Amman, the proud capital of Jordan whose history goes back several thousands of years, has been an attraction for visitors from all over the world. Now the city is also getting much-deserved attention from property investors as Amman’s cityscape undergoes a transformation. With the $5-billion (Dh18.36 billion) mega project to create a new central business district in Amman’s northern-central district of Al Abdali, the city is getting a completely new downtown business, residential, shopping and entertainment area.
Part of the Abdali project is a luxury branded mixed-use development called Campbell Gray Living, which is Amman’s first foray into the luxury lifestyle property world. It consists of upscale private residences, serviced offices, boutiques and restaurants, as well as a Campbell Gray Hotel. Positioned as one of Amman’s new landmarks, Campbell Gray Living is being developed by Al Seraje Real Estate Development, which is a subsidiary of Amman-headquartered Audeh Group, a family business formed in 1990 and now a conglomerate of over 30 companies operating in 11 countries across Europe, the Middle East and Africa. PW talks to Saad Issa Audeh, co-founder and shareholder of Audeh Group, about the significance of the project for Amman and for property investors looking for a unique buying opportunity with a greatly diversifying impact on their portfolio.
Amman seems to be on the upswing since incentives for buyers and investors were introduced in 2015, and Jordan’s economic stimulus plan seems to provide a good growth trajectory for the entire country. Has the time come to invest in Jordan property?
It most certainly has! When I first saw the Abdali development, I could immediately sense its tremendous ambition and potential and was drawn to the two most unique buildings towering over the vista. We knew straight away that we wanted to be part of this new story in Amman.
We didn’t have much experience in the sector back then, but, as you said, due to incentives being introduced and the commendable economic growth taking place in the country, we felt it was the right time. Real estate continues to be a haven for capital and a secure income return for investors, and so we were confident that we could deliver. We created a timeless urban design for the residences that aimed at fostering a welcoming and serene space for the residents themselves, coupled with a solid return for investors.
We also keep in mind that Jordan as an economy is growing and, according to the International Monetary Fund, annual GDP growth will reach 4 per cent by 2019, up from expected 3.3 per cent this year.
This, of course, will have a positive impact on the housing and rental markets. With world-renowned brands entering the country, including Campbell Gray Hotels, this adds to Amman being an attractive investment destination. The overall business atmosphere is very positive and it is the ideal time for any consumer to be part of this opportunity.
Amman was so far not known for luxury real estate developments. Is your project flipping the switch for the luxury property segment in Jordan?
Amman has a highly sophisticated, well-educated and well-travelled population, and we felt that by catering to their needs we could really challenge the real estate market and offer something that was of international standards. We are very proud to say that we have become Amman’s most luxurious residential offering despite the challenges we faced initially coming into this sector.
GCC nationals have always visited Jordan for tourism and business, and many of them are well informed about the market in Amman. We’ve had interest from GCC investors who were just waiting for the right project in Amman to engage. With Campbell Gray Living’s international standards and the security behind the brand name, that is now achievable.
We focused on bringing modern, five-star luxury to the city, one with an utterly original perspective. I met Gordon Campbell Gray, the maestro behind Campbell Gray Hotels, in Beirut and one conversation turned into many more, and our shared passion for the region and Amman is what brought about this project. We have created a property of international standards, something you normally find in New York or London, in the heart of Amman. Hence, we have introduced a new level of luxury living and lifestyle to the city.
Can you give a short overview of the Campbell Gray Living project and its unique sales proposition?
Campbell Gray Living Amman is a mixed-use development for the 21st century. Located in the heart of downtown Amman, it offers 78 one-, two- and three-bedroom designer-branded residences, as well as 24 serviced hotel apartments, premium office space, serviced offices, dining and boutique retail space. This mixed-use development will be further complemented by the Campbell Gray Amman Hotel. It will be a destination in itself and will provide residents, tenants and visitors the opportunity to live a life of luxury in one of the most historic cities in the world.
What sets us apart is the attention to detail and the quality of materials and finishes used. We collaborated with world-renowned, Paris-based AS Architecture-Studio, which created a design that is not only unique to Jordan, but to the entire Middle East region. To raise the bar even further, each individual residence offers classic contemporary design by multi-award winning, London-based Martin Brudnizki Design Studio. To pay homage to its locale, the project also acquires all of its artwork from local and regional artists.
The development’s “crowning jewel” can be found on the rooftop of the residential building. Exclusively for the use of the private residences, it offers a private retreat in the heart of the city with an array of leisure facilities, including infinity pool, bar, open-air gymnasium, four fire pits with surrounding seating areas, a large communal hot tub and the most unique part of all — nine individual private cabanas, each with their own hot tub, sun loungers and seating and dining areas.
In terms of our unique sales proposition, I think the contemporary design, attention to detail and quality of workmanship at Campbell Gray Living Amman is unsurpassed in Jordan, and this is what sets us apart from other developers. The project uses only the best materials and products, namely Italian marble, German kitchenware and appliances, Lebanese hardwood and the latest smart home technology from US electronics company Lutron.
Can you give a timeline for the various phases of Campbell Gray Living and expected completion dates for each?
The residences are expected to be completed by the end of this year and the retail complex by the end of the first quarter next year. The hotel will be completed by 2019.
How is the project funded?
The project is self-funded.
Who are your target groups of buyers and investors?
Our main buyers have been Jordanian expats and high-net-worth individuals residing in Jordan looking for premium real estate that they previously might have bought abroad in the GCC, whereas now they can find it in Amman and be part of the story of the new Amman. Most of them have purchased it for investment, some even as a first home for newly weds who are looking for a more modern property which isn’t typically available on the traditional Amman real estate market. The style of the apartments and the added lifestyle benefits give investors access to the jet-set lifestyle they have grown accustomed to abroad.
We have also received a lot of interest from GCC investors, especially from the UAE, who view the project as a lucrative investment opportunity, as well as others who are looking to have a home away from their place of residence. We have had investors that bought apartments as soon as they enter the development as they are able to sense straightaway the special character of the project and understand the emotion put into its development. Investing in Amman offers GCC investors the opportunity to enter a new and lucrative market that is exciting and shows a very healthy growth rate and allows them to diversify their assets.
What are the price brackets for residence and office space in Campbell Gray Living? What would be the expected annual returns for investors?
The prices range from 252,512 Jordanian dinars (Dh1.3 million) to over 1.54 million dinars, and investors can expect a return on investment of around 5 per cent, which is high for Jordan. We also expect that the capital value will increase in the coming years following the completion of the Abdali project, as well as the Johns Hopkins Medicine International-affiliated Clemenceau Medical Centre. As a branded residences project, the apartments will hold and increase their value better than non-branded residences and offer higher returns.
How are pre-sales going so far overall?
Pre-sales have been very promising and we are selling fast. We are expecting sales to pick up even more during the summer as many GCC residents, including Jordanian expats, tend to travel to Jordan during this time. Our buyers have been mainly Jordanians, Jordanian expats, Emiratis and a few from across other GCC countries.
What is the impact of the development on the local economy?
The residences, hotel, offices and boutiques will create around 1,000 job opportunities. We are hoping to attract more GCC residents to Jordan, which will surely positively impact tourism. Campbell Gray Living Amman also aims to attract investors who might expand their business to the country.
