DAMAC Properties First Development in Jordan Progressing Well
DAMAC Properties, the largest luxury private developer in the Middle East, has announced that The Heights in Amman, Jordan is now topped out.
In what will be the highest residential tower in the country when it is delivered next year, The Heights is a luxury 36-storey project in the heart of Al Abdali, the new downtown district of Amman.
"Completion of the superstructure and topping out The Heights is a significant milestone," said Niall McLoughlin, Senior Vice President, DAMAC Properties. "To see The Heights towering over all of the other projects in this desirable area is very positive and we are now working at pace to complete the facia and interiors of this anticipated development."
The Heights is the first project to be undertaken by DAMAC Properties in Jordan and is one of 65 buildings currently at various stages of progress across the Middle East which will add to the 37 buildings which are already completed. Completion of The Heights is scheduled for Q2 2013.
DAMAC Properties is also working alongside The Heights to deliver two other buildings. The Lofts is already passed the sixth floor and The Courtyard is past the fifth. These smaller towers will present the ultimate in luxury living with facilities and a peaceful rooftop garden.
Jordan's economy continues to grow at a steady pace, recording a GDP increase of 2.9 percent in the second quarter of 2012, according to the Department of Statistics. Analysts have predicted that the economy could grow by as much as five percent. The figures also showed that the hospitality sector, hotels and restaurants registered the highest growth rate 10.2 per cent.
Situated alongside a civic plaza in Al Abdali, which will become the nation's largest fully fledged mixed-use development, The Heights is at the epicentre of a new downtown area spanning more than one million square meters of construction.
"This project is the most sought after address in Amman and the luxury and quality on offer will be enjoyed by only the privileged few," said McLoughlin. "We have experienced very strong interest from Jordanian's, both in Amman and working abroad, as well as the international market. Only a very small number of apartments remain and we expect The Heights to have sold out before the end of the year."
Residents of The Heights will be able to enjoy an enviable array of world-class amenities including a Jacuzzi, sauna and temperature controlled swimming pool. The lower floors will be filled with high-end boutiques, designer brands and stylish restaurants as well as a juice bar and café's making The Heights self-contained projects with all desirable amenities.
"Now that the major works are complete at The Heights, clients will see the projects moving at real pace as we start to add the beauty and grandeur to the projects. This is a very exciting time as we add the 'DAMAC' touches to provide a home which anyone can be proud."
International interest in The Heights has been impressive with many GCC investors turning to Jordan as a promising new real estate market, recognising the potential capital gains to be made.
Tourism revenues rose by 22 percent to US$3.3 billion in the first six months of 2012 compared to US$2.7 billion in the same period of 2011, according to the Jordan Tourism Board, highlighting the continued growth of the country.
DAMAC Properties has projects in Egypt, Lebanon, Abu Dhabi, Dubai, Qatar and the Kingdom of Saudi Arabia as well as Jordan and has become one of the leading developers in the Middle East over the past ten years, with 37 buildings already completed, offering 7,817 units across the region.