The foundation stone marking the start of construction of the US$600 million Saraya Aqaba project in Jordan was laid recently.
Held under the patronage of King Abdullah II bin Al Hussein, the ceremony was attended by Prince Faisal bin al-Hussein, Sheikh Ayman Hariri and Saraya Aqaba partners.
Billed as a world-class leisure, retail and residential project, Saraya Aqaba is aimed at developing the tourism potential of Jordan’s 26km Aqaba coast, and promoting employment and economic development opportunities.
Ali Kolaghassi, Vice-chairman and CEO of Saraya Holdings said: “According to our objectives, we expect to create more than 3,000 jobs during construction and over 6,000 job opportunities when Saraya Aqaba is finished."
Saraya Aqaba, based on 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).
Saraya Aqaba will be styled as an ancient Arab city with the modern luxuries of a world-class resort. A bustling city within a city, it will feature five-star hotels, a contemporary shopping district, lavish residences, and entertainment and dining venues.
Property services leader Asteco has been appointed sole worldwide selling agent for the residential component of Saraya Aqaba. Saudi Oger Ltd. will be the official developer and contractor for the project.
Due for completion by January 2009, Saraya Aqaba’s residential units will be sold on a freehold basis, with ownership of the title of the land included in the sale. Residential visas are also on offer.
Besides selling the properties, Asteco is advising clients on the opportunities for financing purchases, and has opened a permanent sales suite and Asteco office in Amman.
Andrew Chambers, Managing Director of Asteco, added: “Asteco’s involvement in Saraya Aqaba demonstrates the company’s commitment to regional expansion and this is an important milestone for the whole team.”
He said: “We’ve already seen tremendous interest in the project, not only from the Jordanian market but also from overseas and GCC buyers.”
