United Arab EmiratesCountriesGulf Property PanoramaReal Estate News

Ethmar International Holding acquires Lamar Residences on Abu Dhabi’s Al Raha Beach

Ethmar International Holding acquires Lamar Residences on Abu Dhabi’s Al Raha Beach

ABU DHABI, 20th June, 2023 (WAM) — Ethmar International Holding (EIH Group) 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 AED 1 billion, 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.

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,” Al Gebely added.

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.

Gulf Estate Gazette

Gulf Estate Gazette is a leading source for comprehensive insights into the dynamic real estate landscape of the GCC and MENA region. Our platform is dedicated to providing valuable information and perspectives for individuals, investors, and industry professionals. With a passionate team and an unwavering commitment to excellence, we aim to empower our audience with the knowledge and opportunities needed to thrive in the ever-evolving world of real estate in the Gulf and beyond.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button