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Aldar to add to Abu Dhabi properties

Aldar Properties is set to deliver more than 3.5 million square metres of properties to the Abu Dhabi market over the next 18 months.

Aldar Properties is set to deliver more than 3.5 million square metres of properties to the Abu Dhabi market over the next 18 months.

In a report published by the developer yesterday, Aldar said it expected to finish work on four major projects before the end of next year - Central Market in Abu Dhabi city centre, Yas Island and Raha Beach on the mainland and at its Al Falah scheme east of the airport, which alone would total more than 700,000 sq metres of commercial space, a 15-hectare theme park and more than 6,500 homes.

The developer, which last quarter reported a 228 per cent profits increase, said work on its Central Market scheme - which is now known as World Trade Centre Abu Dhabi - was expected to be complete by the end of next year. Its 59-storey 72,000 sq metre World Trade Centre office tower is set to open this autumn.

Construction is also finishing on the developer's 150-store 10,000 sq metre World Trade Centre Mall, which is set to open at the start of next year. It will include the first House of Fraser department store in the Middle East. Work on Aldar's 80,000 sq metre 88-storey residential building at the World Trade Centre is now nearing the half-way mark, the developer said. Glazing on the 382-metre tall building's 474 apartments is near completion.

Off the island, Aldar said it was making good progress with its 15 hectare Yas Waterworld Abu Dhabi park which is set to open in the autumn. The developer said all of the 43 rides had been installed.

Aldar said it was also on track to open its 235,000 sq metre Yas Mall scheme in the autumn. It will be anchored by a Geant Hypermarket and a 14-screen cinema. At the developer's two Al Raha beach developments, Aldar said construction was progressing, with 981 of the 1,221 units sold and 240 apartments and villas occupied at its Al Zeina scheme. It said more than 100 families had moved into its Al Muneera scheme also at Al Raha beach.

Aldar is in the process of handing over 4,857 villas at its Al Falah scheme, Abu Dhabi's largest development of housing for Emiratis.

lbarnard@thenational.ae

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