Monday 21 January 2019

Schon Properties opens new office in Jordan

AMMAN, October 22, 2017

Schon Properties, a leading Dubai-based property developer, has opened a regional sales and marketing office at Emaar Towers in Amman, Jordan, to expand its investor base in the Levant market.

Jordanian investors have contributed significantly in Dubai’s real estate market, which attracted Dh113.6 billion ($31 billion) of foreign investment in 18 months from January 2016 to June this year.

The iSuites – a massive Dh3.2 billion ($875 million) home-grown hospitality portfolio – is among the biggest attractions for Jordanian nationals.

It is a 21 building project (2B+G+8), comprising 2,550 luxurious hotel apartments, 52 restaurants and cafes, and a 125,000-sq-ft shopping mall called the Laguna Centrale Mall.

The project aims to serve the shortage of four-star hotel rooms close to the Expo 2020 site, Al Maktoum Airport, and Dubai Parks & Resorts.  iSuites’ total constructible area is upwards of 2.6 million square feet.

Jordanian investors topped the list of Arab nationals in real estate trading in Dubai in 2016, according to Dubai Land Department (DLD).

Sakhr Awaysheh, the VP for sales, Schon Properties Jordan, said: "A total of 1,331 Jordanians invested some Dh2.5 billion in the Dubai’s property market, while total Arab investment reached Dh11.7 billion during the year."

“Arab investors from outside the GCC contributed over Dh12 billion to the real estate market last year, from 6,416 investors of 16 nationalities.”, Sakhr added.

President Danial Schon said: "Investor appetite from Jordanians for Dubai properties prompted us to set up a permanent presence in Amman. iSuites’ prime location, next to the Dubai Expo 2020 site and close to Maktoum International Airport has led to huge interest from Jordanian investors."

iSuites envisages smart modern living of functional and futuristic facilities. The full-serviced hotel apartments are targeting millennials interested in urban lifestyle hotel stays, small families coming to Dubai on a short-term corporate assignment or a pure family vacation.   

“Our study shows that an investor could get an average net income yield of 12 per cent return on investment from our latest offering – iSuites – that will help investors make more money with less pain,” remarked Schon.-TradeArabia News Service

Tags: Jordan | property | office | Schon |

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