Bloom eager to start work in Abu Dhabi's Madinat Zayed business district
Bloom Holding hopes to be the first developer to start work in Abu Dhabi’s long-awaited new central business district after the Executive Council awarded a Dh1 billion infrastructure package for the project.
The Abu Dhabi private developer said on Wednesday that it plans to build 2,000 flats renting out for as little as Dh40,000 a year each in the planned new Madinat Zayed area close to Abu Dhabi International Airport.
Bloom chief executive Sameh Muhtadi told The National that the company had already submitted concepts to the Executive Council for the new project, dubbed Bloom District and expected to submit a formal master plan to the Urban Planning Council in another six months.
Covering 2.2 million square metres of land in Madinat Zayed, Bloom District makes up about 15 per cent of the landholding of Abu Dhabi’s new CBD located in a triangle between Khalifa City A, Khalifa City B and Mohammed bin Zayed City.
“I would love to see development start on site by the end of 2017, but I think 2018 would be more realistic,” Mr Muhtadi said. “It’s a 20-year project for us.”
Eventually Bloom plans to build about 13,500 homes on the site, which would also include villas, town houses and upscale apartments.
“Affordable housing to us would mean Dh40,000 a year for a studio and around Dh65,000 a year for a one-bedroom apartment,” Mr Muhtadi said.
Last week the Abu Dhabi Executive Council surprised many in the city by including a Dh1 billion infrastructure construction package in Madinat Zayed among approvals for nearly Dh6bn worth of development projects in Abu Dhabi emirate aimed at stimulating the economy.
“Madinat Zayed is still expected to become a new centre for Abu Dhabi,” Mr Muhtadi said. “We happen to be one suburb of that new destination.”
Mr Muhtadi was speaking at a press tour of Bloom’s new Bloom Central office, hotel and housing development in Abu Dhabi.
The company said it had leased about 50 per cent of the 7,000 square metres of office space in the building and around half of the apartments.
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