The UAE’s real estate sector has undergone a period of turbulent development over the past decade, suffering a massive shock during the global financial crisis of 2008-09. But, like its neighbouring Dubai, Abu Dhabi’s property market has slowly and steadily rebounded from this setback. High occupancy levels amongst the capital’s premium residential developments helped to keep overall prices steady in the third quarter of 2015, according to a recent report from property consultancy, JLL.
Six years ago, Tourism Development and Investment Company (TDIC) initiated a large-scale makeover of Abu Dhabi’s Al Bateen district in a bid to transform the area into a ‘signature’ destination. The waterfront community has since grown into one of the most sought-after locations in the city. Ultimately, the destination will boast numerous high-end residential properties, and luxury hotels and resorts – many of which are under construction.
One such development is Abu Dhabi Marina, an upscale, mixed-use project by the Abu Dhabi-based developer, Bloom Properties . The Bloom Holding subsidiary boasts a growing portfolio of projects that span the Middle East and North Africa, Europe, and even the United States.
Bloom Properties says Abu Dhabi Marina will feature luxury properties, serviced apartments, and a hotel. The development will also offer views of Abu Dhabi, the Marina, and the Arabian Gulf.
Imad Mroueh, director of construction at Bloom Properties said: ” [Abu Dhabi Marina] will be a one-of-a-kind project within the capital, due to its location and inspired offering to customers. The project will emerge as an all-encompassing destination in itself “.
Construction work at the project site started in April 2014, with the final delivery date slated for the third quarter of next year. Impressively, the development has already been awarded 2 Pearls under the Estidama Pearl Building Rating System .
The main contractor, Al Shafar General Contracting (ASGC) completed the structural work for the project in August 2015. Khatib & Alami (K&A) is handling the development of the concept design – devised by HOK and Atkins – through to the stages of engineering design and construction supervision. Facades and aluminium work is being conducted by Alico, and the electromechanical package was awarded to National Projects and Construction (NPC). Elevators for the project have been supplied by Kone, whilst landscaping works have been carried out by Bloom Landscaping.
Bishoy Magdy, projects manager at Bloom Properties, says: ” Around 70% of the whole project is currently complete, with around 2,000 construction professionals working round the clock to complete the project within the stipulated time period “.
Ultimately, the project will feature 225 residential apartments ranging from one- to four-bedroom units, a five-star hotel comprising 200-keys and 57 executive serviced apartments, and a waterfront retail zone.
The project will occupy an area of 41,797m² and comprise a total built-up area of 150,000m². It will also offer a total of 850 parking spaces for the convenience of residents and visitors.
Source:: Property show rooms