By: Amr Adel
Dubai - Mubasher: Bloom Properties is planning to launch a “mega” real estate project on a space of 2.2 million square metres in front of the Abu Dhabi Airport, the company’s CEO Sameh Muhtadi said.
The company is about to get final approvals from Abu Dhabi’s competent authorities for the project, which will add 13,000 residential units to the emirate’s property market, Muhtadi told Mubasher on the sidelines of Cityscape Global on Wednesday.
Bloom will be the main developer of the project, but other developers are also expected to join, he added.
Around 80% of units will be available for lease and the remainder will be for available for rent, the CEO noted.
There are 2,800 units under construction that will be delivered by the end of 2017, Muhtadi said, adding that another 1,500 units are expected to be handed over by the end of this year and early next year.
Bloom keeps 20% of its units for rents in order to be able to maintain a recurring income of up to 65% of total income.
The Abu Dhabi-based company also announced selling 75% of its 'Bloom Heights' development - a mixed-use project in Dubai's Jumeirah Village Circle (JVC).
Bloom is currently considering the establishment of a hospital in Dubai Healthcare City, Muhtadi concluded.
Translated by: Julian Nabil
