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Sun 16 Oct 2016 07:57 PM

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Aldar says to hire builder for Yas Acres project in mid-2017

Abu Dhabi developer issues construction update after generating $272m in sales for first phase of project

Aldar says to hire builder for Yas Acres project in mid-2017

Aldar Properties has announced plans to hire a main contractor for its Yas Acres residential project on Yas Island by the middle of next year.

Following the launch of Yas Acres, and strong sales to date, tendering for the early works package is underway, with award and mobilisation expected to take place by the end of the year, the Abu Dhabi developer said in a construction update.

In June, Aldar said it sold out the first phase of 267 units at Yas Acres, generating AED1 billion ($272 million) in sales.

Also situated on Yas Island, enabling works for Mayan, Aldar’s luxury golf and waterfront apartment development, will soon start, it said.

Aldar added that there is "strong momentum" in the construction of Ansam, an Andalusian style apartment development. in Abu Dhabi while at West Yas, infrastructure work is nearing completion, with villa construction underway.

Amenities within the community such as the mosque, retail centre and recreation club are due for completion by the end of 2016.

The update also said that following the award of main contract packages over the course of the summer, construction teams are now mobilised on both Nareel Island and at Al Merief.

Planning for community amenities and facilities on Nareel Island, including a mosque and marina, has commenced, with all work expected to be completed during Q4 2017.

At Al Merief, all project plans have been submitted for approval for the infrastructure construction that will support the development, all of which is expected to be completed in Q4 2017.

Within Aldar’s Shams Abu Dhabi development on Reem Island, Aldar’s first mid-market project, all enabling works have been completed and handed over at Shams Meera and construction teams for the main contract package have moved in.

In Al Ain, Aldar saiid work continues on the expansion of Al Jimi Mall, which attracts 8 million visitors annually, is expected to be completed by the end of the first quarter of 2018.

In August, Aldar reported a 9.7 percent rise in second-quarter net profit, as the state-linked builder of Abu Dhabi's Formula One circuit shook off concerns about a softening market by posting higher revenue.

The net profit of 657.4 million dirhams ($179 million) in the three months to June 30, disclosed in a bourse filing, was the eighth successive quarter of rising earnings for the firm.

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