on the theme ‘Sea of Opportunity’, represents the collaboration of real estate holding company Saraya Jordan, the Social Security Corporation, Arab Bank, and the Aqaba Development Corporation (ADC). Aimed at further developing the tourism potential of Jordan’s 26km Aqaba coast, the resort will cover an area of some 610,000 square metres.
Andrew Chambers, MD of Asteco, added: “Asteco’s involvement in Saraya Aqaba demonstrates the company’s commitment to regional expansion and is an important milestone for the whole team. Other Asteco projects will soon be announced in the Levant area and other GCC locations.”
Founded in Dubai in 1985, Asteco is the UAE’s largest property management company. Its services include retail, commercial and residential sales and leasing; strategic consultancy; property marketing; feasibility studies and evaluations; and research and investment.
