Aldar awards Dh440 worth of contracts for Al Nareel Island and Al Merief luxury projects

Aldar, Abu Dhabi’s largest listed property developer, has awarded construction contracts worth Dh440 million. The developer said yesterday the Abu Dhabi contractor National Projects and Construction had started work last Thursday on its Nareel Island project in Al Bateen, and Al Merief in Khalifa City on the outskirts of the capital. Aldar said the contracts […]

Aldar, Abu Dhabi’s largest listed property developer, has awarded construction contracts worth Dh440 million.

The developer said yesterday the Abu Dhabi contractor National Projects and Construction had started work last Thursday on its Nareel Island project in Al Bateen, and Al Merief in Khalifa City on the outskirts of the capital.

Aldar said the contracts covered work on infrastructure, utilities and public areas for the projects, as well as marina works on Nareel Island.

Work on the developments, which will eventually provide plots of land for Emirati buyers to build their own villas, is scheduled to take 16 months to complete.

Nareel Island has been marketed by Aldar as one of the most desirable new addresses in the capital. The development consists of 148 villa plots as well as a lagoon, marina, clubhouse, parks, private beaches and gardens.

Aldar said it had awarded the earthworks and marine works tender packages in October. Reclamation work for the lagoon has started and dredging work on the southern island is complete.

The developer started selling the high-value villa plots last year, reporting that buyers committed an average of Dh18.5 million for each villa plot, and that is even before taking into consideration the cost of building a villa.

Al Merief, a new community in Khalifa City close to Masdar City and Raha Beach, comprises 283 land plots that cost Dh2.1 million on average. Plots at Al Merief also went on sale to Emiratis last year.

Aldar said it had completed all concept and preliminary designs for the project as well as a detailed design last year.

“As one of the most exclusive developments in the region, Nareel Island truly brings a new level of luxury to Abu Dhabi. Meanwhile, Al Merief is set to become a welcoming, impressive new address in a burgeoning area of the capital,” said Talal Al Dhiyebi, Aldar’s chief development officer.

“We are very proud of these two very distinct communities, and the enthusiasm received from the UAE national community.”

lbarnard@thenational.ae

Follow The National’s Business section on Twitter

Source: Business

Leave a Reply

Your email address will not be published. Required fields are marked *