Aldar negotiates central market packages

Aldar Properties has entered into negotiations with contractors for packages on the estimated $1,200 million redevelopment of Abu Dhabi's central market.

The local real estate developer reviewed its procurement strategy for the project earlier this year, after negotiations with the joint venture of South Korea's Samsung Corporation, Japan's Taisei Corporation and the local Arabtec Construction for the entire scheme broke down in February. It is understood that the joint venture's proposal did not meet Aldar's budgetary requirements.

The project will now be split into three packages: the three towers, the podium and the souk podium. The three towers will be for residential, commercial and hotel use. They will be interlinked by the podium, along with a souk, retail outlets, a mosque and landscaping works. The estimated gross internal floor area of the entire scheme is 680,000 square metres.

Located at the intersection of Airport road, Khalifa and Hamdan streets, the 50,000-square-metre site will be developed over the next three-and-a-half years, with completion scheduled for 2010.

Kuwait's Mushrif Trading & Contracting has started work on the raft package after completing the piling and excavation packages in a joint venture with the local Middle East Foundations. The UK's Foster & Partners is the design consultant, while fellow UK company EC Harris is project manager (MEED 11:5:06).

Aldar recently formed a joint venture company with three other Abu Dhabi-based firms to develop real estate projects. The other partners in the AED 500 million ($136 million) Inshaa Properties are First Gulf Bank, Sorouh Real Estate and Reem Investments.