Abu Dhabi’s largest listed property developer Aldar Properties is pressing ahead with its largest housing project since the global financial crisis after awarding a Dh155 million contract to Bauer Geotechnical Specialized Foundation for early construction work on its Yas Acres villa project.
Aldar started marketing off plan villas at the Dh6 billion, 811,108 square metre project on Abu Dhabi’s Yas Island in April.
Aldar said that its award of the early works contract within six months of the marketing launch complied with Abu Dhabi’s recently passed Real Estate Law.
It added that sales and purchase agreements for Yas Acres are the first to have been registered with Abu Dhabi Municipality, under the new law.
In June Aldar reported that it was starting to market a further 125 homes in a second phase of the project after generating more than Dh1bn from the first phase. The villas, mostly priced between Dh3m and Dh5m are being marketed towards locals and expatriates.
The project, which will also include a golf course, club house, parks and schools, is due for completion in 2019.
lbarnard@thenational.ae
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