Bloom Properties, the development arm of Bloom Holding, has a diversified real estate portfolio. Its key developments, Park View and Soho Square, on Saadiyat Island in Abu Dhabi, exclusive waterfront development, Bloom Marina, in the Marina Al Bateen area of the UAE capital, as well as its flagship project Stella Marris in the Dubai Marina will be showcased at Cityscape Global today. The developer isn’t leaving its mid-market projects behind either, eager to show what Bloom Heights and Bloom Towers in Jumeirah Village Circle can offer prospective buyers. PW caught up with Bloom Holding’s CEO Sameh Al Muhtadi to discuss the company’s plans in the pipeline.
Bloom Holding’s CEO Sameh Al Muhtadi
Your projects have an emphasis on sustainability. Does this describe your overall design philosophy?
At Bloom Properties we partner with the best-in-class architects. For all our developments, our design philosophy is always to put the customer first and bring in a sense of style and elegance to the property. Our projects reflect our passion for quality, intelligent design and modern urban living.
We have created and delivered an extensive portfolio of developments and residential communities across the UAE. Our expertise makes us one of the most trusted names in the country’s real estate industry.
Sustainability is an integral part of our development strategy. Legal requirements from the municipalities are close to our heart and we take them very seriously. We comply and follow regulations and to help ensure we are compliant on all fronts, we have appointed consultants to this task.
You don’t just build to sell, but manage and maintain your projects. How does this help occupants?
Bloom Facility Management (BFM) delivers end-to-end facility management solutions to diverse entities in the educational, residential, commercial, banking, hospitality and retail sectors across Abu Dhabi, Dubai and Al Ain. The company utilises advanced technology systems, policies and procedures to carry out preventive and reactive maintenance activities coordinated via its centralised call centre.
Last year, BFM heavily invested in the training of employees and will continue to do so in 2017 and beyond. Our staff increased from 350 in 2014 to 640 in 2016, registering 82 per cent growth, whereas our yearly revenue surged by more than 30 per cent compared to 2015.
We adopt best-in-class practices across maintenance, cleaning, landscaping, and security services to provide the ultimate customer experience and help our customers preserve the value of their assets.
When will Stella Maris be completed, and do you have the average pricing for the project at hand?
Taking shape at the southern end of Dubai Marina, close to Dubai Metro and tram, this 52-storey luxury development will deliver 313 high-end residences in total, ranging from one- to three- bedroom units, as well as four-bedroom duplex apartments, and penthouses. The average price per square foot is Dh1,613. The project reflects the architectural vision of Dubai Marina, offering panoramic views of the harbour, and is close to the city’s much awaited attraction, Ain Dubai.
Once completed in 2019, the development will offer a broad range of amenities, including multi-purpose and snooker room, lounge area, playroom, gym and a private theatre. Outdoor public amenities include a gorgeous garden, swimming pools, and play areas.
Why did you choose JVC to launch Bloom Heights and Bloom Towers?
We choose places which ensure we provide buyers with the best investment, such as the JVC community. It offers proximity to Dubai and all its amenities, but more importantly offers average rental yields of over 10 per cent, among the highest in Dubai, as well as a high potential for price appreciation.
Units at Bloom Towers start at Dh343,000 for studios with Dh559,000 for the one-beds. What is the average square footage for these units? Does Bloom Heights fall into a similar price range? What are your payment plan options?
Bloom Heights, to be ready in 2020, offers studios, one, two and three bedroom apartments addressing the need of families looking for a vibrant community lifestyle. Bloom Towers, scheduled for completion in 2019, offers studios (390.3 square feet) and one-bedroom apartments (719.46 square feet) addressing the needs of millennials. Both developments are priced competitively and offer the full range of amenities.
We offer attractive flexible payment plans and and working with leading banks to provide mortgages and home financing solutions for residential properties at competitive interest rates tailored specifically to Bloom clients.
When will Park View and Soho Square in Abu Dhabi be completed and what is the average pricing per square foot for a unit?
Both these projects on Sadiyat offer a great lifestyle and solid investment opportunity. The spacious one bedroom apartment (893.4 square feet) in Soho Square has a starting price of Dh1,196,000. Both projects will be completed in 2018.
Bloom Marina in Al Bateen is one of your leasing projects. How has the uptake been, rental prices?
Bloom Marina, the premium waterfront destination of Abu Dhabi consists of two residential buildings adjacent to the future five-star Edition Hotel, featuring 200 keys and 57 executive serviced apartments with expansive marina and city views. Bloom Residences offers 225 upscale and spacious one, two, three and four-bedroom apartments, ranging from Dh80,000 to Dh230,000. We expect all apartments to be leased in a few months.
Which hotel operator will manage the Edition?
The Edition hotel brand is the latest boutique hotel venture by American hotelier and real estate developer Ian Schrager, in partnership with Marriott International.
Can you talk about your hospitality projects and will they be linked to the Marriott?
Bloom Hospitality has a fast growing hospitality portfolio of five star hotels and serviced hotel apartments, boasting over 1,200 guest rooms and executive apartments in Abu Dhabi.
This includes the Edition Hotel in the Bloom Marina development, the five-star Marriott Hotel Downtown Abu Dhabi in Bloom Central in the heart of the city on Airport Road, and 217 furnished and serviced hotel apartments in the Park View project on Saadiyat.
You are also active in the international arena, US, Algeria and Romania. Any particular reason to choose these countries?
Our regional expansion is opportunistic. If demand is there and the feasibility makes sense, we pursue these opportunities. Our preference is for stable markets that offer good value to our investors. Our projects in Iraq are on hold.
