Asteco announces first office in Jordan

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 and recreational facilities, villas, town houses and apartments, and a traditional souk. These will all be set among lush gardens and a new resort 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 well over US$600 million. The globally renowned Saudi Oger Ltd. will be the sole official developer and contractor for the project. Saudi Oger Ltd has extensive knowledge and experience in design concepts, operations and management, in addition to the resources and financial capabilities necessary to undertake a wide range of supreme mega construction projects.

Also, UAE-based Jumeirah has entered into an understanding to 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 architectural consultant.

"Our joint venture agreement with Asteco and appointing them officially as the sole selling agent for Saraya Aqaba, is a strategic move that we know will propel and impact positively on our real estate opportunities. We are committed to providing excellent facilities and customer service in all our projects. Working with Asteco ensures that this is put forth clearly and through the right vehicles, especially due to their long and excellent industry knowledge and experience in the region," said Mr. 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. There will also be residential visas on offer to purchasers in the scheme. Currently all deposits are refundable until the completion of the final layout and drawings, by January 2006.

Besides selling the properties, Asteco is advising clients on the many opportunities for financing a purchase; and is opening a permanent sales suite and Asteco office in Amman, Jordan's capital.

Saraya Aqaba, with 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 meters.

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 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.