Aldar Properties has awarded a Dh500 million contract to the private contractor Ghantoot General Construction to build its 512-home Mayan development on Yas Island.
Aldar said Ghantoot would build the five blocks that rise 11 storeys and together comprise 493 apartments and 19 villas.
Aldar announced plans to build the project at Cityscape Abu Dhabi in April 2015; the company began selling homes in November that year. The project mostly consists of studios and one, two, three and four-bedroom apartments around a golf course.
Aldar awarded a Dh30m contract for early stage works at the project in November 2016 to Dutch Foundation & Concrete Rehabilitation.
“Since we launched Mayan last year, we have seen strong interest and we expect this to continue,” said Talal Al Dhiyebi, the chief development officer at Aldar.
Last June Aldar said that it had sold more than 75 per cent of the project off plan.
Property brokers in Abu Dhabi are forecasting that house prices in Abu Dhabi are likely to continue to fall this year as the capital continues to suffer from the fallout from global declines in oil prices.
At the start of the year Core Savills predicted house prices in Abu Dhabi would fall at similar levels to last year, when villa prices dropped by an average of 6 per cent and apartment prices slipped 3 per cent.
Aldar’s share price fell 0.8 per cent on Sunday to close at Dh2.24.
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