Dubai’s Schon Properties opens office in Jordan
Dubai-based property developer, Schon Properties, has opened a new regional sales and marketing office in Amman, Jordan
Dubai-based property developer, Schon Properties, has announced that it has entered the Jordan market with a new regional sales and marketing office in Amman.
The company revealed in a statement that it opened its new office at Emaar Towers in order to expand its investor base in the Levant market.
Jordanian investors have made significant contributions to the real estate market of Dubai, the developer added, noting that its $875m (AED3.2bn) iSuites hospitality development has attracted Jordanian nationals.
Sakhr Awaysheh, vice president sales at Schon Properties Jordan, commented: “A total of 1,331 Jordanians invested some $680.7m (AED2.5bn) in Dubai’s property market, while total Arab investment reached $3.2bn (AED11.7bn) during the year.
“Arab investors from outside the GCC contributed over $3.3bn (AED12bn) to the real estate market last year, from 6,416 investors of 16 nationalities,” Sakhr added.
Schon Properties’ iSuites is a 21-building project (2B+G+8), comprising 2,550 hotel apartments, 52 restaurants and cafes, and a 11,613m2 shopping mall called the Laguna Centrale Mall.
According to the developer, the project aims to serve the shortage of four-star hotel rooms close to the Expo 2020 site and the Al Maktoum International Airport.
Danial Schon, president of Schon Properties, said: “Investor appetite from Jordanians for Dubai properties prompted us to set up a permanent presence in Jordan. iSuites’ prime location […] has led to huge interest from Jordanian investors.
“Our study shows that an investor could get an average net income yield of 12% return on investment from […] iSuites.”