So, what is Saraya al Aqaba?
�Saraya Aqaba� is a Jordanian private shareholding company, whose founding shareholders include Saraya Jordan, Jordan�s Social Security Corporation, Aqaba Development Corporation, and Arab Bank plc. Saraya Aqaba will implement the US $610 million �Saraya Aqaba Project�, a premier tourism and leisure destination, with a mixed-use themed development. Situated on the northern tip of the Gulf of Aqaba, the construction of the Saraya Aqaba Project and its man made lagoon will be completed in January 2009, adding approximately 1.5 km of beachfront to the city of Aqaba. The Project comprises approximately 610,000 square meters of master-planned development, combining the splendor of an authentically styled ancient city with the modern luxuries of a world class resort. It features five luxurious hotels, various residential opportunities (beach front villas, town houses and apartments), office space, a contemporary shopping district, an old souk, a water park, a convention centre, and a wharf promenade. A bustling �city within a city�, uniquely designed in a culturally authentic manner; Saraya Aqaba is set in the midst of a rich and textured environment of lush gardens and sparkling waterways.
�Saraya Aqaba will be a flagship destination for Aqaba, and its size, scale and design will reflect the growing international profile of the resort.�
The project is valued at US$362 million. Saudi Oger Ltd. is the project�s construction contractor, and UAE-based Jumeirah has been appointed to manage the resort�s world-class hotels. US design firm Phil Hettema and Associates is the development�s architecture consultant.
Saraya Aqaba�s residential units will be sold on a freehold basis, with ownership of the title of the land included in the sale.
One-bedroom apartments start from US$342,000, town houses are priced from US$350,000, while a beachfront villa at Saraya Aqaba will cost around US$2.8 million. Ya balash…
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All the above were quotes from different press releases of companies mentioned above.
So, being Jordanian, I belong to ‘Jordanian market segment’. Wallahe they made my day. Peanuts!! If I start saving US $ 10,000 a year, it’s gonna be only 35 years before I can afford to buy “one-bedroom apartments”, to rest in peace!
See, I’m for these kinds of projects, in spite that all involved are foreign companies, starting from design, construction and management (as if we don’t have any of these in Jordan); however it will use some of our unemployed hands (hopefully not import these too), and will increase the landmark of Aqaba as a tourist destination in the area. However, what about the real estate market? All the new real estate projects target foreigners, rich, very rich foreigners, starting with Royal Metropolis (The Jordan Gate) and Royal Village and ending with Saraya Aqaba.
During my last visit to Jordan last July, I was shocked at the prices of apartments and houses, and how expensive my dream has become. As a Jordanian expat, I was planning to save money and buy apartment within next five years or so, now, with our bro. Iraqis help (no offense, I was told many numbers of Iraqi resident in Amman and around, least was 200,000 and max. 1 million), the real estate market jumped 100% or more in some areas, of what prices were just a couple of years ago. And now with all these new projects coming up, more of our bro. Arab will flood the market and inflation of existing prices will no doubt be the case. So, poor me, my plan now is, shut up and spend this money I’m saving on leisure�s of life, since I’ll never be able to follow and reach a state where I can buy home at Jordan, so that’s no more one of my leisure of life.
Honestly speaking, it’s becoming cheaper to by a home or a land in Bahrain or Oman than buying the same in my country. And i think I will. So, Goodbye Amman!
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Hello, I totally agree with you. I basically need to save for the next 25 years to buy an apartmenet in Jordan at these elevated prices. Of course don’t forget that prices will go higer year on year, on inflation and demand, so I think it will be more like 30-40 years of savings. You look at the property prices in London and you could understand that although prices are very high incomes are high too, so net/net it pays off to take a mortgage. In Jordan, property is increasing exponentially and income on the other hand is increasing very gradually, so you need some other source of funding to pay your mortgage. Salam.
A’7 yes.. it’s ridiculous how expensive land is these days!
I don’t know if this will make you feel better, but the average price for an apartment in Manhattan is $1 million (US dollars).
And what is the average income of an Engineer working at a managerial position in Manhattan? And how much do you pay for Gaz per litter, bread, telephone bill, water, etc…
You don’t want to know how much that is in Amman!
The gap is very high between the income and expenditure and cost of life in Amman. That’s why, mostly every young chap will pay anything to get a visa to run to US or EU.
The current surge in prices is due to the gap between supply and demand that was caused by the sudden increase in demand, which the supply side couldn’t keep up with. Once the supply increases (and it surely will with such prices), the prices will moderate a little, but Amman will always be relatively expensive for local incomes as long as Jordan is stable, and there is excess cash all around it.
Actually, you could get a one bedroom in Manhattan for $350,000, although it would be a small one bedroom. So it probably is a better deal than Jordan. I don’t know what an engineer gets here–maybe $50,000 to $80,000?…we don’t have to drive cars here so gas isn’t an issue…a loaf of bread costs around $2…well, if you know any nice single men moving to New York City you can get them in touch with me!:-)
Cool… I found a place to hang on if my wife kicks me out ;-)
Well.. I think the above conversation is too frustrating.. I think that Jordan is moving towards being owned by individuals rather than by the Jordanians themselves. In addition, Jordan will act more of a gracefull country full of technological built up facilities yet having major financial problems regarding income vs. expenses. This will give an urge to locals to move out and immigrate to Australia, Canada, The gulf, etc… Or maybe I’m just talking nonsense.. We’ll have to wait and meet again in 5 -10 years :)
hi
i wait saraya al aqaba from along time we need this project in jordan, really it’s great project and good luck
hey every 1 its great to hear that the country is moving forward and having such huge project as this , and also its good to hear that the country will be owned by individual as well as jordanian wich will bring new out look and oppertunities where the income and the expences will equalise and motivate the shark jordanian to invest there own money in jordan instead overseas and refresh the economy where u will then find banks and building society able to provide mortgages ,loans and credit cards then u all do not need to emigrate to canada or australia or even the us cos them they are leaving there own countries cos of the high life cost and low income .
Well very well there are no needs of knowladge about Aqba city information in there website.