Bloom Properties expects property gloom to lift in H2-19

Abu Dhabi: Bloom Holding will start on two projects in Abu Dhabi to boost its residential portfolio in the emirate, according to the CEO.

This includes phase 5 of its ongoing Bloom Gardens community, while the other will be a greenfield site spread over 2.2 million square metres next to Abu Dhabi Airport. It would have up to 4,000 homes.

Construction of both will begin in the first quarter of 2020, said Sameh Muhtadi.

As for its ongoing projects, the Park View, which is across from New York University, is up for handover, while Soho Square on Saadiyat Island is also ready. These will add 750 units before end of June, with most of them sold.

Bloom is also making progress with construction on two projects in Dubai to be ready for handover in June 2020.

“The Abu Dhabi market has had some challenges in the last year, but I am optimistic that the worst is behind us,” the CEO said. “With people not buying as much as they did and there is pent up demand.”

He reckons the benefits from Abu Dhabi government’s stimulus package will be felt as early as the second-half of this year.

“It’s all about new jobs, new people moving in, and better sentiment, which plays an important role in real estate.”

Bloom will also be expanding its education portfolio in Saudi Arabia and is committed to a project in Minnesota, US.