UAE - Ethmar International Holding (EIH Group) said it has acquired Lamar Residences, one of the luxury mega projects on Al Raha Beach in Abu Dhabi, with a sales volume of AED1 billion ($272.2 million) including the shareholders’ returns.

Spread over a 1.34 million sq ft area within the Seef district in the UAE capital, Lamar Residences project will boast four residential buildings - all standing on a shared platform - on the edge of the Gulf waters, said a statement from EIH Group.

It will feature a total of 435 residential units (including 30 villas) in addition to a wide range of amenities including parks and kids’ area, it stated. Strategically located, it grants access to some of the city's landmark projects and top attractions, it added.

According to EIH Group, the takeover had been successfully completed through its real estate unit, I Properties as part of its global expansion strategy. The move is aimed at diversifying its business portfolio and attracting Gulf investments.

On the strategic acquisition, MD & Group CEO Ali El Gebely said: "It fits within the framework of our multi-objective strategic expansion plan and is in line with a vision that caters to the demands of the local and regional markets."

"This action reflects our desire to strengthen the group's position as a prime location for investments and our interest in growing the group's business and taking advantage of the operational and market capabilities," he added

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