Damac sees Jordan homes delivery in Q2 2013

Dubai developer tops out The Heights project, the country's tallest residential tower
Damac sees Jordan homes delivery in Q2 2013
By Andy Sambidge
Sat 08 Dec 2012 09:56 AM

Dubai-based Damac Properties has announced that The Heights in Amman, Jordan - which will be the country's tallest residential building - is now topped out.

Due for delivery in the second quarter of 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, who said he expects the project to sell out by the end of this year.

"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 in Jordan and is one of 65 buildings currently being built across the Middle East which will add to the 37 buildings which are already completed.

Damac is also working alongside The Heights to deliver two other buildings, The Lofts and The Courtyard, which are smaller towers with a rooftop garden.

"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 Jordanians, 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."

The lower floors of The Heights will include high-end boutiques, designer brands and restaurants as well as a juice bar and cafes.

McLoughlin added: "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."

He said 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.

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.

Damac has projects in Egypt, Lebanon, Abu Dhabi, Dubai, Qatar and Saudi Arabia as well as Jordan.

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