Abu Dhabi developer Bloom Properties starts leasing apartments at Al Bateen project
Bloom Properties has begun leasing new residential apartments at Bloom Residences, a 225-apartment project that is part of Bloom Marina in Abu Dhabi’s Al Bateen area.
The company said that the units available for lease are in two new buildings next to the Edition hotel, which is set to complete in the final quarter of this year.
The units range from 90 square metres for a one-bedroom apartment to 265 sq m for a four-bed unit, and in rental cost from Dh80,000 to Dh230,000 per year.
The Edition hotel is a boutique brand created by the US-based developer Ian Schrager that has properties in London, New York, Miami and the Chinese city of Sanya. It is to have 200 rooms and 57 serviced apartments.
The wider Marina Bloom development is to have a total built-up area of 150,000 sq m when complete, including 3,000 sq m of waterfront retail, health clubs, cafes and restaurants, and parking for 850 cars.
Sameh Muhtadi, the chief executive of Bloom Properties’ parent firm, Bloom Holding, said: “We expect to see strong demand from potential tenants.”
According to the property consultancy CBRE, apartment rents fell by 7 per cent across Abu Dhabi last year, though the rate of decline slowed in the final quarter of the year. It said that rising living costs meant that smaller units in more affordable communities performed better than luxury properties.
The company’s UAE head of research, Matthew Green, said: “The current shortage of affordable product has certainly helped to insulate rentals in locations such as Al Reef Downtown and other similar developments off-island.”
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Published: April 8, 2017 04:00 AM