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ABU DHABI, UAE, 27th APRIL 2016: Aldar Properties PJSC ('Aldar'), Abu Dhabi's leading listed property development, investment and management company, provided a progress update today on its residential development projects, currently under construction.
Al Hadeel, Ansam, Al Merief, Nareel Island residential projects, are all on track to be completed according to their respective schedules with steady progress being made on foundational, structural and MEP work.
Work is progressing across all aspects of the development West Yas, Aldar's first villa community on the iconic Yas Island, including all precincts, marine, electrical, lighting and telecommunications work. The construction of the Aldar Academies' operated school is nearing completion and it will be operational for the beginning of the 2016 - 2017 academic year.
Talal Al Dhiyebi, Chief Development Officer at Aldar Properties, commented:
"The demand for high quality residential units and an enriched community living experience is greater than the supply in the market. This informs our strategic approach towards developing best in class residential communities. It is important for us at Aldar that we work closely with our contractors to deliver these projects on time, thus supporting the sustained demand as well as the long-term economic and social development of Abu Dhabi."
At Shams Meera, Aldar's first mid-market focused project, the enabling teams are on site and progressing well with the shoring, piling, and excavation of the three level basement. Authority NOCs are in process, along with the tendering for the main contract which is expected to awarded during the quarter.
Infrastructure development at Shams Abu Dhabi on Al Reem Island, is progressing well with the South Canal now open. During the last quarter, Aldar awarded contracts for the closed canal, and pre-concept designs were submitted for the central park. The east sandy beach has now been completed along with the Repton School area.
Within the Al Raha Beach development, following the completion of the phase one Al Dana infrastructure, substantial works were completed on the second phase, which includes landscaping and road embankment, sewer works, dredging works, storm water networks and district cooling. Testing is currently underway on irrigation networks, while maintenance works have already commenced for the existing landscaped areas in the public spaces.
At Al Falah Town Centre, general excavation work is now complete with final finishes being made across storm water works, potable water, irrigation, telecoms, electrical, street lighting and substations.
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For further information, please contact:
Media:
Nick Farmer/ Obaid Al Yammahi
Aldar Properties
+971 2 810 5555
Colin Judd/ Layla Haroon
Bell Pottinger
+971 55 636 0425
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 2016
