May 13 2008 |
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Bloom Properties plans Dh1.8bn projects in Al Ain
Two residential and commercial projects worth Dh1.8 billion are to be developed in Al Ain by the newly renamed Bloom Properties .The company formerly Emirates International Properties is the joint real estate development arm of the Emirates International Investment Company and National Holding .
Master plans for the projects have been drawn up, Samir Zidan, general manager for development, told Emirate Business.
"A new community development of different types of residential units with all neighbourhood services and facilities will be developed on a 22-acre plot of land in a prime location in Al Ain," he said.
"The project will be developed at a cost of Dh1bn. The other project, a mixed-use development on a 17-acre site, will cost an estimated Dh800 million."
He said the mixed-use development will include a five-star hotel, furnished and serviced apartments, shopping and restaurant facilities, retail chains and leisure facilities. It would be built near the InterContinental hotel, while the community project was being built in the Muwaiji area. Both complexes were being built on sites owned by Bloom .
CEO Dr Hani Shammah said Bloom was currently developing a multi-billion-dollar portfolio of large-scale, mixed-use, master planned communities that were strategically located across the region and beyond. The total value of current projects was more than $10bn (Dh36.7bn).
Multi-use schemes under construction include the recently announced Abu Dhabi Marina, a mixed-use community located in the capital's Al Bateen area and Bloom Gardens on the Eastern Ring Road.
"Sales of Bloom Gardens will be launched in June this year," said Dr Shammah. "It will be a luxury residential community with 600 apartments and villas located in the heart of Abu Dhabi." The project is being developed at a cost of Dh900m on a 280,000 sq m plot. Construction will be completed within eight or nine months of its commencement.
The CEO said Bloom plans to enter new growth markets outside the UAE. "The new brand reflects our aspiration to become a leading developer in new growth markets ranging from Morocco to Vietnam and from Kazakhstan to South Africa. We are targeting Oman and India."
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