Nestled behind the brightly coloured high rise buildings of Abu Dhabi’s TwoFour54 complex and the busy traffic of Salam Street, the gates of Bloom Gardens can easily be missed.
Inside, the quiet suburban streets around stately villas and leafy gardens set around Brighton College school seem a world away from the hustle and bustle outside.
Bloom Gardens, a villa development by the Abu Dhabi developer Bloom Properties, already comprises 123 villas and town houses, all with identical pink tiled roofs.
Bloom says that it has sold 85 per cent of the cream-coloured spacious homes, which are only available for Emiratis to buy.
It has completed a second phase of another 55 homes – a mixture of town houses, semi-detached villas, and detached villas – ready for handover this month.
A large, three-storey show villa in the middle of the new development could easily contain a plethora of property journalists and company executives, and a sizeable buffet to feed them all.
One of Bloom’s well-groomed staff stalks around the property showcasing the property’s two large balconies, three spacious bedrooms with en suite facilities, a den, stately lounge, large kitchen and maid’s room.
Costing between Dh3.7 million for the smallest three-bedroom town house and Dh7.5 million for larger villas, these homes are by no means the cheapest in Abu Dhabi – a town where property prices are on the steep side.
According to Dubizzle, a five-bedroom Italian style villa in Bloom Gardens rents for about Dh350,000 a year, and even a three-bedroom villa is on the market for about Dh220,000 – that’s a similar rate to properties of the same size in Al Bateen or Khalidiya.
But tenants will have a home in the centre of Abu Dhabi close to existing amenities and within walking distance of the school. The developer says that once completed, Bloom Gardens will occupy more than 300,000 square metres and will include a community centre, clinic and a nursery.
To that end, Bloom has already started work on another 147 homes, due for completion in the fourth quarter of next year. A fourth phase is also planned but is yet to be fully designed.
Q&A
Why are these houses only available for Emiratis to buy?
Bloom Gardens is not located in any of Abu Dhabi’s investment zones that can be found away from the main island. Under the 2005 Abu Dhabi property law, Emiratis have the right to own freehold property anywhere in the emirate of Abu Dhabi. Those of other nationalities can only buy property in nine specifically designated investment zones around the city.
So why are expats living here?
Emiratis may be the only people able to buy the villas and town houses, but that doesn’t mean they can’t let them out to expatriates. Bloom says many of its purchasers are in fact investors looking to make a profit on buying what is a very centrally located property.
What is Bloom Properties?
Bloom is an Abu Dhabi developer, owned by the Abu Dhabi conglomerate National Holding, that started as an investment entity in 1999 called EIIC. It moved into property in 2001 and industry in 2002 with the launch of National Fodder Production and Marketing. After renaming its property division as Bloom Properties, the group rebranded under the umbrella of National Holding, which is owned by members of Abu Dhabi’s royal family.
What else does Bloom own?
The company is also working on the 25-storey Bloom Central on Airport Road. Other projects include a new marina in Al Bateen, two apartment buildings on Saadiyat Island and 40,000 homes in Karbala in Iraq. The company also owns the Brighton College schools in Abu Dhabi and Al Ain.
lbarnard@thenational.ae
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