Aldar awards Dh1.3b contract for Water's Edge project

02/04/2018 05:55 AST

Aldar Properties on Sunday awarded main contract for Water's Edge project on Yas Island to Trojan General Contracting. The total value of the contract is Dh1.3 billion, according to an announcement by the Abu Dhabi based company.

The Dh1.3 billion contract follows the award of the early works package to Dutch Foundation, who commenced work on site in February this year.

Located on Yas Island's Eastern shores, Water's Edge comprises studios, one, two, three-bedroom apartments. The cost of the project is Dh2.4 billion and it is targeted at middle income families.

Prices start from Dh480,000 for a studio, one bedroom for Dh780,000, two bedroom for Dh1.1 million and three bedroom for Dh1.6 million, the company said earlier. The developer plans to construct thirteen buildings as part of the development with 8 per cent constituting studios, 42 per cent one bedroom, 35 per cent two bedroom and 15 per cent three bedroom units.

Joint venture

"Residents will benefit from the abundant attractions that make Yas Island the most exciting destination in Abu Dhabi. The development lies adjacent to the upcoming Sea World theme park, and a five-minute walk from Yas Mall, Ferrari World and the Yas Marina Circuit," Aldar said in a statement. Aldar recently announced a joint venture partnership with Emaar properties with a targeted investment of Dh30 billion to develop new projects in the UAE as well as in international markets.

The firms will initially focus on two main projects including Emaar Beachfront in Dubai and Saadiyat Grove in Abu Dhabi.

Aldar Properties with $10 billion in assets and a 75 million square metre land bank is listed on Abu Dhabi stock exchange and it has a number of buildings to its name including the firm's headquarters in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island and Yas Island's F1 circuit.

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