Ethmar International Holding snaps up Al Raha Beach development in Abu Dhabi
A major Abu Dhabi real estate development has been snapped up by a property firm looking to maximise investment in the city’s real estate sector.
Ethmar International Holding has announced the acquisition of Lamar Residences, one of the luxury mega projects on Al Raha Beach in the Seef district in Abu Dhabi, with a sales volume of around AED1bn ($272m), including the shareholders’ returns.
The acquisition has completed through I Properties, an EIH Group’s real estate subsidiary, in alignment with the groups’ plans to expand and diversify its business scope locally and globally, attract investments in the gulf, and support efforts to boost the UAE’s real estate sector.
Lamar Residences in Abu Dhabi
Ali El Gebely, MD and Group CEO of EIH Group, said: “This acquisition fits within the framework of our multi-objective strategic expansion plan and is in line with a vision that caters to the demands of the local and regional markets.
“This action reflects our desire to strengthen the group’s position as a prime location for investments and our interest in growing the group’s business and taking advantage of the operational and market capabilities.
“The real estate industry in the United Arab Emirates has developed greatly as a result of the country’s economic growth, which calls for the creation of numerous large residential and commercial projects and provides us with the chance to make investments and support the national economy.
“This acquisition demonstrates the consistency of the country’s investment climate and the value of having more high-quality projects”.
Lamar Residences is a large-scale residential project located on Al Raha Beach in Abu Dhabi.
It comprises four residential buildings situated on a shared waterfront platform, offering 435 residential units, including 30 villas.
The project provides access to various amenities, entertainment hubs, parks, and dedicated children’s areas.
This article is originally published on: www.arabianbusiness.com
