Asteco announces first project in Jordan

The Dubai-based company, which celebrated its 20th anniversary this year, will act as the 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 six five-star hotels, shops, offices and recreational facilities, villas, town houses and apartments, and a traditional souk, all set among lush gardens and waterways served by traditional abras (small passenger boats).

"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. Initial commitments to buy 100 of the freehold properties available have already been received."

Due for completion by 2008, Saraya Aqaba is a private and public sector project valued at US$362 million. Saudi Oger Ltd. is the project's construction contractor, and UAE-based Jumeirah has been appointed to manage the resort's world-class hotels. US design firm Phil Hettema and Associates is the development's architecture consultant.

Saraya Aqaba's residential units will be sold on a freehold basis, with ownership of the title of the land included in the sale. Deposits are refundable until the completion of the final drawings.

One-bedroom apartments start from US$342,000, town houses are priced from US$350,000, while a beachfront villa at Saraya Aqaba will cost around US$2.8 million.

Besides selling the properties, Asteco is advising clients on financing and operates a permanent show suite in Amman. An approximate model of the resort will be on show at leading real estate exhibition Cityscape, which runs from September 17-19 at Dubai World Trade Centre.

Saraya Aqaba, meaning '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 26-km Aqaba coast, the resort will cover an area of some 610,000 square metres.

Asteco's Chambers 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 for the Dead Sea and in Lebanon."

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.