Aldar awards Dh1.3bn contract for Water’s Edge project
Early construction works started on site at Yas Island in February
Aldar Properties, the Abu Dhabi-listed real estate developer, awarded a Dh1.3 billion contract for its Water’s Edge residential project.
The developer appointed UAE-based Trojan General Contracting as the main contractor on the development, following the award of an early works package to Dutch Foundation, which commenced work on site in February.
Water’s Edge is Aldar’s latest waterfront scheme, located on Abu Dhabi’s Yas Island.
The project comprises studios, one-, two- and three-bedroom apartments, as well as a waterfront promenade and dining and retail options.
There are also private courtyards, a mosque and sports and leisure facilities. 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.
Last month, Aldar entered a strategic partnership with Dubai’s Emaar Properties, the developer behind the world’s tallest tower, the Burj Khalifa, in what is by far the biggest collaboration between two UAE property developers.
The partnership aims to “develop the world’s next era of iconic destinations” with a targeted Dh30bn national and international development pipeline, the two parties said in March.
The alliance will initially focus on two UAE-based projects, Saadiyat Grove in Abu Dhabi and Emaar Beachfront in Dubai.
Also last month, Aldar raised its foreign ownership limit by 9 per cent, allowing foreigners to own up to 49 per cent of its share capital.
Updated: April 1, 2018 03:05 PM