Aldar Awards Dh745 Million Contract for the Bridges on Reem Island
Aldar Properties PJSC (‘Aldar’), Abu Dhabi’s leading listed property development, investment and management company, has appointed Construction Group Contracting House (CGCH) as the main contractor and early works package provider for an AED 745 million contract at The Bridges, its mid-market residential development on Reem Island.
The contract, which commences with immediate effect, comprises the construction of six apartment towers following shoring, piling and earthworks on the site. The towers consist of 1,272 apartments that range from studios to three bedrooms, and feature a wide range of amenities including two indoor gymnasiums, a spacious private courtyard with swimming pools, and an outdoor fitness area. The apartments will be ready for handover during the first quarter of 2020.
Talal Al Dhiyebi, Chief Development Officer at Aldar, commented: "The Bridges has been extremely well received, which clearly demonstrates the demand that exists for mid-market developments in desirable locations. We are pleased to award the main contract for The Bridges to support our continued focus on quality and timely completion for our customers. This brings us a step closer to meeting the growing demand for this type of development and further expanding the appeal of real estate in Abu Dhabi.”
Following an overwhelming response on the sale of the first two towers at Cityscape Abu Dhabi, earlier this year, Aldar subsequently sold out all homes in the development’s third tower in just four hours.
Adjacent to the central business district on Al Maryah Island, and five minutes away from the city centre, The Bridges embodies an ideal balance between community and city living. The Bridges’ two plots, each containing three towers, are separated by a new 2.4km canal that runs through Reem Island. Surrounding neighborhood includes canal walks, parks, a public beach, community mosques, schools and hospitals, healthcare facilities, retail outlets and hotels, including the Rosewood Hotel, Four Seasons, Galleria Mall, Cleveland Clinic, and Saadiyat Island.
Aldar Properties is undertaking multi-billion Dirham civic projects to help develop Abu Dhabi, the capital emirate of the United Arab Emirates, into an international business magnet and tourist destination. As the Emirate’s premier real estate development, management and investment company, Aldar’s vision is to establish Abu Dhabi as the UAE’s most dynamic forward-thinking real estate market by creating unique and prestigious developments that can be used as a benchmark of quality, whilst adhering to the cultural and natural heritage of the city.
Since launching in 2005, the company has announced assignments worth more than $75 billion USD, in a property development portfolio diverse in scope and style, attracting considerable worldwide interest and inward investment. The development company is owned by leading Abu Dhabi institutions, shareholders and investors, providing them with a sound long-term portfolio.
Aldar Properties has a key competitive advantage due to its sound financial backing, large resources, the high level of management expertise and the Government’s support in undertaking large-scale, market-driven projects which add value to the Emirate’s booming property industry.
Aldar’s financial credibility has been recognized by world renowned credit rating institutions. In 2008, Aldar was assigned a high rating of A3 by Moody’s Investors Service and a solid A- by Standard & Poor’s (S&P). More recently, Morgan Stanley Research Europe cited Aldar as the leading developer in Abu Dhabi’s real estate sector.
Aldar is committed to producing developments that balance the need for infrastructure with environmental sustainability. The company owns over 50 million square metres of land in strategic locations throughout the Emirate. The current property portfolio includes major developments and re-developments within the Emirate of Abu Dhabi. These include Yas Island, Al Raha Beach, Central Market, Nareel Island, and Noor Al Ain.
At the core of what Aldar stands for is the corporate focus on balancing the evolving needs of a modern city while maintaining and conserving the environment. Aldar’s projects seek to prioritise both the immediate and future physical, social and economic requirements of the United Arab Emirates and Abu Dhabi for the benefit of those who live and work in the region.
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