KD 68 mln Jordan project to open Q1 of 2014
KUWAIT CITY: United Real Estate Company (URC) announced the start of the second construction phase of the Abdali Mall, a 33,000 square-meter footprint property with a built-up area of 223,000 square-meters comprising of retail space in the heart of Abdali, the new downtown area in Amman. The tender was awarded to Habash-Deir Contracting Company, one of the oldest construction businesses in Jordan with an impressive portfolio of projects including the Dead Sea Panoramic Complex and the Prince Hamzeh Multi-purpose Sport Hall. Once completed, Abdali Mall will house exclusive high-street brands, a multi-screen movie theatre, family entertainment centers, a wide selection of fine-dining restaurants, food courts, and parking facilities designed to accommodate over 2,500 cars. The mall, a KD 68 million project, is scheduled to open its doors to the public in the first quarter, 2014.
United Real Estate Company's CEO, Mohammed Ahmed Al Saqqaf, who also holds the Chairman's position of Abdali Mall Company, stated, "This is an important phase in the development for URC as we initiate this phase of the construction schedule. This milestone will escalate the leasing activities into high gear for Abdali Mall Company."
Unique
With approximately 75,067 square-meters of leasable area, this modern shopping mall will introduce a unique product to the market through a design that is molded around contextual architecture, showcasing open air features that take advantage of the favorable weather year-round in Amman.
URC Jordan, a wholly-owned subsidiary of URC, is one of the main shareholders of the property with a majority stake of 60 percent through the Special Purpose Vehicle, Abdali Mall Company. The remaining 40 percent is held by Abdali Investment Development Company, the master developer of the USD 5 billion strategic master plan for the Abdali downtown area.
URC has a paid-up capital base of KD 118 million with an asset base of approximately KD 512 million.
With over 35 years of experience in real estate development, URC has projects and properties in Kuwait, Jordan, Egypt, Lebanon and Oman in the commercial, hospitality, retail and residential sectors. The Company is engaged in various real estate activities, particularly the development, purchase, sales, and leasing of land and properties. URC also provides contracting, construction management, project management, and facilities management services through subsidiary companies.
© Arab Times 2011
