Limitless plans six projects in the Levant
“Three of those projects will be developed in Jordan and the rest in the other countries such as Syria, Lebanon, Turkey and Cyprus,” Bahaa Abouhatab, Regional Director Levant & Turkey for Limitless told Emirates Business.
“The company will develop these projects through a series of joint ventures which it will announce in the next two years. Currently, Limitless has nine global projects, worth around $100 billion (Dh367bn) in seven countries including the UAE.
The developer yesterday broke ground on its $300 million development called Sanaya Amman (previously called Limitless Towers), a 200-metre twin-residential tower project a freehold project in Amman.
“We are building the project ourselves and it is not a joint venture partnership. We purchased the land in January and have started development right away,” Abouhatab said.
“In Jordan we will offer products that are perhaps not the most expensive in Amman but they will be prestigious projects.
“We formed a relationship so to speak with the government of Jordan where we are helping each other. We are helping them into introducing new standards, new codes and new structures in Amman. They are helping us to come into Jordan with our first project.”
According to the official, 9000 square meters of land area of Sanaya Amman was purchased by Limitless for $7 million in the beginning of 2008. Abouhatab said: “Jordan has witnessed a year-on-year appreciation of real estate prices by 15 to 20 per cent. There is a clear 50 to 60 per cent difference in real estate prices of older Jordan projects and the newer projects that are being announced more in line with Dubai standards.
Although comparable developer returns were more promising in Dubai than in the Levant region, he said that developing in other countries helped Limitless spread a reasonable amount of its development risk.
“Returns are lower in this region than in Dubai, but our movement out of Dubai is not to get a return, but to leverage on our identity in new markets and spread our risk. We are not trying to leverage anything out of Jordan. Jordan is not rich in any resources, but it has a future in development. In Jordan we want to have a very strong presence where we will be acknowledged as the master-planner.”
Sanaya Amman will be a development in Abdoun district of Amman and will meet world environmental standards, with a number of eco-friendly initiatives that will save up to $2m a year in running costs. Limitless has named Chicago based Murphy/Jahn as the lead designer on Sanaya Amman and has appointed New York-based Turner International as project manager.