Business | Property
Bloom plans $10b property portfolio
Bloom Properties plans to execute mixed-use projects cumulatively costing $10 billion in the UAE, Romania and Algeria over the next three to five years, its chief executive officer said on Monday.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 00:03 May 13, 2008
Abu Dhabi: Bloom Properties plans to execute mixed-use projects cumulatively costing $10 billion in the UAE, Romania and Algeria over the next three to five years, its chief executive officer said on Monday.
"The project finance will come through part equity, part debt and part advance sales," Hani Shammah, said at a news conference here.
At the conference, it was announced that Emirates International Properties, the joint real estate development arm of Emirates International Investment Company and National Holding had officially been re-branded as Bloom Properties.
"The new brand reflects our aspirations to become a leading developer in new growth markets ranging from Morocco to Vietnam and from Kazakhstan to South Africa," said Sham-mah.
"We specialise in locating new, fast-growing markets which offer our partners the best potential for returns," he added.
Shammah said Bloom at the moment was eyeing opportunities for developing properties in Oman and Jordan.
"We are also exploring serious opportunities in India and Vietnam," said Shammah, adding that the overall cost of their projects could "dramatically increase" should they choose to pursue other overseas projects.
Execution
Shammah said in Algeria, the cost of project execution could be as high as $5 billion spread over a period of five years, with construction slated to begin towards the end of this year.
Bloom will be launching the sale of "Bloom Gardens" in June this year, a luxury residential community with over 600 apartments and villas located in the heart of Abu Dhabi, besides a hospitality project in Al Ain, he said.
"As a company, we plan to have operations in five countries within the coming year," Shammah added.
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