Bloom Properties has unveiled plans to build 302 homes next to New York University’s Saadiyat campus.
The Abu Dhabi-based developer, which is owned by Abu Dhabi conglomerate National Holding, said that the new scheme, which it had branded Soho Square, would comprise 10 stories of homes ranging from studio to three-bedroom apartments, townhouses and penthouses as well as shops and offices.
The project will be Bloom’s second on Saadiyat Island. In April, Bloom started marketing Park View, a mixed-use development on the island which comprises two buildings – a residential tower and a hotel which will be managed by Rotana.
Bloom said that it had sold all of the apartments in Park View “within days” of the scheme’s launch.
“Following the massively successful launch of Park View at Cityscape Abu Dhabi 2015, Bloom Properties has received strong interest from investors keen to own a piece of this lucrative investment due to its attractive rental yields and location advantages – in the vicinity of New York University Abu Dhabi campus and within proximity to the cultural centre of Abu Dhabi with its museums,” said Sameh Muhtadi, chief executive of Bloom Holding.
Saadiyat Island developer TDIC started selling plots of land close to NYU’s recently opened Rafael Vinoly-designed campus in 2012.
Saadiyat has become one of the most expensive places to live in Abu Dhabi. According to Asteco figures, rents at the St Regis Residences on Saadiyat Island were renewed at increased annual rates of 10 per cent in the three months to the end of June 2015.
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