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18 April 2024

Aldar awards Dh2bn contract to Arabtec for 1,017 villas on Yas Island

Aldar's net debt was Dh9.57 billion at the end of 2014, down by a third from a year earlier. (File)

By Wam

Aldar Properties said it has awarded a Dh2 billion ($544.5m) contract to Arabtec Construction to build 1,017 villas at its West Yas project.

In a statement to Abu Dhabi Stock Exchange, Aldar said this is the final contract for the West Yas project, where packages for supporting infrastructure, a school, a mosque, and retail units have already been awarded.

Talal Al Dhiyebi, chief development officer at Aldar, said: "Demand has been very strong, which endorses our strategy of delivering high quality properties in prime locations.

"We now move to the villas’ construction phase of the development with the appointment of Arabtec and look forward to its completion and the positive impact it will have on Yas Island and the Abu Dhabi market."

The West Yas project is located along Yas Island’s natural mangroves and will feature 1,017 four and five-bedroom luxury villas. The development is a non-gated community with no service charges, and will include a range of community facilities, including a mosque built for 2,000 worshippers, two schools – one of which will be operated by Aldar Academies – and a retail centre.

Some of the other facilities offered to residents include a petrol station, extensive landscaping and greenery in open public spaces and sports facilities.

Handover of the villa units is scheduled for the end of 2017.