Bloom Holding, a private real estate developer in Abu Dhabi, is eyeing expansion in the UAE as it begins handing over units from its projects on Saadiyat Island, its acting chief executive told The National in an interview.
“Bloom is one of the real estate developers that successfully bridged between Dubai and Abu Dhabi and we are really pleased with that and that gives a solid base for doing more in Abu Dhabi and throughout the emirates,” said Jeremy Lester, who replaced Sameh Muhtadi in July this year.
The developer is currently handing over units from its projects on Saadiyat including Soho Square and Park View. Soho Square is a mixed-use development with 304 residential units ranging from studios to three-bedroom apartments and other amenities. The units have a price range of Dh750,000 to Dh5.7 million and 77 per cent of the scheme is sold.
Park View with 207 residential units ranging from studios to three bedroom apartments is 80 per cent sold. The units at Park View have a price range of Dh800,000 to Dh2.9m.
Mr Lester said customer response has been “positive” so far.
Bloom is planning to begin construction of a major development, adjacent to Abu Dhabi International Airport in the first half of next year, named Bloom District. The project will span 2.2 million square metres of land made up of 6,000 residential units including apartments, villas and townhouses as well as retail and schools.
The company is also starting phase five of Bloom Gardens, a high-end residential scheme with two-, three- and five-bedroom villas near Al Bateen in Abu Dhabi.
The project is expected to be completed in 30 to 36 months, he said, without divulging details on the total investment.
Bloom is involved in projects in Jumeirah Village Circle in Dubai, including Bloom Towers and Bloom Heights and the handover of the units is expected in the fourth quarter of 2020, according to the company.
“If we have opportunity to do more in JVC, I will certainly look at them,” Mr Lester said.
He said the Abu Dhabi market is maturing and becoming more transparent due to government initiatives, which is helpful in attracting foreign investors.
“There is a much better balance between demand and supply side. Leadership and the government is putting in place some innovative new ideas to ensure that the market is both stimulated but not overheating.”
Earlier this year, the Abu Dhabi government made changes to laws allowing foreigners to own freehold property in designated zones such as Saadiyat Island to boost the property market. Foreign investors in Abu Dhabi’s real estate market were previously granted leasehold for a maximum time period of 99 years.
The government also launched a Dh50 billion Ghadan 21 stimulus programme that is expected to have a positive impact on the real estate sector in the emirate.
In the first six months of this year, Abu Dhabi’s real estate sector overall saw 10,000 transactions worth Dh31bn, according to a report by the Department of Urban Planning and Municipalities. Reem Island topped the volume of transactions in the capital with deals totalling Dh4.37bn.
Apart from the property sector, Bloom Holding is also involved in education, with seven schools and a nursery.
“I see huge opportunities in the UAE. We embarked on a relationship with the government here in Abu Dhabi for charter schools,” Mr Lester said.