Bloom Holding plans to launch a huge affordable project of 5,000 homes close to Abu Dhabi International Airport.
The company has a 2.2 million square foot plot close to the airport in Mohammed Bin Zayed City, which it plans to develop into flats, villas and town houses, with the blocks of flats making up to 5,000 homes.
Sameh Muhtadi, the chief executive of Bloom Holding, said: “Affordable housing is our next natural progression. That’s where the demand is.”
The project is currently being masterplanned and Mr Muhtadi said that he hoped to have approvals in place from Abu Dhabi Municipality and the Urban Planning Council in place to be able to launch the scheme next year, with a view to the first units being made available to lease by 2019.
Mr Muhtadi said that it was still too early to say how much it these units might fetch.
“But there is a sweet spot for what can be defined as affordable. We hope to target Dh800,000 for an apartment and we hope to offer units for rent for Dh75,000.”
He said that it is in talks with the municipality about potentially adding a pedestrian bridge from the site directly to the airport.
Bloom Holding is also planning to launch three new projects in 2016 – two in Abu Dhabi and one in Dubai. All three will be ready to launch by the time Cityscape Global takes place in September.
One of these will be a high-rise project opposite Al Maryah Island containing a hotel and serviced apartments with 240 keys. This will contain units for sale and to lease aimed at corporate occupiers, Mr Muhtadi said, and will be branded as Bloom Residences.
The other one in Abu Dhabi is a large residential project being developed entirely for leasehold. It will contain three towers and will be built on a plot opposite Sheikh Zayed Grand Mosque.
“The plot of land we have will offer unparalleled views of Sheikh Zayed Bridge and the mosque at the same time. We think it’s going to be tremendous demand for that.”
The project in Dubai, named Bloom Heights, will consist of two, 30-storey towers with about 600 apartments. It will be based in Jumeirah Village Circle.
A report published by Cluttons yesterday stressed the need for more affordable housing in Abu Dhabi, which is partly due to cuts to housing allowances being offered by corporates to workers.
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