Bloom Properties, a Bloom Holding subsidiary dedicated to developing sustainable and integrated urban communities, has awarded the main works contract of its Park View mixed-use development on Saadiyat in Abu Dhabi, UAE, to Tharwaa/Al Mansouri 3B joint venture.
With enabling works for Park View in final stages of completion, site mobilisation has also commenced. Main works on the project are set for completion by Q4 2017.
Bloom Properties is the first developer to commence construction within the university neighbourhood of Saadiyat other than the master developer.
Park View was launched during Cityscape Abu Dhabi 2015, receiving an overwhelming response from buyers and investors. The project is located in the proximity of New York University Abu Dhabi campus and other major upcoming tourist attractions. The attractive rental yields and potential long-term price growth prospects of the project have contributed to its high uptake, said the statement.
Sameh Muhtadi, CEO, Bloom Holding, said: “Bloom Properties is delighted to appoint Tharwaa / Al Mansouri 3B joint venture to carry out the main construction works of this strategically-located project on Saadiyat. The development of Park View articulates our sustained efforts to provide investors with the best real estate products within prime locations. With the commencement of the main contracting works, we seek to fulfil our commitment in delivering the project on schedule and to the highest construction standards."
Adnan Abuzanat, president, Tharwaa / Al Mansouri 3B joint venture, said: “We are honoured to be awarded this contract by Bloom Properties. This is a very exciting project and we will justify the confidence and trust placed in us by Bloom Properties by deploying the best construction technologies and processes to ensure the efficient and timely completion of the project.”
Park View will comprise two buildings, one residential and another hotel apartments. The residential component will include a total of 207 units ranging from studios to two-bedroom apartments. The hospitality component will include 217 furnished and serviced hotel apartments featuring studios, one- and two-bedroom executive apartments.
The development will also comprise a wide range of commercial and leisure amenities including retail outlets, restaurants, Abu Dhabi’s first sky pool 30 meters above the ground, a state-of-the art gym.
Bloom Holding, a subsidiary of National Holding, is a group of companies dedicated to developing sustainable and integrated urban communities that offer an enriching lifestyle and quality of life, the statement added. - TradeArabia News Service
Bloom awards new Saadiyat project contract
An artist's impression of Park View.
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