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Abu Dhabi, UAE: Aldar Properties PJSC (‘Aldar’), provides its latest quarterly update on development progress across its portfolio.
Handovers have now commenced at Nareel Island, a prime destination and one of Abu Dhabi’s most exclusive islands on the coast in Al Bateen. Handovers have also commenced at Al Merief, Aldar’s plot development marketed to UAE Nationals, located in Khalifa City.
Construction also continues to make strong progress across Aldar’s remaining developments. On Yas Island, at West Yas, construction is entering its final stages, with testing and commissioning work ongoing, in preparation for handover to customers.
Last week, Aldar awarded a AED 1.3 billion main contractor package for Water’s Edge, which comprises 2,255 residential units, with exercise and recreation facilities, restaurants and cafes, retail space and a waterfront promenade on Yas Island’s eastern shores.
At Mayan, Aldar’s luxury golf and waterfront apartment development, substructure work is now complete with work on the superstructure well underway across the development. Similarly, at Yas Acres, building activity continues across all 652 villas and townhouses that have been launched to date.
On Reem Island, enabling work is making good progress at The Bridges, a six building, 1,272 home development on Reem Island, launched last year. Main works are expected to commence imminently. Meera is now almost fully enclosed and HVAC fixing is now complete across both towers.
In Al Ain, expansion and renovation work at Al Jimi Mall, Aldar’s flagship asset in Al Ain, is entering final stages. It is due to complete end of this year and set to add 33,000 sqm of retail, leisure and F&B space, bringing total GLA to 76,000 sqm.
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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.
© Press Release 2018
