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Abu Dhabi, UAE - Aldar Properties PJSC (Aldar), Abu Dhabi’s leading listed property development, investment and Management Company, issues a progress update on its diverse portfolio of projects, all of which are progressing in line with expectation.
On Yas Island, Abu Dhabi’s most exciting destination, there is strong momentum in the construction of Ansam, an Andalusian style apartment development. Internal block work is now complete across all buildings, with external block work progressing steadily. Interior work is progressing well, and nearing completion in certain areas, with MEP installations also ongoing.
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. West Yas Academy, operated by Aldar Academies, has been operational since August.
Following the successful 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 main contractor is expected to be appointed by mid 2017. Also situated on Yas Island, enabling works for Mayan, Aldar’s luxury golf and waterfront apartment development, will soon commence.
At Al Hadeel, the latest residential community to complement Al Raha Beach’s existing luxury residences, headway made in construction is evident, with the full 10-storey building structure now clearly visible.
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. Meanwhile 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, Shams Meera, is showing strong signs of progress. All enabling works have been completed and handed over, and construction teams for the main contract package have commenced activity. Elsewhere within Shams, work on the closed canal is advancing on schedule, with work on the streetscape nearing its conclusion.
In Al Ain, 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.
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About Aldar
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD10 billion in assets, a 75 million sq. m land bank, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.
From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE’s Capital City in addition to other key areas of the Emirate.
Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island’s F1 circuit.
Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.
Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.
www.aldar.com
For further information, please contact:
Media:
Nick Farmer/ Obaid Al Yammahi
Aldar Properties
+971 2 810 5555
Layla Haroon
Bell Pottinger
+971 55 636 0425
© Press Release 2016
