(MENAFN- Jordan News Agency)
Amman, July 16 (Petra) -- The Ministry of Investment has offered an opportunity to invest in a mixed-use development zone in Abdoun neighborhood, western Amman, on its recently launched Invest.jo platform.
Mixed-use development zones refer to a type of urban design, planning, or zoning that incorporates a variety of functions including residential, commercial, cultural, institutional, or entertainment, within a single area.
This project covers an area of 3,446 square meters and has an estimated investment volume of $26.3 million and an internal rate of return of 15 percent. It is situated in an affluent residential area housing several embassies and diplomatic missions, according to the platform's projections.
This concept has the potential to be branded "Al Makan" (meaning "The Place" in Arabic). The flagship at Abdoun can be named "Al Makan, Abdoun" and the investor can seek to develop similar concepts on land plots in other parts of Amman (e.g., Al Makan, Lweibdeh"). This will become synonymous with destinations that offer such facilities.
Those willing to invest in the project must enter into a partnership contract with Amman Vision and Investment Development Company (AVID), the investment and development arm of the Greater Amman Municipality (GAM).
The GAM established the AVID in 2018 as a private corporation, 100% owned by GAM, to act as the Master Developer and Asset Manager for over 5,000 GAM-owned lands and properties within Amman.
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