• The town centre at Bloom Living. Courtesy Bloom Holding
    The town centre at Bloom Living. Courtesy Bloom Holding
  • The Bloom Living master plan. Courtesy Bloom Holding
    The Bloom Living master plan. Courtesy Bloom Holding
  • Bloom Living Toledo townhouses. Courtesy Bloom Holding
    Bloom Living Toledo townhouses. Courtesy Bloom Holding
  • A rendering of a three-bedroom villa in phase one at Bloom Living. All images courtesy Bloom Holding
    A rendering of a three-bedroom villa in phase one at Bloom Living. All images courtesy Bloom Holding
  • A rendering of a six-bedroom villa in phase one at Bloom Living.
    A rendering of a six-bedroom villa in phase one at Bloom Living.
  • A rendering of a three-bedroom villa in phase one at Bloom Living.
    A rendering of a three-bedroom villa in phase one at Bloom Living.
  • A rendering of a two-bedroom villa in phase one at Bloom Living.
    A rendering of a two-bedroom villa in phase one at Bloom Living.

Business

Bloom Holding launches $2.45bn Spanish-style project with 4,000 homes in Abu Dhabi

Prices at Bloom Living, which will have a lake as its centrepiece, start at $408,441

The National

March 20, 2022

  • English
  • Arabic

Bloom Holding, an Abu Dhabi-based real estate developer, has launched a Dh9 billion ($2.45bn) gated community in the capital to cater to growing demand for properties in the emirate.

Bloom Living will feature more than 4,000 Spanish-style villas, townhouses and apartments surrounding a large lake.

The first phase of the development, named Cordoba after the Andalusian city, is scheduled for completion in the UAE capital by October next year, the company said on Sunday.

It will be close to Abu Dhabi International Airport and Zayed City, also known as Khalifa City C.

“The launch of Bloom Living, our flagship community development in Abu Dhabi, marks a significant milestone for Bloom Properties,” Carlos Wakim, chief executive of Bloom Holding, said.

“The pandemic has served to highlight that our lives do not operate in silos — and neither should our homes. We firmly believe that fully integrated communities are the future.”

Abu Dhabi registered property transactions worth Dh71.5bn in 2021, as the market rebounds from the coronavirus-induced slowdown.

The number of transactions across sales and mortgage deals reached 14,958 last year, Abu Dhabi’s Department of Municipalities and Transport said.

Yas Island topped the list of high-performing areas, registering Dh4.1bn in deals, followed by Reem Island (Dh3.2bn) and Saadiyat Island (Dh2.5bn).

The capital values of villas and apartments in Abu Dhabi rose to their highest level in five years in the fourth quarter of 2021, property consultancy ValuStrat said.

Bloom Living, which will span an area of 2.2 million square metres, will include a clinic, two international schools and a plaza containing shops, cafes and restaurants.

All will be accessible by bike or foot from any point within the development, the company said.

A large lake in the heart of the district is intended to be a focal point around which residents can walk, run and cycle.

The 257 homes to go on sale include townhouses with two or three bedrooms, ranging in floor space from 150 to 170 square metres.

Detached villas will also be built, to include between three and six bedrooms, and ranging in size from 250 to 515 square metres.

Prices start at Dh1.5 million and Bloom Holding said payment options would be “attractive”.

___________________________

UAE megaprojects 2022

  • The Atlantis The Royal hotel in Dubai. It is set to open in March 2023. Getty Images
    The Atlantis The Royal hotel in Dubai. It is set to open in March 2023. Getty Images
  • The Mohammed bin Rashid Al Maktoum Solar Park Phase 5 in Dubai. Pawan Singh / The National
    The Mohammed bin Rashid Al Maktoum Solar Park Phase 5 in Dubai. Pawan Singh / The National
  • The Dubai Urban Tech District is slated to create 4,000 jobs. Photo: URB
    The Dubai Urban Tech District is slated to create 4,000 jobs. Photo: URB
  • Nakheel, the Dubai-based master developer, has unveiled a new vision for Dubai Islands. Photo Nakheel
    Nakheel, the Dubai-based master developer, has unveiled a new vision for Dubai Islands. Photo Nakheel
  • Uptown Tower is a new skyscraper set to open in Dubai later this year. Victor Besa / The National
    Uptown Tower is a new skyscraper set to open in Dubai later this year. Victor Besa / The National
  • Al Quoz Creative Zone meeting to approve the master plan. The zone is to expand on a large scale.
    Al Quoz Creative Zone meeting to approve the master plan. The zone is to expand on a large scale.
  • The AlJurf project on the coast between Abu Dhabi and Dubai. Courtesy IMKAN
    The AlJurf project on the coast between Abu Dhabi and Dubai. Courtesy IMKAN
  • First look at the Mohammed Bin Rashed Library in Al Jaddaf, Dubai. Chris Whiteoak / The National
    First look at the Mohammed Bin Rashed Library in Al Jaddaf, Dubai. Chris Whiteoak / The National
  • The Natural History Museum Abu Dhabi's design alludes to natural rock formations, reflecting on the its mission of engaging the public with the natural world. Photo: DCT – Abu Dhabi
    The Natural History Museum Abu Dhabi's design alludes to natural rock formations, reflecting on the its mission of engaging the public with the natural world. Photo: DCT – Abu Dhabi
  • The Louvre Abu Dhabi Residences by Aldar will come with spectacular views. Photo: Aldar
    The Louvre Abu Dhabi Residences by Aldar will come with spectacular views. Photo: Aldar
  • Reem Hills on Reem Island. Courtesy Q Properties
    Reem Hills on Reem Island. Courtesy Q Properties
  • Masaar is a 19 million square foot project in Sharjah that will include 4,000 villas and townhouses in total. Courtesy Arada
    Masaar is a 19 million square foot project in Sharjah that will include 4,000 villas and townhouses in total. Courtesy Arada
  • Aldar's Saadiyat Island mixed-use development. Credit: Aldar Properties
    Aldar's Saadiyat Island mixed-use development. Credit: Aldar Properties
  • Al Hamra, the leading lifestyle developer and investment company in Ras Al Khaimah, has announced the launch of an exclusive freehold luxury villa project – the Falcon Island - within the award-winning Al Hamra Village residential community. Photo: Al Hamra
    Al Hamra, the leading lifestyle developer and investment company in Ras Al Khaimah, has announced the launch of an exclusive freehold luxury villa project – the Falcon Island - within the award-winning Al Hamra Village residential community. Photo: Al Hamra
  • Museum of The Future lights up in Dubai. Antonie Robertson / The National
    Museum of The Future lights up in Dubai. Antonie Robertson / The National
  • Blizzard’s Bazaar, Snowflake Garden and Flurries’ Mountain are just some of the unique attractions that will welcome visitors at Snow Abu Dhabi at Reem Mall. Wam
    Blizzard’s Bazaar, Snowflake Garden and Flurries’ Mountain are just some of the unique attractions that will welcome visitors at Snow Abu Dhabi at Reem Mall. Wam
  • The steel structure that is Al Wasl Plaza - the heart of the Expo site. Courtesy: Expo 2020 Dubai
    The steel structure that is Al Wasl Plaza - the heart of the Expo site. Courtesy: Expo 2020 Dubai
  • Groundbreaking of Meydan One Mall took place in 2017. Courtesy The Meydan Group
    Groundbreaking of Meydan One Mall took place in 2017. Courtesy The Meydan Group
  • A dining area at Al Qana in Abu Dhabi. The waterfront destination is was about 90 per cent complete during the early months of 2021. Courtesy: Al Barakah International Investment
    A dining area at Al Qana in Abu Dhabi. The waterfront destination is was about 90 per cent complete during the early months of 2021. Courtesy: Al Barakah International Investment
  • The Rixos Marina Abu Dhabi dominates the skyline out towards Marina Mall. Victor Besa / The National
    The Rixos Marina Abu Dhabi dominates the skyline out towards Marina Mall. Victor Besa / The National
  • Jubail Island will eventually house 5,000 residents.
    Jubail Island will eventually house 5,000 residents.
  • SeaWorld AbuDhabi will include six distinct realms which tell a unified and immersive “One Ocean” story and one of the world’s largest and most progressive indoor aquariums. Courtesy Abu Dhabi Government Media Office
    SeaWorld AbuDhabi will include six distinct realms which tell a unified and immersive “One Ocean” story and one of the world’s largest and most progressive indoor aquariums. Courtesy Abu Dhabi Government Media Office
  • Both towers of One Zaabeel in Dubai have been topped out.
    Both towers of One Zaabeel in Dubai have been topped out.
  • The first new hotel to have opened on Yas Island in 12 years, the Hilton Abu Dhabi Yas Island is located on Yas Bay, beside the Etihad Arena. Courtesy Hilton
    The first new hotel to have opened on Yas Island in 12 years, the Hilton Abu Dhabi Yas Island is located on Yas Bay, beside the Etihad Arena. Courtesy Hilton
  • Hatta is being transformed into an attractive local and international destination for business, investment and tourism. Photo: WAM
    Hatta is being transformed into an attractive local and international destination for business, investment and tourism. Photo: WAM
  • Ciel wil be open by 2023 and is set to be the world's tallest hotel. Courtesy The First Group
    Ciel wil be open by 2023 and is set to be the world's tallest hotel. Courtesy The First Group
  • Dubai CommerCity's first phase has been launched. Reem Mohammed / The National
    Dubai CommerCity's first phase has been launched. Reem Mohammed / The National
  • Foundation work and tunnelling is being completed at the Abu Mureikha site in Abu Dhabi of the country's first traditional Hindu stone temple. Courtesy: BAPS Hindu Mandir
    Foundation work and tunnelling is being completed at the Abu Mureikha site in Abu Dhabi of the country's first traditional Hindu stone temple. Courtesy: BAPS Hindu Mandir
  • An artist's illustration of the Abrahamic Family House to be built on Saadiyat Island in Abu Dhabi. Courtesy Edelman
    An artist's illustration of the Abrahamic Family House to be built on Saadiyat Island in Abu Dhabi. Courtesy Edelman
  • The Ruler of Sharjah, Sheikh Dr Sultan bin Muhammad Al Qasimi, opened Khor Kalba Fort and also viewed plans for a new museum. Wam
    The Ruler of Sharjah, Sheikh Dr Sultan bin Muhammad Al Qasimi, opened Khor Kalba Fort and also viewed plans for a new museum. Wam
  • Progress at the Dibba Fujairah Sports Club Stadium project in Al Ras, Dibba Fujairah.
    Progress at the Dibba Fujairah Sports Club Stadium project in Al Ras, Dibba Fujairah.
  • Railroad laying works for the second phase of the Etihad Rail project. Wam
    Railroad laying works for the second phase of the Etihad Rail project. Wam
  • The Guggenheim Abu Dhabi is on track to be completed in 2025. Photo: Guggenheim Abu Dhabi
    The Guggenheim Abu Dhabi is on track to be completed in 2025. Photo: Guggenheim Abu Dhabi

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Abramovich London

A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.

A three-storey penthouse at Chelsea Waterfront bought for £22 million.

Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.

Sale of Chelsea Football Club is now impossible.

The biog

Mission to Seafarers is one of the largest port-based welfare operators in the world.

It provided services to around 200 ports across 50 countries.

They also provide port chaplains to help them deliver professional welfare services.

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

While you're here...
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Updated: March 21, 2022, 5:39 AM
PropertyAbu DhabiUAE