Damac awards $60 million Amman contract
UAE-Jordanian joint venture to work on three projects near Abdali
A joint venture between United Engineering Construction and El Concorde Construction has been awarded a contract worth JAD 42.5 million ( $60m) to complete developments by Damac Properties in Amman, Jordan.
The two companies will complete work on projects that are all situated the gateway to Abdali, a business and residential development valued at around $5 billion that will cover 1.7 million square metres of built-up area.
The Heights is a luxury 35-storey residential tower. The JV will also work on parts one and two of The Courtyard, a residential property with an open-air rooftop terrace, and the Lofts at the Heights is an executive residence.
Robert Hartle, contract manager at Dubai-based UNEC, said Jordan represented a “reasonable market” terms of opportunities, especially along the Dead Sea and Red Sea, where the company is soon to finalise tenders.
“There are a lot of contracts from that point of view,” he told CW, adding that UNEC would be doing the pricing for the project, with Amman-based El Concorde Construction providing the cross-checking. The company is aiming to leverage its existing presence in Abu Dhabi, Sharjah, Fujairah, Riyadh and Amman to win contracts across the region.
A Damac spokesperson said work on these buildings would ‘accelerate’ after selecting the contractors.
Jordan’s property market has been staging a recovery, with official government figures confirming property prices in some parts of the capital, Amman, rose 20% last year. The property market is expected to continue to strengthen this year according to Zuhair Omari, President of the Housing Investors Society.
Asteco, a real estate services firm, said Jordan’s property sector remains “stable” in its first-quarter report on the country, with minor price increases in residential sales despite the regional civil unrest.
The company noticed continuing demand for small-and medium-sized apartments, partly due to restricted land supply in prime locations and reduced housing budgets.
Jordan’s economy is expected to expand 4.5% in 2011, according to the International Monetary Fund, after growing 4.15% in 2010.