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Fri 22 Apr 2016 12:29 AM

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UAE's Manazel launches first overseas real estate project

Manazel Amman is the company's first development outside of the UAE; will include 1,600 homes

UAE's Manazel launches first overseas real estate project

UAE-based developer Manazel Real Estate has launched a mixed-used development, Manazel Amman, located close to Queen Alia International Airport.

Manazel Amman is the company's first development outside of the UAE, it said in a statement, adding that it is part of its strategy to provide quality homes for the middle-income segment within a gated community.

Manazel Amman, which sits on half a million square meters of real estate, will include 1,600 units with a mixture of apartments and villas.

A gated community, Manazel Amman will provide security around the clock and year-round maintenance, and will include retail areas, mosques, gyms, pharmacies, a medical centre and a kindergarten.

Hassan Fahmi, Manazel Real Estate's CEO said: "Manazel Amman is Manazel Real Estate's first step in our strategic expansion outside of the UAE, and we expect strong demand from buyers at the exhibition and beyond."

He added: "Jordan is experiencing rapid population growth, and Manazel Amman provides affordable housing for residents seeking spacious living, a vibrant community and quality facilities within a gated community.

"Manazel will continue to capitalise on opportunities outside of its UAE home market that support our strategy and provide significant returns for our shareholders."

Manazel, which recently registered a 29 percent increase in net profit last year compared to 2014, said it is also focused on the delivery of its Al Reef 2 project, which consists of 860 villas located in Samha, near Kizad and Khalifa Port in Abu Dhabi.

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