Aldar awards Dh30m contract for Mayan development on Yas Island

Aldar Properties has awarded a Dh30 million contract for early stage works at its Mayan development on Yas Island to Abu Dhabi-based Dutch Foundation & Concrete Rehabilitation.

The developer said that the contract covers shoring, piling and earthworks for the site, which is set to contain 512 apartments within five buildings. Work will start immediately and take five months to complete.

Aldar Properties first announced plans to build Mayan at Cityscape Abu Dhabi in April 2015. The company began selling homes for the project in November last year and in June it said that more than 75 per cent had been sold.

The development mainly contains apartments ranging from studios to four-bedroom properties, but there are also a number of beachfront villas.

Talal Al Dhiyebi, the chief development officer of Aldar Properties, said: “The enthusiasm for Mayan since its launch last year has been extremely encouraging.”

Last week, property consultancy Chestertons said that both house prices and rents continued to decline during the third quarter of 2016 due to the weaker economic environment.

Prices fell by 1 per cent to an average of Dh1,330 per sq ft for apartments and Dh1,080 per sq ft for villas. Rents for both fell by 3 per cent and the company’s UAE country manager Robin Teh said that he expected further rental declines, which he said was “in line with the trend in neighbouring Dubai”.

“Due to the continuing instability in the job market, demand has weakened in the last few months with major demand arising from the middle and low income groups focusing largely on the affordable housing segments of the emirate,” he said.

mfahy@thenational.ae

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