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UAE – Ethmar International Holding (EIH Group) said it has acquired Lamar Residences, one of the luxury mega-projects on Abu Dhabi’s Al Raha beach, for sales of AED1 billion (272.22 million), including shareholder returns. One hundred million U.S. dollars).
EIH Group said in a statement that the Lamar Residences project, located in the Seef district of the UAE capital, covers an area of 1.34 million square feet and will feature four residential buildings, all located on a shared platform at the edge of the Gulf waters.
The project is said to have a total of 435 residential units (including 30 villas), in addition to a range of amenities such as parks and children’s areas. It added that its strategic location provides access to some of the city’s iconic projects and top attractions.
EIH Group said the acquisition had been successfully completed through its real estate arm, I Properties, as part of its global expansion strategy. The move is aimed at diversifying its business portfolio and attracting investment from the Gulf.
Regarding the strategic acquisition, Ali El Gebely, Managing Director and Group CEO, said: “It fits within the framework of our multi-targeted strategic expansion plan and is aligned with our vision to meet local and regional market needs.”
“This action reflects our desire to strengthen the group’s position as a prime location for investment and our interest in growing the group’s business and leveraging its operational and market capabilities,” he added..
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