Aldar, a leading property development company in Abu Dhabi, UAE, said it has awarded the early works package worth Dh155 million ($42 million) for its flagship golf and waterfront development, Yas Acres, to German construction group Bauer Geotechnical Specialized Foundation.

A specialist in geo-technical and foundation engineering, Bauer Geotechnical Specialized Foundation is a major unit of German multinational Bauer Group.

Commenting on the deal, Talal Al Dhiyebi, the chief development officer, Aldar Properties, said: "We are pleased to be able to award the early works package for Yas Acres within six months of launching our flagship development."

"This is a clear endorsement of the commitment from Aldar and its partners to deliver a best-in-class development that is fully compliant with the new Real Estate Law in Abu Dhabi. This is an important milestone, and we look forward to Yas Acres being completed, and for our customers to be able to call it home," he stated.

Demonstrating Aldar’s compliance with the Abu Dhabi Real Estate Law which came into force at the beginning of 2016, the award of this contract comes within six months of the company launching the Dh6-billion ($1.63 billion) development at Abu Dhabi’s Cityscape, he added.

Furthermore, the sales and purchase agreements for Yas Acres are the first to have been registered with Abu Dhabi Municipality, underlining the positive impact of the law and its ongoing implementation.-TradeArabia News Service