Abu Dhabi: Ethmar International Holding – EIH Group has acquired Lamar Residences, one of the luxury mega projects on Al Raha Beach in Abu Dhabi’s Seef district. The acquisition, valued at approximately Dh1 billion, including shareholders’ returns, was carried out through I Properties, a real estate subsidiary of EIH Group.
“This acquisition fits within the framework of our multi-objective strategic expansion plan and is in line with a vision that caters to the demands of the local and regional markets,” said Ali El Gebely, the MD & Group CEO of EIH Group. “This action reflects our desire to strengthen the group’s position as a prime location for investments and our interest in growing the group’s business and taking advantage of the operational and market capabilities.”
With 435 residential units, including 30 villas, situated on a waterfront platform spanning 1,345,532 sqft, Lamar Residences also features recreational facilities such as parks and kids’ areas.
This strategic move aligns with the group’s expansion plans, aiming to diversify its business both locally and globally, attract investments in the Gulf region, and contribute to the growth of the UAE’s real estate sector.