Q4 2018 handover for Aldar's Meera homes on Reem Island
Mamsha Al Saadiyat and The Bridges have also noted construction progress, Aldar revealed
Aldar said its Meera development on Reem Island is nearly complete as the Abu Dhabi development giant looks to start handing over units in the last quarter of 2018.
In its latest quarterly update on projects across key destinations in Abu Dhabi, Aldar said subcontractors have been appointed for all necessary works at The Bridges, Aldar’s six-building development on Reem Island.
Slab work and blockwork is progressing well on Phase 1’s three buildings, while excavation work is almost complete on the remaining three structures.
Mixed-use development Mamsha Al Saadiyat, the developer added, is on track for handover next year, with building façade works at the beachfront residences “substantially complete across all buildings”.
Mechanical, electrical, and plumbing work and finishing activities for the project are too entering the latter stages of completion.
Other projects Aldar touched on included Saadiyat Island’s Jawaher Saadiyat, a gated community overlooking the region’s first beachfront championship golf course.
“Interior finishes on the 83 four- to six-bedroom townhouses and villas are under way and the show villa is nearing completion,” the company added.
Moreover, the extension of Al Jimi Mall in Al Ain, which will add 4.5ha of gross leasable area to the facility, is on track to open soon. Final approvals are now under way for the city’s first outdoor Retail Park concept that will feature 88 new stores and Al Ain’s first eight-screen Vox Cinema.
The update comes amid a busy year for the group. On 12 September 2018, it announced the creation of Aldar Investment Properties, the region’s largest diversified real estate investment company, which will take ownership of some of Abu Dhabi’s high quality, revenue-generating real estate assets, valued at $5.4bn (AED20bn).
Two weeks later saw the new entity successfully issue its first fixed rate USD-denominated Islamic bond, raising a total of $500m (AED1.84m).