Awarding of $42m package falls within six months of project’s launch, in compliance with new real estate law
Aldar Properties has awarded an AED155 million ($42.2m) contract to Bauer Geotechnical Specialized Foundation for early works at its flagship golf and waterfront development Yas Acres.
The Abu Dhabi-based heavyweight developer said in a statement that works have started on the project, which was launched last April.
The $1.6 billion, 811,108sqm development is located on Yas Island in the UAE capital.
The awarding of the early works contract comes within six months of the project’s launch, which demonstrates Aldar’s compliance with the Abu Dhabi Real Estate Law introduced at the beginning of the year, the statement added.
The sales and purchase agreements for Yas Acres are also the first to have been registered with Abu Dhabi Municipality, it added, which shows the positive impact of the law and its ongoing implementation.
“We are pleased to be able to award the early works package for Yas Acres within six months of launching our flagship development,” said Talal Al Dhiyebi, Aldar’s chief development officer.
“This is a clear endorsement of the commitment from Aldar and its partners to deliver a best in class development that is fully compliant with the new Real Estate Law in Abu Dhabi. This is an important milestone, and we look forward to Yas Acres being completed and for our customers to be able to call it home.”