- Bloom Holding announces mixed-use project
- Project to be built on Saadiyat Island
Local real estate developer Bloom Holding has announced a mixed-use project in Abu Dhabi.
The project, called Park View, will be built on the Saadiyat Island in the UAE capital.
The development will be located in the Marina district close to the New York University Abu Dhabi and will comprise two buildings.
The residential building will include a total of 234 residential units ranging from studios to two-bedroom apartments while the 188-key hotel apartment building will feature studios, one and two bedroom apartments.
The development will also comprise a range of commercial and leisure facilities including retail outlets, restaurants and a fitness center.
First-quarter results show steady rises for Abu Dhabi real estate but low oil prices will mean reverses later in 2015
Residential rental rates increased by 2 per cent over the first quarter of 2015, compared with 3 per cent in the fourth quarter of 2014, according to a report by US real estate giant CBRE.
A two-bedroom unit now costs AED141,000 a year, while a three-bedroom unit averages about AED168,500 a year.
It is unclear when a proposed rental matrix will introduced, after rent caps were removed in late 2013. Average rent increased by 12 per cent in 2014, while significant rises in utility rates have caused concern over costs of living.
Residents are moving outwards in search of more affordable rents, to areas such as Al-Reef Villas, where a second phase was announced in late 2014. Read more.