Abu Dhabi’s Bloom Holdings is expanding its property projects in the US and Iraq, where it plans to build a new town outside Karbala.
The realty project in Karbala , which will take 10 years to complete, involves the construction of 40,000 villas, along with hospitality and educational components.
“We have received tenders for construction. We will select contractors this week,” said Sameh Muhtadi, CEO of Bloom Holdings, told Khaleej Times on the sidelines of Cityscape Abu Dhabi.
Thre three-day event will conclude today.
“We will visit the site in two weeks as land has already been handed over.”
An international consortium will fund the mega mixed-use project, he said.
Bloom Holdings is undertaking another major mixed-use project in Minnesota, Miami.
“We have already acquired a building there that is going to be remodelled. We will demolish one car park adjacent to that to commence construction,” the chief executive said.
The project is also located a block away from the famous Mayo Clinic. In the UAE, the developer, which has a huge portfolio of properties, has launched a new project in Dubai Marina, which will be the tallest in the area at 52 floors.
The Stella Maris Tower, a waterfront project offering luxury residential units, will be located at the southern end of Dubai Marina. Offering views of the harbour and upcoming Dubai Eye, the site will include multilevel basement car parking, Muhtadi said.
The project is also located within walking distance of the Jumeirah Lakes Towers Metro station.
The project is expected to attract local and international investors. Reflecting the architectural vision of Dubai Marina, the tower will sport a facade of interacting light, sea and sky through horizontal elements such as balconies and artistic shadowing to create a ‘breaking wave’ effect, he said.
The tower will contain 279 apartments ranging from one- to three-bedrooms, as well as four-bedroom duplex apartments, townhouses and penthouses. Each townhouse and penthouse will have an independent terrace and swimming pool, whereas luxury penthouses will feature large bedrooms with a panoramic view of the Marina.
The building will also offer amenities, including a health club, steam room, sauna, kid’s room, cinema, games room, meeting space and outdoor swimming pool. Onsite work is expected to start in the first half of 2015 and will extend through a 30-month period.
Bloom has a huge portfolio of completed projects in Abu Dhabi, Al Ain and Dubai spanning residential, education, hospitality, leisure and retail.
The developer is also engaged in building a portfolio of sizeable real estate projects in key regional markets in the Middle East and other emerging markets.
At Cityscape Abu Dhabi 2015, Bloom is marketing Park View Residence and Hotel apartments on Saadiyat Island. The luxury project includes studios, one-, two- and three-bedroom units. Hotel apartments range from studios, one- and two-bedrooms.
The project is within minutes walk from Guggenheim Abu Dhabi, Louvre Abu Dhabi and Zayed National Museum, which will drive millions of high-end tourism in coming years. Other attractions on the cultural district of Abu Dhabi include beach golf course club, marina, waterfront restaurants and hotels, leisure and entertainment facilities and commercial and retail facilities.