Abu Dhabi – Mubasher: Aldar Properties is planning to begin delivering all units in its West Yas project in the third quarter of 2018, Al Ittihad newspaper reported on Sunday, citing Aldar’s chief operations officer (COO) Fahed Al Ketbi as saying.
The West Yas project's completion has reached around 40%, the COO told the newspaper, adding that around AED 600 million in infrastructure work, as well as AED 180 million in beautification work and AED 240 million in non-residential works have been done.
Non-residential works include a mosque that will be opened in Ramadan, sports utilities, a mall, and a school, he added.
Earlier this year, Aldar Properties awarded Arabtec Holding an AED 2.04 billion contract to build 1,017 residential villas in the project, bringing total contracts signed under the West Yas project to AED 3.06 billion.
Last week, Aldar’s chief development officer (CDO) Talal Al Dhiyebi told Mubasher that his company had logged in around AED 1.6 billion in sales in the first four months of 2017.
He added that sales were mostly from its Nareel and West Yas projects, alongside some land plot sales, noting that his company expected to begin delivering West Yas units sometime between the first and third quarters of 2018.
Aldar logged AED 636.1 million in profits in Q1-17, down 2% year-on-year from AED 649.1 million in the corresponding period of 2016. The decline in profits occurred despite a rise in revenues by 28.5% to AED 1.58 billion from AED 1.23 billion in Q1-16.
