Real Estate Section

Section Duties:

 The Real Estate Section receives the real estate sale offers from owners and brokers, whether they are plots of lands or commercial complexes. The Section, in turn, offers them to the Lands Committee and then makes a recommendation with respect to each offer.

 The Real Estate Section makes the procedures of purchasing the lands recommended by the Committee and as approved by the Council. The procedures begin with obtaining the consent of the Prime Ministry and the consent of the Higher Regulatory Council at the Ministry of Municipal Affairs, and they end with the registration procedures at the Land & Survey Department.

 After the project lands are purchased, the Section arranges a visit for the engineers so they are introduced to the nature of the project land and its surrounding area in order to help the fellow engineer to make the decision of registration in the project.

 On the other hand, the Section is responsible for counting and estimating the lands owned by the Association in the end of each year and to issue the real estate portfolio of the Pension Fund to present it in the annual report.

 The Lands Committee supervises Real Estate Section operations and real estate information, and the Head of Real Estate Section represents the Housing Committee Secretary.

Section Objectives:

 To inject the necessary cash to pay the pensions through purchasing and investing real estates.

 To provide around 200 fellow engineers with a plot of land in the acquired projects.

 To provide the other Departments with information about the land locations and other services related to the Association projects.

 To estimate the market values of the Association’s plots of lands to make the plans for making cash available for the coming years.

 To serve the fellow engineers with evaluating the lands for financing.

 To serve the fellow engineers with redemption and the mortgage related to financing.

Sections Achievements:

The Investment & Real Estate Department offers three special projects in 2016

Through the Department, the Real Estate Section has offered three special projects since the beginning of 2016. The first one of those projects was Al Zaitouneh 6 Project in Al Dafaineh Block, which is located behind Al Andalusieh Project on the Road to Madaba Governorate. The average area of each portion in the project is 750 square meters for JOD 45000. 76 fellow engineers were registered in the project.

The Real Estate Section has also offered, through the Department, the second project in the area of Al Jubeil / Husban, which belongs to Na’ur lands in front of the German Jordanian University on the road to West Madaba. The average area of each portion in the project is 750 square meters for JOD 52500. 56 fellow engineers were registered in the project.

The third project was in Umm Rummanah Village, Abu Baben Block, which belongs to South Amman lands, and it is about 2.5 km away from Al Andalusieh Project and Madaba Highway. The average area of each portion in the project is 750 square meters for JOD 20000. 148 fellow engineers were registered in the project.

The value of the lands purchased until 2016 is estimated to be JD 13 million