Bloom Properties says demand remains high despite oil prices

Bloom Properties, said it has continued to witness high demand for its residential projects despite falling oil prices and negative investment sentiment.

According to Tariq Jarrar, the Abu Dhabi-based real estate developer's director of sales, investors continued to view the property sector as a safe bet amid concerns about an economic slowdown.

The company has already sold 85 per cent of phase two of its latest project, Bloom Gardens, with phase one (consisting of 123 units) being fully sold and occupied.

Jarrar was speaking at a media tour on Wednesday to announce the completion of phase two of the Bloom Gardens project ahead of schedule. Phase two involved the construction of 55 housing units that include townhouses, semi-detached villas, and detached villas. The overall project cost over Dh1 billion.

The units, which are only available for sale to Emiratis, will be ready for hand over and occupancy by December 2015. Prices range between Dh3.7 million (for three-bedroom townhouses) and Dh7.5 million (for larger villas).

Bloom Properties said that construction of phase three of the project consisting of 147 units has already started and is set for completion in the fourth quarter of 2016.

Once completed, Bloom Gardens will occupy over 300,000 square metres, and will include facilities like a community centre, a clinic, and a nursery.

The developer is also considering adding a fourth phase to the project, but is yet to confirm whether that will happen.

''Construction of phase three has just commenced, and we have started receiving very enthusiastic purchase inquiries from prospective clients and investors. We are offering an attractive payment plan, and we welcome interested buyers to explore the exciting development by scheduling an appointment to visit our show villa,'' said Sameh Muhtadi, chief executive officer of Bloom Holding.

A subsidiary of National Holding, Bloom Holding is a group of companies with projects in the education, hospitality, health care and property. The company has projects and operates in the UAE, Middle East and North Africa region, Europe, and the United States.

The company, also the developer behind the Marriott hotel on Abu Dhabi's Airport Road, said it will hand over the property at the end of this year. Additionally, it is currently in the process of developing another hotel, set to be operated under the Edition brand, which will mark the brand's first hotel in the region. Bloom will hand over Edition at the end of 2016.

Did you know that industry insiders are comfortable with the pace of unit deliveries in Dubai

Source: Sarah Diaa, Staff Reporter,


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