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Sat 22 Oct 2016 01:59 AM

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Construction work starts on $1.63bn Aldar's Yas Acres project

Abu Dhabi developer says it has appointed firm to carry out early works package worth $42.2m

Construction work starts on $1.63bn Aldar's Yas Acres project

Aldar Properties has announced that it has awarded the early works package, valued at AED155 million ($42.2 million) to Bauer Geotechnical Specialized Foundation for Yas Acres, its flagship golf and waterfront development.

The developer said in a statement that the award of the contract comes within six months of Aldar launching the AED6 billion development at Abu Dhabi’s Cityscape.

Talal Al Dhiyebi, chief development officer, Aldar Properties, said: “We are pleased to be able to award the early works package for Yas Acres within six months of launching our flagship development.

"This is a clear endorsement of the commitment from Aldar and its partners to deliver a best in class development that is fully compliant with the new Real Estate Law in Abu Dhabi. This is an important milestone.”

Sales and purchase agreements for Yas Acres are the first to have been registered with Abu Dhabi Municipality, underlining the positive impact of the Real Estate Law and its ongoing implementation, Aldar added.

Last week, Aldar said it plans to hire a main contractor for its Yas Acres 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.

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