Damac Properties hits construction milestones in Jordan

DAMAC Properties, one of the largest private developers in the Middle East, has announced it has reached key construction milestones across its four projects in Amman, Jordan.

The main contractors United Engineering Construction (UNEC) and El Concorde Construction have completed level twelve of “The Heights,” as well as the ground floor for “Lofts at the Heights” and the fourth basement slabs for both “The Courtyard 1 & 2.”

“DAMAC Properties has been extremely pleased with how rapidly construction is advancing across all of our Jordan construction sites. We appointed the new main contractors in April, and they have been making very impressive progress” said Niall Mc Loughlin, Senior Vice President of DAMAC Properties.

DAMAC Properties’ projects in Jordan are situated at the gateway to the Abdali master plan. “The Heights” in Jordan is a luxury 35-storey residential tower, which is positioned alongside a piazza, making it a focal point for social gatherings and community events. “The Lofts at the Heights,” is an executive residence, which sets a new benchmark for modern living. “The Courtyard 1 & 2” earns their appeal from their open-air rooftop terraces, where residents can take time out from their hectic work schedules.

Jordan’s property market has been slowly recovering from the global downturn, with the help of government incentives aimed at stimulating the sector. As part of a raft of measures, the government is now exempting the first 150 square meters of residential apartments sized 300 sq/m from registration fees.

The registration concession has been coupled with an easing of bank lending, which has made access to credit facilities the easiest in three years. In a recent Reuters report, President of the Housing Investors Society Zuhair Omari believes the combination of factors will likely trigger significant growth in the real estate industry in the fourth quarter.

Jordan’s economy is outperforming most developed nations, and is expected to expand 3.5% in 2011, according to the IMF, after growing 4.15% in 2010.

“Jordan’s real estate market is a solid long term investment prospect. Economic growth is stable and sustainable, and the government incentives are already working to boost confidence in the property market. DAMAC Properties is extremely optimistic for the outlook for property in Jordan” Mc Loughlin concluded.