Tameer Plans $1B Amman Project

AMMAN-Tameer Properties has signed a memorandum of understanding to develop a $1-billion mixed-use development two kilometres to the south of the Queen Alia International Airport. The agreement, with Jordanian company General Corp. for Housing and Urban Development, envisages 17,000 housing units for medium- and limited-income people on land owned by the corporation.

Tameer vice chairman Khaled Dahleh indicates that the first phase would include all facilities and services, such as shopping centers, craftsman zones and entertainment facilities. “The residential units themselves are diversified to meet the tastes and financial capabilities of would-be owners,” he says. “They vary from 80-sm apartments to 250-sm semi-villas.”

As it has done in its other real estate projects, the company undertakes to lay the necessary infrastructures including roads, water pipelines, electricity networks and sewage and drainage systems, among other basic installations. Would-be owners will have the option to buy their units on a mortgage system modeled on those used in the US in which the buyer pays a monthly instalment that is below an average rent rate for 30 years.

Market research indicates that Jordanians were in need of 35,000 housing units across various income levels.