ALDAR Properties PJSC announced today that its flagship Central Market project is ahead of schedule in readiness to achieve its phased completion dates.
Abu Dhabi’s first and leading developer is slightly ahead of schedule and the first phase of the project [the Souq] will be complete by mid-2008.
Confirmation of ALDAR’s statement that the project is on target is clear for all to see , with infrastructure and enabling works already in place. The development’s massive excavation is now complete along with the majority of its substantial permanent pile foundations. The Souq foundations are complete, with the new construction works progressing upwards to the ground surface.
ALDAR’s strategy to secure early phase completion dates, using an integrated fast-track construction approach to this highly complex mixed-use development has seen the first major contract award for Phase 1 of the underground structure going to, Mushrif, the multi-disciplined, civil and heavy engineering Kuwaiti contractor, now based and expanding in the UAE. On review, ALDAR set-out to divide this mega sized city-centre project into several construction packages, all of which are significant in their own right. Thus enabling to engage several contractors simultaneously. This strategy also assists as a means of reducing risk whilst speeding up the construction process. ALDAR anticipates letting these major works to international and locally based companies during 2007.
This approach has therefore enabled the car park to progress healthily now with the substructure complete, whilst the basement slabs begin construction.
Aldar’s targets for 2007 is to complete the massive underground car park and basement structure, capable of holding in excess of 5,000 cars, and installation of some of the largest pile foundations in the Middle East, supporting, not only the retail asset, but also support the three huge iconic towers designed by world famous architect Foster & Partners. The towers will accommodate residential, office and hotel.
In addition to construction work going ahead, Central Market has already received international recognition by winning the Estates Gazette award for future projects at MAPIC 2006. The scheme is also being showcased this month (13th – 15th) at MIPIM in Cannes France. MIPIM is the premier international summit for real estate.
“The Central Market project is well on course for completion and it is important that we maintain the momentum we have achieved so far. No major issues have arisen from the work conducted so we are happy with the project’s progress. We are proud of what ALDAR has achieved so far and we are very confident that Central Market will regenerate and rejuvenate this unique and historical quarter of Abu Dhabi city,” said Ronald Barrott, CEO, ALDAR.
Central Market will be the lifestyle destination of the city, home to a modern Arabian souq, mid to high-end retail outlets, fine dining restaurants, 2 world class hotels, Grade A office space, luxurious apartments, rooftop gardens interspersed with water features and pools, all within a beautifully landscaped environment.
Central Market will add significantly to the constantly expanding needs of this great city of Abu Dhabi, thereby growing its economy and meeting the increasing demand for business and tourism, but most importantly for the people of the city.
