By: Amr Adel
Abu Dhabi – Mubasher: Bloom Property CEO Sameh Muhtadi announced launching the company’s latest project in Dubai.
Housing 947 residential units, the Bloom Towers project consists of three towers, the top official revealed at Cityscape Abu Dhabi 2017.
The announcement came on the first day of the Cityscape Abu Dhabi 2017 exhibition, which commenced Tuesday and will end on Thursday.
One of the towers will be reserved for leasing as part of the company's strategy, while the other two, housing a combined total of 689 units, will be sold, Muhtadi added on the sidelines of the Abu Dhabi real estate event, declining to comment on the investment value of the project.
Bloom Towers is the company’s third project in Dubai, after launching Bloom Heights and Stella Maris.
The rental yield of the project on Al Khail Street is 11.3% for studios and 10.5% for one-room apartments, Muhtadi revealed, noting that his company plans to launch its 300-apartment Bloom Park project in Abu Dhabi in September 2017.
He added that Edition Hotel, comprising 200 rooms and 57 hotel apartments, will be delivered by the end of 2017.
Bloom Property launched 225 residential apartments for lease in Bloom Marina, the waterfront project at Abu Dhabi’s Marina Al Bateen.
A subsidiary of Abu Dhabi-based Bloom Holding, the company currently has 5,000 units under construction, and has completed around 500 units.
Earlier this year, the Bloom Holding CEO had revealed that his company was planning to launch four new projects in 2017.
Sales in the Abu Dhabi real estate market have slowed down, while rent prices have fallen, Muhtadi said, noting that there is still demand for properties, while supply runs short.
Translated by: Mohamed Hesham Azab
