Abu Dhabi: Aldar Properties said on Monday it has awarded the main contractor package, worth Dh258 million, to Fibrex for its mid-market Shams Meera residential development in Shams Abu Dhabi on Reem Island.
The contract, which commences with immediate effect, comprises the construction of two 25-storey towers overlooking a landscaped park, Aldar said in a statement.
The buildings, consisting of 400 apartments will share an underground basement car park, a garden area, swimming pools and a children’s play area.
The surrounding neighbourhood includes canal walks, parks, a public beach, community mosques, schools and hospitals, health care facilities, and retail outlets.
Mohammad Khalifa Al Mubarak, Aldar Properties’ Chief Executive Officer, said in a statement that there is significant demand for high quality mid-market homes in Abu Dhabi’s prime destinations. “Shams Meera, located adjacent to Abu Dhabi’s thriving CBD will offer an enriched community living experience, and we look forward to the development’s completion and the positive impact it will have on Shams Abu Dhabi and surrounding area.”
With assets worth $10 billion, Aldar has developed some of Abu Dhabi’s most important projects, including Yas Mall, the Formula 1 facilities on Yas Island and the new Shams Abu Dhabi community on Al Reem Island. The company posted a 9 per cent increase in net profit to Dh654 million in the second quarter of 2016, compared to a profit of Dh601 million in the second quarter of 2015.
