The Land International for Investment and Real Estate development has started the first phase of Madinet Al Sharq project which will be located at Al Zarqa City , the northwest of Amman. The company acquired 196 sq.m in order to run the first part of the first phase with an estimated investment cost of JD50 millions.
Mr. Basel Saeed, The Land vice-president, stated in a news report published yesterday that the first phase of The Land project includes accomplishing the development processes and providing different residences with competitive prices and preferable conditions. This is done according to his Majesty's vision (King Abdulah II) that securing residences for all citizens in Jordan as one of major needs in the Kingdom.
Saeed also commented that the second part of the first phase of Madinet Al Sharq will start during the coming April. It includes developing 265sq.m to build private residences and 125sq.m will be developed for commercial purposes taking into consideration that The Land will be entering into partnerships to execute this phase. The Land will cover one third of the investment in this part.
The project will be raised on high dominating hills in Zarqa. It has distinguished services which makes it great symbol for development and prosperity in this field; where it will be organized and built in a modern way besides adequate spaces are reserved for broad gardens and organized paved roads, Mosques and schools are located in all quarters where the sewer system and water treatment are already built in.
Saeed added that during the first phase of the project the company will build numeral shops, restaurants and entertainment places in the commercial zone. He stressed that the largest Mall in Zarqa, with an area of 70,000sq.m, will be built too.
The Land project first phase will be closed in mid 2009 as Mr. Basel clarified, this phase is considered the pioneer phase for Zarqa city which has been designed to be able to take in more than 50,000,000 persons during the six phases in 2025 and to make Zarqa one of the prettiest and superior cities built by using the largest and modern techniques.
