Abu Dhabi’s Aldar awards $203m contract for The Bridges

The project is scheduled for handover in the first quarter of 2020

Abu Dhabi’s Aldar Properties has announced the awarding of a Dhs745m ($202.8m) contract to Construction Group Contracting House for its mid-market The Bridges residential development on Reem Island.

The contract covers the construction of six apartment towers separated by a canal, following shoring, piling and earthworks on the site.

The Bridges, adjacent to the Al Maryah Island business district, comprises 1,272 apartments across the towers with amenities including two gyms, a private courtyard with swimming pools and an outdoor fitness area.

The apartments are scheduled for handover in the first quarter of 2020.

Aldar said all the homes in the first three towers have been sold out.

The developer also launched the $653.4m Water’s Edge development on Yas Island last month and sold out the first phase of the project.

Read: Abu Dhabi’s Aldar launches $653m waterfront development

In August, it reported a 5.6 per cent drop in second-quarter profit amid tough economic conditions in the UAE capital.

Read: UAE’s Aldar Properties Q2 net profit falls 5.6%