Dubai: Abu Dhabi developers are coming out with new offplan projects thick and fast, with recent days seeing two massive residential community launches while Aldar introduced super-premium homes under the fabled ‘Louvre’ brand (It is the first time that the Louvre, known for its museums, is getting into a residential project in the UAE).
The back-to-back launches come as developers in Abu Dhabi realise there is still heavy pent-up demand for homes from end-users, much like how it happened in Dubai over the last 18 months. While Aldar has been coming to the market with a series of offplan launches, other big names are joining in, such as Bloom Holding and Q Properties. These are projects that come with affordable price tags as developers try to convince more residents in Abu Dhabi to turn into homeowners.
On Sunday, Bloom Holding - part of Abu Dhabi-based National Holding - launched its biggest project yet, ‘Bloom Living’, on a 2.2 million sqm area offering up to 4,000 homes. Prices for a townhouse begin from Dh1.5 million. The Dh9 billion project is close to Zayed City and the Abu Dhabi International Airport, and the first set of homes will be delivered in the fourth quarter of 2024.
“Yes, this is a project that targets the upper-middle class (Dh1.5-6 million), whether they are buying for their own use or for investment purposes,” said Carlos Wakim, CEO of Bloom.
About the recent increase in key building material prices, including that for steel, the CEO said that adequate contingency measures have been put in place by the developer to handle all sorts of risks.
“We believe that Bloom Living serves as a representation of the modern Abu Dhabi – a multicultural and aspirational hub in which people of all backgrounds can flourish. The pandemic has served to highlight that our lives do not operate in silo – and neither should our homes.”
Bloom Living is part of a series of project launches we are planning over the next 10 years, and will include hospitality and school projects.
Turning into end-users
Abu Dhabi developers are clearly targeting more end-user interest to add more depth. Recent offplan releases by Aldar have reflected that, with more expat residents joining in to add to the UAE Nationals who represent a sizeable base. These numbers propelled Aldar’s development sales into record-breaking territory in 2021.
A time for Q
The other big release of this week is Reem Hills from Q Properties. The Dh8 billion residential project is part of the quite developed Al Reem Island. The venture takes its name from a manmade ‘hill’ that is “designed to encourage its residents to indulge their senses by providing an escape from the pressures of today’s fast-paced life”.
“Q Holding will be a prominent force in the next phase of the economic development of Abu Dhabi, rewriting the future of successful, sustainable investment,” said Abdulla Mohamed Butti Al Hamed, Chairman of Q Holding.
Whether Reem Hills or Bloom Living, investors in Abu Dhabi’s property market are seeing new options opening up. Whether it’s a luxury home or a more affordable living space, developers have it covered.
If it is luxury that the buyer wants, Aldar will soon announce the price tag for the Louvre Abu Dhabi at Saadiyat Grove.
Open to overseas projects, strategic investors
Bloom Holding will consider expanding beyond the UAE, ideally through education-related ventures in Saudi Arabia or Egypt. "Some of the Middle East markets could be ideal for such a push," said Carlos Wakim, CEO. "We do have a broad portfolio, whether residential projects or those related to hospitality and education."
Egypt has been rated a top choice by some of Abu Dhabi's leading developers such as Aldar and Alpha Dhabi. Aldar has already made an entry through acquiring a majority stake in SODIC, the Egyptian developer, in alliance with another Abu Dhabi entity ADQ.
As for bringing in strategic investors, Wakim said: "That's something we would always be open to as part of National Holding. We have the land bank and will keep adding to it as part of our 10-year strategy."