By: Ramy Sameeh
Abu Dhabi-Mubasher: Manazel Real Estate expected to complete its new project in Amman within 30 months, according to the company’s CEO Hassan Fahmi.
Comprising 1,600 residential units, the project is a mixed-use development, named Manazel Amman in Queen Alia International Airport, according to a statement on Sunday.
“The company will start the construction work at its project in the fourth quarter of 2016, with units scheduled to be delivered by the end of 2018,” Fahmi added on the sidelines of Cityscape Abu Dhabi.
Fahmi refused to currently get into details on how much the company is set to invest in the project.
The project was met with great interest from Jordanians and Emiratis in Cityscape, according to Fahmi.
The company has no plans to launch new real estate projects outside the UAE, Fahmi said.
Abu Dhabi-based Manazel finalised its Medical City project’s designs, he said, adding that operators have been contracted after the company secured the necessary permits from the Abu Dhabi Council for Urban Planning and the Health Authority.
In a reply to a question on floating shares of Manazel Mall in the UAE bourses, he said that it is early to talk about this issue as it will be dependent on the stock market’s determinants and other factors like the company’s performance.
“The company plans to make Capital Mall in Mohammed bin Zayed City the first outlet in Abu Dhabi,” the CEO said.
On another note, Fahmi noted that Manazel will not deliver any residential units in 2016, yet it will start to handover units of Al Reef 2 by the end of 2017.
